The ProShares UltraShort Bloomberg Natural Gas (KOLD) closed down 9.54% on January 8th, 2025, at $40.22, as U.S. natural gas futures surged 6.38% to $3.67/MMBtu amid strong demand and supply disruptions. The rally in natural gas prices was fueled by colder-than-normal weather, which has led to faster-than-expected withdrawals from storage, with U.S. utilities pulling 40 billion cubic feet in the week ending January 3rd. This marks the eighth consecutive draw, reducing total stockpiles to 3,373 bcf. Additionally, production disruptions due to cold temperatures in the eastern U.S. and increased gas flows to LNG export plants have tightened supply further. The market is also reacting to forecasts of continued extreme cold weather, which is expected to sustain demand and keep prices elevated.