Natural-gas futures surged to a nearly nine-month high Thursday after weekly data showed stockpiles rose less than expected, stoking expectations that U.S. supplies could be falling at a time of rising demand. The U.S. Energy Department said natural-gas stockpiles rose 65 billion cubic feet in the week ended June 3, well short of the 79 billion-cubic-foot increase projected in the consensus estimate of analysts surveyed by The Wall Street Journal. “It’s playing into the narrative that maybe production is falling too fast, at a time when demand is rising,” said Phil Flynn, account executive at brokerage Price Futures Group in Chicago. The lower-than-expected increase meant the surplus of stored gas, while large, isn’t as big as expected at 32.1% above average for this time of year. Still, supplies remain hefty, with nearly three trillion cubic feet of gas in U.S. storage. Natural-gas futures had been toggling between gains and […]