Oil and Gas

US Natural Gas in Storage Grows

Natural gas in storage in the U.S. grew last week and is 6.7 percent above the five-year average for this time of year, a government report said Thursday.

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 increased by 39 billion cubic feet to about 3.38 trillion cubic feet for the week ending Oct. 12.

The inventory level was above the five-year average of approximately 3.16 trillion cubic feet in underground storage, but below last year's level of 3.43 trillion cubic feet, according to the government data.

In morning trading, natural gas for November delivery rose about 13 cents to more than $7.58 per 1,000 cubic feet on the New York Mercantile Exchange.