February Natural Gas futures jumped to their highest levels since late last year, closing the session up approximately 25%. This significant price rally was driven by unexpected frigid weather forecasts across the U.S., with meteorologists anticipating below-normal temperatures to persist through early February. Projections indicate that heating demand could reach near-record levels during this cold snap. Additionally, market dynamics played a role as speculative traders rushed to cover large short positions. According to the CFTC, these short positions were at their highest levels since late 2020, contributing to the sharp upward move in Natural Gas futures.