The ProShares UltraShort Bloomberg Natural Gas ETF (KOLD) closed down 5.49% on January 29, 2025, at $37.71, as natural gas prices experienced a rebound driven by European market dynamics and U.S. weather forecasts. February natural gas futures rose by 1.84% to $3.547/MMBtu, buoyed by a surge in European gas prices to a 15-month high, which prompted short covering in the U.S. market. The National Oceanic and Atmospheric Administration (NOAA) forecasted above-normal temperatures for the southern U.S. from February 3-7, initially pressuring prices lower due to reduced heating demand. However, expectations of a larger-than-normal draw in U.S. natural gas inventories, anticipated to fall by 316 billion cubic feet for the week ending January 24, provided support. Additionally, U.S. electricity output increased by 21.3% y/y, further bolstering natural gas demand.