The ProShares UltraShort Bloomberg Natural Gas ETF (KOLD) closed at $31.00 on January 15, down 8.5% as natural gas prices surged by 4.03% to $4.13/MMBtu amid heightened winter demand and supply constraints. The natural gas market is experiencing significant upward pressure due to frigid weather conditions across the U.S., which have slowed production and increased heating demand. Analysts anticipate a substantial withdrawal from storage, with expectations of over 200 billion cubic feet being pulled in the coming weeks, potentially depleting storage levels below the five-year average. Additionally, U.S. LNG exports have reached new highs, further bolstering demand. Despite these bullish factors, the market remains volatile, with traders closely monitoring weather forecasts and the upcoming U.S. Energy Information Administration storage report.