Natural gas stocks grow more than expected

AP News
|
Posted: Nov 13, 2009 10:40 AM

Natural gas stockpile levels rose more than expected last week, the government said Thursday.

The Energy Department's Energy Information Administration said in its weekly report that natural gas inventories held in underground storage in the lower 48 states grew by 25 billion cubic feet to a new record high of about 3.81 trillion cubic feet for the week ended Nov. 6.

Analysts expected a boost of 14 billion to 18 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The inventory level was 12 percent above the five-year average of about 3.4 trillion cubic feet, and 10.1 percent above last year's storage level of about 3.46 trillion cubic feet, according to the government data.

Natural gas prices rose 3 cents to $4.400 per 1,000 cubic feet on the New York Mercantile Exchange.