Natural gas futures suffered their largest one-day drop in more than two months on Thursday as U.S. inventory data showed supplies rose more than expected last week. The natural gas market had been chugging higher earlier in May as above-normal spring temperatures fueled expectations of higher demand for gas-fired generation to power air conditioning. But Thursday’s data showed that even elevated demand wasn’t enough to overcome surging gas production from U.S. shale formations. The U.S. Energy Information Administration said national gas stockpiles rose 112 billion cubic feet in the week ended May 22, compared with the 99 bcf rise projected in a consensus estimate of analysts surveyed by The Wall Street Journal. The increase brought total stored supplies to 2.1 trillion cubic feet, less than 1% below average for this time of year, as the market has almost fully recovered from the severe drawdown to power […]