Here’s what’s propelling natural-gas futures to 7-month highs

Natural gas is elbowing coal aside when it comes to cooling the U.S. Combined with weather worries, that could allow the commodity to build on gains that propelled it to its highest close in more than seven months.

July natural gas futures NGN16, +0.40%  settled at $2.474 per million British thermal units Tuesday—the highest since Oct. 20. Prices scored a gain of 10.6% last week.

Weekly increases in domestic natural-gas supplies have been lower than normal “so the surplus is being worked down,” said James Williams, energy economist at WTRG Economics.

Much of that has to do with waning demand for coal.

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