Natural Gas futures experienced a significant reversal to start the week, erasing much of the gains seen during last week's cold-weather rally. The front-month contract, which reached highs near 7.82 during recent volatility, fell back toward the 3.26 level as weather forecasts shifted to a warmer outlook for mid-February. This sharp 20% decline returns prices to levels observed in mid-January, prior to the recent Arctic surge. In conjunction with the price drop, the CVOL Index showed volatility coming down from its recent spikes. On the positioning side, speculators were notably covering net short positions during last week's rally. Market participants are now closely monitoring how these positions evolve following today's aggressive downward move and the cooling of the recent risk premium.