Natural Gas futures rallied to 24-week highs.

January Natural Gas futures reached a new cycle high, touching the highest level in 24 weeks as prices rallied to 5.075. The market found support from weather forecasts predicting a cold shot across the northern U.S., which is expected to ignite high demand despite milder conditions in the West and South. Additionally, the EIA reported that natural gas inventories fell for a third consecutive week with a draw of 12 billion cubic feet. While this fell short of the 14 billion cubic foot draw expected by analysts and the five-year average draw of 43 billion, the storage surplus widened to 191 billion cubic feet.