US natural gas stocks up 70bcf last week - EIA

02 July 2009 16:22  [Source: ICIS news]

HOUSTON (ICIS news)--US natural gas storage was up by 70bn cubic feet (bcf) week to week, the Energy Information Administration (EIA) said on Thursday.

Domestic natural gas inventories in the week ended 26 June totalled 2,721bcf, compared with 2,651bcf a week earlier.

August natural gas futures were down by 3.3 cents at $3.762/MMbtu in early NYMEX session trading following the release of the statistics.

Inventories in the US remained high, sitting 29.2% above last year's storage numbers.

Natural gas is an important raw material for chemical production and manufacturing processes in the US.

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By: Steven McGinn
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