Natural gas in storage rose 49 billion cubic feet to 2,930 bcf in the week ended July 7 from a revised 2,881 billion cubic feet in the week of June 30. As a result of the revision, the net change was revised to to 76 bcf from 72 bcf previously reported for the week ended June 30 from the week ended June 23.

For the latest week, natural gas in storage rose 569 bcf or 24.1 percent from 2,361 BCF in the year-ago week. Compared against the 5-year average of 2,566 bcf, natural gas stocks in the latest week were up 364 bcf or 14.2 percent.

The Energy Information Administration (EIA) provides weekly information on natural gas stocks in underground storage for the U.S. and five regions of the country. The level of inventories helps determine prices for natural gas products.

Natural gas product prices are determined by supply and demand - just like any other good and service. During periods of strong economic growth, one would expect demand to be robust. If inventories are low, this may lead to increases in natural gas prices. If inventories are high and rising in a period of strong demand, prices may not need to increase at all, or as much. During a period of sluggish economic activity, demand for natural gas may not be as strong. If inventories are rising, this may push down natural gas prices.