Natural gas futures are on fire right now. Over just three days, prices have climbed 81%, hitting their highest level since December 2022. What's driving the surge? An intense cold snap gripping major regions is pumping up heating demand while simultaneously freezing production wells, tightening supply dramatically.

When extreme weather hits like this, you get a perfect storm in commodity markets—demand spikes as people crank up heating, while supply constraints kick in when wells freeze and become inactive. It's textbook supply-demand dynamics playing out in real time.

For those tracking macro trends and how weather events ripple through energy markets, this is worth monitoring. Periods of acute supply pressure in natural gas often correlate with broader volatility across commodity and energy sectors, which can influence risk sentiment more broadly.