Natural gas in storage in the U.S. grew last week and is about 8.7 percent above the five-year average for this time of year, a government report said Wednesday.
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 grew by 4 billion cubic feet to 3.54 trillion cubic feet for the week ending Nov. 16.
The inventory level was well above the five-year average of about 3.26 trillion cubic feet in underground storage, and ahead of last year's storage level of 3.45 trillion cubic feet, according to the government data released a day early due to the Thanksgiving holiday.
In afternoon trading, natural gas for December delivery rose by more than 14 cents to about $7.62 per 1,000 cubic feet on the New York Mercantile Exchange.
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