Natural gas futures are running hot. Over just three trading days, prices have climbed 78%—reaching their highest level since December 2022. The culprit? A brutal cold snap sweeping across the U.S. is creating a perfect storm for energy markets. On one hand, the deep freeze is cranking up heating demand to levels that strain supply chains. On the flip side, it's simultaneously choking output—frozen pipes across production facilities are forcing shutdowns and reducing the gas flowing into the grid. It's a textbook supply-demand squeeze. When you've got demand surging while supply contracts at the same time, prices don't just nudge up—they spike. For traders and energy analysts watching commodity cycles, this is the kind of volatility that ripples across multiple markets. Cold snaps like these are reminders of how physical constraints—not just market sentiment—can reshape price discovery in real time.