Natural gas in storage fell 87 billion cubic feet to 3,490 bcf in the week ended Dec. 22 from 3,577 bcf in the week ended Dec. 15. Stocks also fell an unrevised 87 bcf in the Dec. 8 week.

For the latest week, natural gas in storage were up 348 bcf or 11.1 percent from 3,142 BCF in the year-ago week. Compared against the 5-year average of 3,174 bcf, natural gas stocks in the latest week were up 316 bcf or 10.0 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.