Natural gas in storage rose 29 billion cubic feet to 3,030 bcf in the week ended August 4 from an unrevised 3,001 billion cubic feet in the week of July 28.

For the latest week, natural gas in storage compared to the year-ago week rose 535 bcf or 21.4 percent from 2,495 BCF. Compared against the 5-year average of 2,725 bcf, natural gas in the latest week was up 305 bcf or 11.2 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.