Natural Gas Stocks Grow In Line With Expectations

DEBORAH JIAN LEE

NEW YORK (AP) — Natural gas stockpiles rose again last week, the government said Thursday, matching the lower end of analysts' forecasts.

The Energy Department's Energy Information Administration said in its weekly report that natural gas inventories held in underground storage in the lower 48 states grew 29 billion cubic feet to a new record high of about 3.79 trillion cubic feet for the week ended Oct. 30.

Analysts expected a boost of between 29 billion and 33 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The inventory level was 12.3 percent above the five-year average of about 3.37 trillion cubic feet, and 11.1 percent above last year's storage level of about 3.41 trillion cubic feet, according to the government data.

Natural gas prices rose 14.5 cents to $4.87 per 1,000 cubic feet on the New York Mercantile Exchange.