Futures for December delivery soared to $3.372 per million British thermal units, up 6% this morning and up nearly 27% since Nov. 8. Prices also touched a one-year. 

Ole R. Hvalbye, a Commodities Analyst at Skandinaviska Enskilda Banken AB (SEB), told energy news website Rigzone that NatGas soared on "the latest National Oceanic and Atmospheric Administration (NOAA) short-term forecast (6-14 days) predicts colder than normal temperatures spreading from the West Coast, with below-average conditions expected across much of the country, except for the Gulf Coast and East Coast."

Data from Bloomberg shows that temperatures across the Lower 48 are forecasted to trend below a 30-year average for the next few weeks, indicating that fuel demand will rise as thermostats are turned up. 

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