Government says natural gas reserves grew

AP News
Posted: Oct 14, 2010 10:49 AM
Government says natural gas reserves grew

Natural gas inventories rose last week, remaining above the five-year average, the government said Thursday.

The Energy Department said natural gas inventories held in underground storage in the lower 48 states grew by 91 billion cubic feet to 3.590 trillion cubic feet for the week ended Oct. 8.

The total was 3.2 percent less than the year-ago inventory of 3.708 trillion cubic feet and 7.4 percent more than the five-year average of 3.343 trillion cubic feet, the Energy Information Administration said in its weekly report.

Analysts expected an increase of 89 billion cubic feet to 93 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

Natural gas for November delivery added 1.1 cents to $3.707 per 1,000 cubic feet in early trading on the New York Mercantile Exchange.