The latest US weather models have been updated and you don't need to look any further than the 10% gap higher at the natural gas open today to guess what they say.
The cold snap will start next weekend and will peak right on Christmas in the bulk of the country, so throw another log on the fire.
Meanwhile, the deep freeze in Europe continues but much of that may have already been priced in. The period from Dec 19 through Boxing Day is now tracking towards moderately higher-than-normal temperatures. That should offer some relief for TTF.
Here's the opening gap in the US on the chart:
