Soaring U.S. Production Can't Keep LNG Prices In Check

U.S. natural gas has rallied as much as 10% to a two-week high following forecasts for hotter than usual weather to continue across much of the country, with the sweltering heat and tight grid conditions reminiscent of the deadly summer heat wave of 2011. The heat has already raised power demand to record levels in Texas and other parts of the U.S., thanks to a sharp increase in cooling demand. Nymex natural gas for August delivery was quoted at $6.49/MMBtu in Friday's session, good for a nearly 70% climb in the year-to-date. The gains come despite…