NatGas NYMEX Futures Price Spikes 72% – Most EVER in Single Day

Yesterday afternoon the price of the NYMEX Henry Hub "front month" February futures contract for natural gas went on a wild ride. The February contract, due to expire at the end of trading, at one point sold for $7.40/MMBtu, up some 72% in a single day! The price finally settled at the end of trading at $6.265/MMBtu, up $1.99 (46%) from the previous day. It was the single biggest spike in the price of the front contract ever, since the contract launched in 1990 and the largest one-day gain on record. What in the world happened? And is this an indicator of higher prices to come?

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