A sharp reversal in US natural gas futures was seen early Monday after skyrocketing prices in the second half of January, when dangerously cold air and a major winter storm triggered freeze-offs across critical NatGas infrastructure. The weather-driven supply disruptions coincided with a spike in heating demand, unleashing stress on power grids across much of the eastern US and driving NatGas spot prices sharply higher before the pullback, as well as power prices...

The front-month NatGas contract plunged as much as 17% to $3.620 per million British thermal units in early Asian trading, erasing Friday's 11% gain after weeks of record-breaking cold.

New weather models show milder conditions across parts of the Lower 48 over the next two weeks.