Natural gas prices fell to a one-month low Wednesday as traders responded to increasing production and the expectation for growing weekly surpluses. Prices for the front-month July contract lost 6.4 cents, or 2.4%, to $2.634 a million British thermal units on the New York Mercantile Exchange. The move erased all of a small two-day rally and sent gas to its lowest settlement since April 29. The market’s default position is to sell because of chronic oversupply, said Michael Doyle, a broker at Eclipse International Inc. in New York. Production is still at a near-record pace and hot weather isn’t coming to ramp up demand for gas-fired power to run air conditioners, said Jim Ritterbusch, president of energy-advisory firm Ritterbusch & Associates, said in a note. Gains “were just overcooked yesterday,” he added. “We didn’t see enough shift in the temperature views to justify” prices near $2.70/mmBtu. The U.S. Energy […]