Natural gas futures prices in North America continue to be elevated this week amid a lack of clarity surrounding the overall supply picture.

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NatGasWeather called Thursday’s trading “pure chaos” as traders reacted to a small U.S. storage build for last week. Prices for September’s New York Mercantile Exchange contract bounced all over the place before settling at $9.188/MMBtu, down 5.6 cents from Wednesday’s close

Some in the industry think there is room for natural gas prices to go higher. The view at the LDC Gas Forum Rockies & West in Denver was that booming demand, both in the United States and globally, mixed with U.S. production not expected to step up to these needs, bodes well for the bulls to stay in control.

Energy Analytics consultant Laird Dyer said if...