Natural gas supplies decline, as analysts expected

AP News
Posted: Mar 03, 2011 10:45 AM
Natural gas supplies decline, as analysts expected

the nation's natural gas supplies fell last week, the government said Thursday.

The Energy Department's Energy Information Administration said in its weekly report that natural gas held in underground storage in the lower 48 states dropped by 85 billion cubic feet to 1.745 trillion cubic feet for the week ended Feb. 25.

Analysts expected a drop of 81 billion and 85 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The inventory level was 0.9 percent below the five-year average of about 1.760 trillion cubic feet, and 0.5 percent below last year's storage level of 1.754 trillion cubic feet, according to the government data.

Natural gas fell by 2 cents to $3.796 per 1,000 cubic feet on the New York Mercantile Exchange.