Natural gas futures markets showed notable volatility this week. The 12-month spread jumped $0.90, representing a sharp 72% widening driven by softer spot prices. February contracts took a hit, sliding $0.26 or 8%—dropping from $3.31 down to $3.04 as of the week ending January 2. Even more striking, front-month prices fell hard, shedding $0.75 in value to close at $3.62, down from the prior week's $4.37. These moves suggest shifting dynamics in the near-term energy market, with prompt pricing pressure likely pushing the broader curve structure.