US natgas stocks increase 67 bcf - EIA

18 September 2008 16:50  [Source: ICIS news]

HOUSTON (ICIS news)--Domestic inventories of natural gas increased by 67 bcf, according to weekly statistics released on Thursday by the US Energy Information Administration (EIA).

The build was larger than expected by industry analysts, which called for a 60 bcf increase.

Natural gas futures prices declined 10 cents on the NYMEX to $7.808/MMBtu.

Due to hurricanes Ike and Gustav, which wreaked havoc along the Gulf coast region, 19 natural gas processing plants remained shutdown as of Wednesday afternoon, according to the EIA.

The EIA reported that 13 plants have resumed operations at reduced or normal levels, totalling 5.28 bcf/day operating capacity.

Once power is restored or upstream gas flow commences, the EIA said that an additional 2.65 bcf/day would be brought back online.

In related news, the Independence Hub is fully operational and producing 900 bcf/day of natural gas, the platform’s operator said on Wednesday.

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By: Steven McGinn
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