09:15 AM EDT, 10/24/2024 (MT Newswires) -- Natural Gas traded sharply higher early on Thursday ahead of fresh storage data as long-term forecasts see colder weather on the way.

Gas for November delivery was last seen up US$0.10 to US$2.44 per million British thermal units.

The Energy Information Administration will release its weekly look at inventories of the fuel stored for winter use, with a lighter than average injection into storage expected.

"What's likely to aid volatility today is the morning EIA weekly storage report and where there's a large spread in survey averages between +56-66 Bcf, but with the most notable at +64 Bcf and likely where expectations are. It was colder than normal over the East, while warmer than normal over the western and central US. We expect a build of +57-58 Bcf vs the 5-year average of +76 Bcf," NatGasWeather noted.

Long-term forecasts from the National Weather Service see much cooler than seasonal temperatures for western states in its six to 10 day outlook, though the eastern half of the country will see warmer than usual weather.