The ProShares UltraShort Bloomberg Natural Gas ETF (KOLD) closed down 0.52% on January 31st, ending the day at $40.22 as U.S. natural gas futures rose 0.98% to $3.08/MMBtu. The upward movement in natural gas prices was influenced by milder weather forecasts for early February, which are expected to reduce heating demand across much of the U.S. from February 1-5. Despite colder weather in the Midwest and Northeast bringing moderate demand, the overall warmer conditions have led to a decrease in anticipated heating needs. Additionally, LNG exports are on the rise, supported by the restart of Freeport LNG’s Texas facility, which has contributed to the current market dynamics. Analysts had anticipated a 317 bcf gas withdrawal for the week ending January 24, potentially eliminating the gas inventory surplus for the first time since early 2022.