Natural gas prices have jumped to their highs of the year, as the nation’s scorching heat has sent people running to turn up their air conditioners. And experts say the natural gas party is not over.

NYMEX natural gas futures hit a 2012 high of $3.13 per million British thermal units Tuesday morning, as the country is on course for the hottest year on record, and natural gas is in high demand to create the electricity needed to fuel the air conditioning boom.

Natural gas has risen more than 4 percent so far this year, besting gold, crude oil and copper, though it lags behind agricultural commodities, The Wall Street Journal reported.

Editor's Note: The Truth About the Economy — Government Documents Lead to Eerie Conclusion

The market dynamics have changed markedly from April, when natural gas slumped to a 10-year low of $1.90. The concern then was that the huge run-up of U.S. natural gas production would create an oversupply of the commodity.

But now, “we can continue to go higher from $3,” as the increase in supply decelerates, Tom Pawlicki, an energy analyst at brokerage EOXLive, told The Journal.

To be sure, not everyone is bullish.

Some traders point out that the summer heat wave should pretty much peter out by the end of August and that inventories remain close to record highs, Reuters reports.

In addition, higher natural gas prices could push utilities back to coal, the opposite of what has happened since April.

Editor's Note: The Truth About the Economy — Government Documents Lead to Eerie Conclusion