Tuesday, August 11, 2009

Natural gas in storage above five-year average as glut continues

Natural gas in storage hit record levels as producers sought to beat the depressed price for the commodity by producing and selling more.
The Energy Information Administration reported on Aug. 6 the injection of 66 bcf of gas into U.S. underground storage in the week ended July 31. That boosted the amount of working gas in storage to 3.09 tcf, up 580 bcf from the year-ago level and 496 bcf above the five-year average.

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