US natural gas supplies grew last week

[July 27, 2012]  NEW YORK (AP) -- The nation's natural gas supplies rose last week, the government said Thursday.

The Energy Department's Energy Information Administration reported that natural gas in storage grew by 26 billion cubic feet to 3.189 trillion cubic feet for the week ended July 20.

Analysts expected a rise of 23 billion to 27 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The inventory level was 15.8 percent above the five-year average of 2.754 trillion cubic feet, and 18 percent above last year's level of 2.702 trillion cubic feet, according to the government data.

According to EIA, the build in the comparable week last year was 48 billion cubic feet. The five-year average for that week is an increase of 61 billion cubic feet.

Natural gas futures fell 1 cent to $3.04 per 1,000 cubic feet in New York.

[Associated Press]

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