Henry Hub Natural Gas Futures prices soared on Monday, reaching a new high for the past 52 weeks, following reports that the temperatures in the USA would be colder than usual in January.

In February, Henry Hub Natural Gas Futures increased by about 15% during trading, after the latest outlook released by the Weather Co. and Atmospheric G2 on Sunday showed that temperatures in the eastern regions next month are expected to be below average, particularly from Florida to Maine and certain areas of the Great Lakes.

However, the report indicated that temperatures in the western regions are expected to be below average. Notably, the "Four Corners" region - an area in the USA formed by the southwestern corner of Colorado, the southeastern corner of Utah, the northeastern corner of Arizona, and the northwestern corner of New Mexico - is projected to be above average.

The report also stated that the colder temperatures in the east could peak around the middle of the month, potentially falling "well below average" compared to predictions for the entire month in the eastern USA. In other words, it is currently unclear how temperatures will hold in the latter half of January.

In another report, AccuWeather meteorologists indicated that cold air might form a "storm pattern," resulting in significant amounts of ice and snow in some areas for much of the first half of this month. They added that the decline would start in the middle to late next week.

Earlier in the day, Henry Hub Natural Gas Futures for February rose 20%, hitting a high of $4.201 per thousand cubic feet. This is the highest level since January 4, 2023, when prices reached $4.219 per thousand cubic feet.

The February Futures trend comes at a time when gas prices for home heating have recently surged. Over the past week, iron ore prices have increased by nearly 9%, rising approximately 58% since the beginning of the year.

Meanwhile, Brent Crude Oil Product Futures increased by 30 cents to $74.39 per barrel, while West Texas Intermediate Crude Oil Product Futures rose by 79 cents to $71.16 per barrel.