Natural gas prices closed at a high of nearly four weeks Tuesday as forecasts showed warmer weather coming in mid-June. Prices for the front-month July contract settled up 1.7 cents, or 0.4%, at $4.629 a million British thermal units on the New York Mercantile Exchange. That was the highest closing price since May 7, after which prices dropped down a tier from the $4.70/mmBtu price they had spent several days at. It was an aggressive move by speculators, said Aaron Calder, senior market analyst at energy-consulting firm Gelber & Associates in Houston, in a note. While some forecasts Tuesday predicted summer heat would hit in mid-June, Mr. Calder noted that others predicted milder temperatures settling in within the same period. High temperatures lead to air conditioners switching on, driving more demand for power and the gas that fuels it. It’s just not certain that will […]