A system for storing and dispensing fuel and a ballast fluid is disclosed. The system may be employed in a vehicle or facility having a power plant. Fuel and ballast fluid may be stored cryogenically in a liquid phase and dispensed to the vapor phase. The system may employ a thermal and volumetric compensatory arrangement wherein fuel dispensed from storage for use in a power plant is used as a heat exchange medium (refrigerant) for ballast fluid received for storage; during refueling, ballast fluid stored in the vehicle or facility may be dispensed and used as a refrigerant for fuel being stored in the vehicle in space made available by the dispensed ballast fluid. The fuel may be natural gas with a main component of methane; the ballast fluid may be a fluid obtainable from ambient environmental air, such as nitrogen or oxygen. The fuel and ballast fluid may be conditioned so that the respective boiling points are approximately equal. The system may employ a heat transfer system with a microchannel heat exchanger.