Natural gas in storage continues to build
NEW YORK (AP) — The nation's natural gas supplies rose last week to a level that is nearly 9 percent higher than the five-year average, the government said Thursday.
The Energy Department reported that natural gas in storage increased by 80 billion cubic feet to 3.576 trillion cubic feet for the week that ended Sept. 21.
Analysts expected an increase in a range between 74 billion cubic feet and 78 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
The inventory level was 9 percent higher than the year-ago level of 3.280 per trillion cubic feet and 8.6 percent higher than the five-year average of 3.294 trillion cubic feet, according to the government data.
Natural gas futures rose 2 cents to $3.24 per 1,000 cubic feet in New York.