US natural gas supplies grow less than expected

AP News
Posted: Aug 11, 2011 10:37 AM
US natural gas supplies grow less than expected

The nation's natural gas supplies last week rose less than analysts expected, according to government data released 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 grew by 25 billion cubic feet to 2.783 trillion cubic feet for the week ended Aug. 5.

Analysts expected a rise of between 34 billion and 38 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The inventory level was 2.8 percent below the five-year average of 2.863 trillion cubic feet, and 6.6 percent below last year's level of 2.980 trillion cubic feet, according to the government data.

Natural gas rose 9 cents to $4.087 per 1,000 cubic feet in morning trading on the New York Mercantile Exchange.