Kilduff said prices are not likely to remain at the current elevated level once heating season winds down, but traders will then watch to see if storage can be rebuilt. An unusually warm spring or summer could boost air-conditioning demand, putting pressure gas supplies in storage for the next winter heating season.
"This year, with this cold weather and demand levels, there's a question of whether these oversupply years are over and we're going to reach an equilibrium ... to $7," McGillian said.
He expects some energy producers to switch to coal if they can should prices stay high.
"You're going to see a much firmer cash price, and that's going to transfer into higher futures prices," McGillian said. The amount of gas in storage is now at a 10-year low, he added.
(Read more: Natural gas should stay cheap for long time—study)
"The largest amount of gas we put in the ground in the last 15 years was 2.7 trillion cubic feet," he said. "If we get down to 1 trillion cubic feet and we see the maximum amount of gas we put in the ground … that would be pretty satisfactory."
Jeff Grossman, president of BRG Brokerage in New York, told CNBC the commodity is approaching its top and could soon fall sharply.
"We have a possibility of this market reaching its goals and probably selling off," Grossman said on "Power Lunch." "This market has gone way above what most people even considered normal range here and we now have a point here where no one is willing to sell this market. Usually when that happens, the market is ready for a good sell off."
As for consumers, a double digit one-day spike in natural gas futures won't necessarily translate into significantly higher home heating bills. For months, home heating costs have been forecast to have risen considerably from the winter of 2012-2013.
Natural gas prices had been so low in early 2013, forecasters were anticipating that natural gas futures and residential natural prices would be significantly higher this winter than last.That's exactly what has occurred. Most utilities and consumers lock in prices in the fall or start of winter so they will not feel much of an impact of the rise in natural gas futures and spot market prices for natural gas. However, insome regions of the country, those who pay a monthly variable rate will see a significant spike in their home heating and utility bills.
For this winter, the EIA has predicted the increase in residential natural gas prices will range from a 10 percent increase in the West to a 15 percent increase in the Northeast. In its most recent Winter Fuels Outlook issued on February 11, the EIA said it expects households heating with natural gas to spend an average of $80 (13 percent) more this winter than last winter.