Natural gas prices rose on Thursday to their highest since January, as U.S. inventory data showed an increase in stockpiles that was smaller than expected. Natural gas inventories rose by 82 billion cubic feet last week, the Energy Information Administration said, less than the 86-bcf injection that analysts surveyed by The Wall Street Journal had expected. The natural-gas market is oversupplied due to high production and sluggish demand this winter. But another closely watched measure indicated a shrinking surplus. Inventories as of May 27 stood 35% above the five-year average for this time of year, down from 37% above five-year average levels the prior week. “The absolute levels [of natural gas in storage] are still huge, but the change is definitely indicative of a tightening market,” said Kyle Cooper, analyst at IAF Advisors in Houston. Natural gas for July delivery settled up 2.4 cents, or 1%, at $2.405 […]