Key Points :
Supply Shock: An Arctic blast knocked out ~15% of U.S. natural gas production, exposing market tightness.
Price Surge: March natural gas rallied 20.6% in a week, with the expiring February contract hitting a 3-year high.
Storage Squeeze: A larger-than-expected inventory draw (-242 Bcf) signals dwindling reserves. The next two EIA reports could push stockpiles below the 5-year average, shifting sentiment from "ample" to "tight."
Structural Stress: Strong LNG export demand (~17.7 Bcf/d) compounds pressure from the production freeze-offs.
Bullish Control: Bulls dominate price action above key technical levels ($3.875), but the rally's sustainability hinges on extended cold weather.
Critical Watch: The market's next move depends on the upcoming EIA storage data and the 10-15 day weather forecast; any early warm-up could quickly reverse gains.
