Ahead of the Bell: Rise in gas reserves expected

AP News
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Posted: Nov 13, 2009 7:58 AM

The Energy Department on Friday is expected to report a build of 14 billion to 18 billion cubic feet of natural gas storage inventories for the week ended Nov. 6, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

The Energy Information Administration _ the statistical agency of the Department of Energy _ releases its weekly report at 10:30 a.m. EST.

A reading above or below estimates can influence market trading.

Last Thursday, the EIA said for the week ended Oct. 30 natural gas inventories held in underground storage in the lower 48 states grew by 29 billion cubic feet to a new record high of about 3.79 trillion cubic feet. Analysts had expected a boost of between 29 billion and 33 billion cubic feet.

After that report, natural gas for December delivery plunged 18.7 cents to settle at $4.595 per 1,000 cubic feet on the New York Mercantile Exchange.