The ProShares UltraShort Bloomberg Natural Gas (KOLD) ETF closed down 8.53% at $31.96 on February 5th, as natural gas futures surged 3.38% to $3.36/MMBtu amid strengthening demand expectations. The rise in futures was fueled by forecasts of a cold front, which is anticipated to bolster near-term demand and exacerbate the existing storage deficit. The March Nymex gas contract saw a midday rally, climbing 11.1 cents to $3.364/MMBtu by 2:24 PM ET. Additionally, European gas demand has been higher than expected due to colder-than-average temperatures, further supporting global natural gas prices.