The ProShares UltraShort Bloomberg Natural Gas ETF (KOLD) closed down 9.29% at $28.12 on January 16th, as natural gas prices surged by 4.90% to $4.28, driven by a combination of extreme weather conditions and supply constraints. The U.S. Energy Information Administration reported a significant storage draw of 258 billion cubic feet, exceeding estimates and reflecting the impact of the coldest temperatures this winter across the eastern United States. This has led to increased heating demand, pushing February Nymex natural gas futures higher. Additionally, an Arctic Blast forecasted to hit the Midwest, South, and Texas next week is expected to sustain high demand, further supporting price increases. In Europe, a sharp increase in liquefied natural gas imports due to a 15% y/y drop in gas inventories is adding bullish pressure on U.S. export flows. U.S. LNG feed gas deliveries reached a record high of 15.96 Bcf/d, driven by strong demand and colder weather, further tightening supply and supporting price increases.