US natural gas stocks grew more than expected

Natural gas levels in the U.S. rose more than analysts expected last week, according to a government report Thursday.

The Energy Department's Energy Information Administration's weekly report showed that natural gas supplies held in underground storage in the lower 48 states grew by 12 billion cubic feet to 1.624 trillion cubic feet for the week ended March 25.

Analysts expected an increase of 1 billion and 5 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The inventory level was 4.4 percent above the five-year average of 1.556 trillion cubic feet, and 0.7 percent below last year's level of 1.636 trillion cubic feet, according to the government data.

Natural gas fell 12 cents to $4.240 per 1,000 cubic feet in morning trading on the New York Mercantile Exchange.

(Source: http://www.businessweek.com/ap/financialnews/D9MA98T01.htm)