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US Natural Gas Is Taking Traders on a White-Knuckle Summer Ride

Prices are heading for a record monthly gain after plunging in June

US natural gas prices are keeping traders on the edge of their seats this summer. 

Futures plunged almost 40% after an explosion knocked out a key export terminal in Texas last month, leaving supplies stranded in US shale basins. But prices have come roaring back just as quickly, heading for a record monthly gain in July as sweltering weather dents stockpiles of the power-plant fuel. Output from shale basins, meanwhile, isn’t rising fast enough to meet demand.