One way to store natural gas is to convert the gas to a liquid and store it in above ground tanks. When natural gas is cooled to -260 degrees F, the gas will become a liquid, commonly known as liquefied natural gas or LNG.
As with underground storage, pipeline companies and LDCs use LNG storage facilities to increase deliveries during periods of peak demand. When the pipeline or LDC needs gas, it warms the LNG, causing it to quickly vaporize (a process called re-gasification) and flow into the pipeline for delivery to customers.
LNG has particular storage and transportation benefits due to the huge reduction in volume that occurs when natural gas is transformed from a gaseous state to a liquefied state. Comparing equivalent amounts of natural gas and LNG, the LNG occupies 600 times LESS space (than the gaseous form). This allows for much larger quantities of LNG to be stored.
For more information about LNG, please see the EIA report, The Global Liquefied Natural Gas Market: Status & Outlook