Natural gas prices in the U.S. hit a fresh 13-year high on growing concern that stockpiles of the power-plant fuel will fall short of demand this summer. The current rally is unusual in that past U.S. price spikes tended to be triggered by bone-chilling weather that boosted consumption, or by Gulf of Mexico hurricanes that slashed supplies. Normally at this time of the year, North American weather is so benign that utilities, manufacturers and brokers have no trouble stowing ample volumes of gas in storage caverns for use later in the year. But the combination of the post-pandemic consumption bump, soaring overseas demand and a muted output response from domestic shale drillers is driving price escalation. U.S. gas inventories are 17% below normal, the biggest deficit since 2019 for this time of year. While the shortfall isn’t huge, it’s coming […]