Natural gas supplies rose another 29 billion cubic feet (bcf) in the latest week and now stand at 3,788 bcf as the country heads into winter. We may see another increase next week or the following week, but as temperatures continue to cool down, supplies are topping out.
According to the Energy Information Administration, stocks are 379 bcf higher than last year at this time and 414 bcf above the 5-year average of 3,374 bcf.
A relatively mild summer in much of the country, which reduced electricity needs, and the decline in industrial demand that was tied to the recession are key reasons for the ample supplies heading into the colder months.
The country has also seen big increases in natural gas production recently, though falling prices earlier in the year stunted production.
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