On Thursday, January 27, in the midst of cold winter temperatures and on the heels of an approaching winter storm in the Northeast, natural gas prices spiked 46% to $6.265 per MMBtu. This marks the largest one-day increase ever in recorded data, which stretches all the way back to 1990. The increase in prices occurred after the U.S. Energy Information Administration reported a significant decline in natural gas storage, from 2,810 Bcf to 2,591 Bcf. The February 2022 natural gas futures contract expired at the end of the market’s close today; analysts suggested this was part of the reason the spike in prices occurred. By contrast, the March 2022 natural gas contract finished 6.1% higher on the day, settling at $4.283 per MMBtu.