The approach of yet another severe winter chill sent natural-gas prices soaring to a five-year high, as investors bet the brutal weather across the U.S. will put further strain on supplies of the heating fuel. Prices have climbed 45% this year as homes and businesses across the Midwest and Northeast consume record amounts of the fuel to get through a series of cold snaps. That demand is rapidly depleting U.S. gas inventories, which entered the winter near highs. January had the highest average natural-gas demand on record, according to energy-analytics firm Bentek Energy. Buyers piling into the market this week are worried that there won’t be much gas left in storage by the end of winter. They are willing to pay extra to make sure they secure supplies now, before the cost possibly increases even more. Meanwhile, investors have put on big wagers that prices will rise further. The […]