"Extreme Cold Drives Record Demand, Spiking US Natural Gas Prices"

The natural gas market is stagnant as it hovers around the $3.33 resistance level, with potential to rise if it breaks above $3.45, but a downside break of $3.00 would be negative. The current spike is attributed to a winter snap in the Northeastern US, but it's expected to be short-lived as futures markets are gearing up to roll over into March, leading to a likely drop. Despite quick depletion of natural gas in the US, the market is anticipated to fall back into its previous range in the near future.