Natural-gas futures are tumbling following fresh forecasts that suggest January won't be quite as cold as traders believed late last month when

Freezing weather and snow storms across the U.S. could cause massive power outages over the next week and boost natural gas demand to its highest levels of the winter, according to energy analysts and reliability coordinators.

A wave of predictions that a polar vortex will make this January the coldest in years sent natural gas prices up this week, and experts say it could test supplies in the U.S. and Europe.

Natural gas prices have surged nearly 25% over the last month. Energy experts attribute the rise to cold weather expected in January and geopolitical issues around the globe. The cold temperatures could make the month one of the coldest Januarys in over a decade.

The price of natural gas is up 176% since its 2024 intra-day low reached in mid-February and up about 90% since its early August lows.