The ProShares UltraShort Bloomberg Natural Gas ETF (KOLD) closed down 12.3% at $41.77 on January 6, 2025, as natural gas futures surged 10.45% to $3.70/MMBtu amid a severe cold snap across the United States. The frigid weather, with temperatures plunging up to 20°F below normal, has significantly increased demand for natural gas, driving prices higher. This cold wave is expected to make January the coldest since 2011, further boosting natural gas consumption for heating. Additionally, increased gas flows to U.S. LNG export plants have supported the price surge, following the end of a Russia-Ukraine pipeline deal. The Energy Information Administration reported a smaller-than-expected storage draw of 116 bcf, yet total U.S. gas storage remains 4.7% above the five-year average. The market's bullish sentiment is further fueled by forecasts of continued cold weather, which is expected to sustain high demand for natural gas.