Thursday, the natural gas futures surged higher after the inventory announcement. February contracts Tested a seasonal peak at $7.400 after starting the day at $4.230. But on rollover, the March contracts surged higher up to $4.219 after finding a strong base at 200 Days Moving Average that is currently at $4.174.
February contracts witnessed short-squeezing above $5.5, pushing prices to hit a fresh seasonal peak at $7.400. Undoubtedly, this was the level I defined for the natural gas futures for February Futures during the last week in my articles and the YouTube videos. But the traders preferred to criticize and were bound to ignore this winter move amid changing weather-related announcements.
Although the contradictory weather reports are still on the warm side for the next 6-10 days, I find that the weather might be cooler than usual for the next 15 days as the current strength of the March contracts still look too strong to remain in positive territory up to the mid of February. If the natural gas futures find a weekly closing above $5.153 today, this will confirm a gap-up opening on the first trading session of the upcoming week.
Technically, the peak witnessed by the February contract has set a destination for the bulls to expect new avenues during the next three weeks as the natural gas futures never stand along with a single peak. Bulls continue to bounce to test recent highs as the natural gas futures witnessed during October 2021.
The natural gas futures have entered into the same territory as they did in the last two weeks of January 2014 before moving downward. Undoubtedly the current momentum looks evident enough to repeat the same peaks soon. Volatility could remain higher but, the bulls look too reluctant to be aggressive with the supply of the US natural gas to a fuel-starved Europe during this month. 
Disclaimer: The author of this analysis does not have any position in natural gas futures. Readers are advised to take any position at their own risk, as Natural Gas is one of the most liquid commodities in the world.