US natural gas supplies shrank last week

AP News
Posted: Feb 16, 2012 10:40 AM
US natural gas supplies shrank last week

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 in storage shrank by 127 billion cubic feet to 2.761 trillion cubic feet for the week ended Feb. 10.

Analysts expected a decline of 116 billion to 120 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

Last week's drop compares with the five-year average draw of 178 billion cubic feet at this time of year. Mild weather this winter has kept natural gas demand weak.

The inventory level was 38.3 percent above the five-year average of 1.996 trillion cubic feet, and 42 percent above last year's level of 1.944 trillion cubic feet, according to the government data.

Natural gas rose 10 cents, or 4 percent, to $2.53 per 1,000 cubic feet in New York.