Natural gas in storage rose by 74 billion cubic feet to 2,974 in the June 7 week from a revised 2,900 in the May 31 week and a revised 2,804 bcf in the week of May 24. That also means stocks rose by 96 bcf in the week of May 31 from the week of May 24.

For the latest week of June 7, natural gas in storage rose by 364 bcf or 13.9 percent from the year-ago week. Compared against the 5-year average of 2,401, natural gas stocks in the latest week were up 573 bcf or 23.9 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.