The ProShares UltraShort Bloomberg Natural Gas (KOLD) surged 6.72% to close at $34.94 on February 4th, as natural gas futures fell 3.88% to $3.22/MMBtu amid fluctuating weather forecasts and trade tensions. The decline in natural gas prices was influenced by President Trump's decision to delay tariffs on Canada and Mexico, which initially led to a 10.1% rally on Monday, but was followed by a drop as China imposed retaliatory tariffs, including a 15% levy on US coal and LNG. This move raised fears of a trade war that could disrupt LNG trade between the world's largest buyer and seller. Additionally, US gas output in the Lower 48 states increased to 105.7 bcfd in February, surpassing January's 102.5 bcfd, although daily output slightly decreased from an 11-month high. Warmer-than-normal weather is expected through February 8th, potentially reducing heating demand.