NEW YORK — Natural gas prices are surging after a report showing a smaller than expected increase in U.S. supplies.
Futures rose 15 cents, or 5.1 percent, to $3.08 per 1,000 cubic feet Thursday in New York.
The government reported that natural gas in storage grew by 24 billion cubic feet to 3.241 trillion cubic feet last week.
Analysts expected a rise of 27 billion to 31 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
With this morning's gain, natural gas has risen 33 percent since June. Utilities have been burning more gas for electricity to cool homes and businesses scorched by summer heat. But energy analyst Stephen Schork thinks prices may be peaking.
"We are on the down slope of seasonal demand," Schork said.
