Natural gas closed lower Wednesday with traders pulling back from a 12-week high because large surpluses are likely to keep overwhelming demand. The front-month November contract settled down 9.8 cents, or 2.4%, to $4.023 a million British thermal units on the New York Mercantile Exchange. It was the largest one-day loss in nearly two weeks, undoing a morning jump that had taken intraday prices to their highest point since July 10. After several days of technical buyers leading the market, traders refocused on record production from the unconventional drilling boom. The U.S. Energy Information Administration is likely to report Thursday that producers added around 107 billion cubic feet of gas to stockpiles last week, according to the average forecast of 18 analysts and traders surveyed by The Wall Street Journal. That surplus is 26% more than the five-year average for that week of the year, […]