Thursday, June 24, 2010

Natural Gas Inventory Pushes Prices Down

Natural gas inventory showed it was on the higher side of expectations, driving natural gas prices down 1.2 percent on Thursday.

Inventory levels increased by 81 billion cubic feet for the 48 states for the week ending June 18, according to statistics from the Energy Information Administration.

Natural gas storage levels were expected to rise from 78 billion cubic feet to 82 billion cubic feet.

Overall natural gas stockpiles are at 2.624 trillion cubic feet, which is 0.5 percent lower than levels at the same time last year, but over 13 percent higher than the five-year average.

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