09:23 AM EDT, 05/02/2024 (MT Newswires) -- Natural gas prices rose early on Thursday ahead of fresh storage data.

Gas for June delivery was last seen up US$0.05 to US$1.98 per million British thermal units.

The rise comes ahead of the release later Thursday morning of updated storage data from the Energy Information Administration, which is expected to show another rise in inventories already swollen following a mild winter.

"It could be a volatile session with the morning EIA storage report and where survey averages suggest a build of +55-57 Bcf. It was cooler than normal over much of the eastern 2/3 of the US, while warmer than normal over the West. We expect a build of +55 Bcf," NatGasWeather noted.

Long-term forecasts from the National Weather Service see most states east of the Rocky Mountains with seasonal or better temperatures over the six to 10-day outlook, offering some potential cooling demand with hot temperatures expected for the South.