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Friday, June 3, 2011

Natural gas stocks grow less than expected

Natural gas stocks grow less than expected ; The nation's natural gas supplies last week rose less than analysts expected, according to government data released Thursday.

The Energy Department's Energy Information Administration's weekly report showed that natural gas in underground storage in the lower 48 states grew by 83 billion cubic feet to 2.107 trillion cubic feet for the week ended May 27.

Analysts expected supplies to rise between 89 billion and 93 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The inventory level was 2 percent below the five-year average of 2.149 trillion cubic feet, and 10.1 percent below last year's level of 2.344 trillion cubic feet, according to the government data.

Natural gas gained 18 cents, or 4 percent, at $4.814 per 1,000 cubic feet in morning trading on the New York Mercantile Exchange.

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