US natural gas supplies shrank last week

AP News
Posted: Jan 12, 2012 10:43 AM
US natural gas supplies shrank last week

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

The Energy Department's Energy Information Administration said in its weekly report that natural gas in storage shrank by 95 billion cubic feet to 3.377 trillion cubic feet for the week ended Jan. 6.

Analysts expected a drop of 86 billion to 90 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The inventory level was 17 percent above the five-year average of 2.886 trillion cubic feet, and 13.4 percent above last year's level of 2.979 trillion cubic feet, according to the government data.

Last week's draw of 95 billion cubic feet compares with a withdrawal of 137 billion cubic feet a year ago.

Natural gas fell 9 cents to $2.68 per 1,000 cubic feet in New York.