Natural gas futures surged Monday due to forecasts that an arctic blast will hit much of the East Coast and Southern states starting next week.
On Monday, natural gas futures for February 2025 surged nearly 16% to $3.92 per million British thermal units, as investors bet that more natural gas will be needed to provide heat during cold weather.
Forecasts show extreme cold weather from Canada moving southeast across the United States. The arctic blast is expected to last for weeks and peak in mid-January 2025.
An outlook by The Weather Co. and Atmospheric G2 said that, in January, “most of the East is expected to have temperatures colder-than-average, from Florida to Maine and parts of the Great Lakes. Much of the West can expect milder-than-average temperatures, with the Four Corners region being the most above average.”
AccuWeather meteorologists said the drastically colder air from the Arctic could “set up a stormy pattern” with areas expected to experience significant snow and ice beginning in January.
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“Some of the first subzero F temperatures will occur over parts of the northern Plains late this week, then will back off,” AccuWeather lead long-range meteorologist Paul Pastelok said.
“The first Arctic high-pressure area will sink southward across the Plains and impact Texas early next week,” Pastelok said. “This airmass will continue to follow the storm along the Gulf Coast, Tennessee Valley, and Southeast between Jan. 8 and 9.”