Thursday March 27, 02:55 PM
Natural gas in storage fell last week
WASHINGTON (AP) - Natural (Oslo: AKBM.OL - news) gas in storage in the U.S. fell last week to a level only 2.7 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 fell by 36 billion cubic feet to nearly 1.28 trillion cubic feet for the week ending March 21.
The inventory level was above the five-year average of more than 1.24 trillion cubic feet in underground storage, but below last year's storage level of about 1.52 trillion cubic feet, according to the government data.
In morning trading, natural gas for April delivery fell nearly 17 cents to about $9.41 per 1,000 cubic feet on the New York Mercantile Exchange.
Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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