US natural gas supplies grew last week

[March 23, 2012]  NEW YORK (AP) -- The nation's natural gas supplies rose last week, the government said Thursday.

The Energy Department's Energy Information Administration said in its weekly report that natural gas in storage grew by 11 billion cubic feet to 2.380 trillion cubic feet for the week ended March 16.

Analysts expected a rise of 7 billion to 11 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The inventory level was 54 percent above the five-year average of 1.545 trillion cubic feet, and 47.5 percent above last year's level of 1.614 trillion cubic feet, according to the government data.

Natural gas futures fell 7 cents to $2.29 per 1,000 cubic feet in New York.

[Associated Press]

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