Natural gas closed higher Friday as concerns about cold weather and increased heating demand sent buyers back into the market. The front-month November contract settled up 10.7 cents, or 2.7%, to $4.039 a million British thermal units on the New York Mercantile Exchange. The move totally reversed a day of losses from Thursday when a larger-than-expected addition to storage pushed prices back below the $4 mark. The market has been bouncing back and forth between sellers spurred by a record supply of gas and buyers searching for the right risk premium in case of another extremely cold winter, analysts said. Last year’s historically cold winter led to price spikes above $6/mmBtu. “You’re getting exaggerated reactions to every weather forecast… because everyone is trying to figure out ‘Oh my god, are we going to have another polar vortex winter?'” said Anthony Lerner, senior vice president of […]