Battling the Bulge: Natural Gas Stockpiles Hit Record Numbers as Recession Saps Industrial Demand
Natural gas inventories — the weekly storage figure that also provides a glimpse of demand in the U.S. — hit a record 3.589 trillion cubic feet, the Energy Information Administration reported today. The government report showed stockpiles of natural gas for the week ended Sept. 25, surpassed the previous all-time high of 3.545 trillion set in November 2007. Natural gas inventories are about 15.5 percent above the 5-year average. Stockpiles often rise over warmer, summer months as demand wanes for gas used to heat homes and businesses. Utilities build up gas inventories during through October to prepare for peak winter demand. But a few other forces are at work here. The U.S. also is grappling with a recession this year that has caused the industrial sector from chemical plants and factories to aerospace to…
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