US natural gas supplies grew last week

[July 07, 2012]  NEW YORK (AP) -- The nation's natural gas supplies rose last week, the government said Friday.

The Energy Department's Energy Information Administration said in its weekly report that natural gas in storage grew by 39 billion cubic feet to 3.102 trillion cubic feet for the week ended June 29.

Analysts expected an increase of 41 billion to 45 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The inventory level was 22.7 percent above the five-year average of 2.529 trillion cubic feet, and 24.1 percent above last year's level of 2.500 trillion cubic feet, according to the government data.

The weekly report was released a day later than usual because of the Fourth of July holiday.

Natural gas futures rose 3 cents to $2.98 per 1,000 cubic feet in New York.

[Associated Press]

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