Natural gas stocks continue to grow

AP News
Posted: Oct 28, 2010 10:42 AM
Natural gas stocks continue to grow

Natural gas stockpile levels rose last week as analysts expected, 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 71 billion cubic feet to 3.754 trillion cubic feet for the week ended Oct. 22.

Analysts expected a rise of between 70 billion and 74 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The inventory level was 9.1 percent above the five-year average of 3.442 trillion cubic feet, and about the same as the storage level a year ago, according to the government data.

Natural gas rose 3.2 cents $3.795 per 1,000 cubic feet on the New York Mercantile Exchange.