Natural gas rose Tuesday to the second-highest level of the year on expectations of rising demand. Prices have surged 14% in June as traders bet that summertime heat will boost demand for gas-powered electricity to run air-conditioning units, helping to shrink the glut of natural gas. The natural-gas market is currently oversupplied, with inventories 32% above the five-year average level for this time of year. Futures for July delivery settled up 1.9 cents, or 0.7%, to $2.604 a million British thermal units on the New York Mercantile Exchange. “Summer heat will engulf the nation” in the next six to 10 days, according to forecaster WSI Corp. Some analysts are calling for hot temperatures to persist through the summer, keeping gas demand elevated. “Recent (late May) heat across the East is a…preview of more heat waves this summer,” said Michael Schlacter, president of Weather 2000 Inc., in a note. […]