U.S. natural gas futures suddenly spiked the most on record Thursday afternoon, a dramatic move that signaled bearish wagers being squeezed out of the market.
The eye-popping surge of as much as 72% came ahead of the expiration of the February contract, which was thinly traded, as weather forecasts turned colder. A spokesperson for CME Group confirmed the price jump, the most since the contract launched in 1990. The more-active March contract saw a gain of less than 10%.
