Natural Gas Storage Levels Down This Week

Associated Press
DOE says natural gas supplies dropped last week
By ERNEST SCHEYDER , 12.24.08, 12:07 PM EST
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Natural gas storage levels in the U.S. tumbled last week, but remain 3.4 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 slipped by 147 billion cubic feet to about 3.02 trillion cubic feet for the week ending Dec. 19.
Analysts had expected a drop of between 142 billion and 147 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill (nyse: MHP - news - people ) Cos.

The inventory level was above the five-year average of about 2.92 trillion cubic feet, but below last year's storage level of about 3.06 trillion cubic feet, according to the government data.

Natural gas fell 13.5 cents to $5.602 per 1,000 cubic feet on the New York Mercantile Exchange.