U.S. natural gas prices have surged to multi-year highs which will conserve scarce stocks, encourage more gas-focused drilling and promote a temporary switch back towards coal-fired generation this summer. Front-month futures prices for gas delivered at Henry Hub climbed to over $3.95 per million British thermal units on Wednesday, the highest since late 2018 and before that late 2014, up from just $1.68 a year ago. In contrast to crude oil, gas futures typically trade in contango, with nearby contracts trading at a discount to later-dated ones, driven by the greater technical challenges and cost of storing a gas ... (full story)