It could be a long winter for natural gas bears. According to energy expert Stephen Schork, cold weather will lead to a huge spike in nat gas this winter, just as we saw in the beginning of this year.
Nat gas prices have already shot up on the recent cold snap, soaring 28 percent from the low made on Oct. 28 to the recent high on Nov. 10, before retracing a bit. And that could just be the start.
"As goes Mother Nature, so goes the price with natural gas. Now, what we're seeing is essentially polar vortex 2.0," Schork said Tuesday on CNBC's "Futures Now." So despite inventory levels that remain robust, "the cold weather is here, gas furnaces are burning, demand is increasing and hence we've gotten the spike in price."
Schork adds that the weather is "a roll of the dice," but "if we get another winter similar to last year's, there's a real chance that we'll be well above $6, similar to where we were last year."
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In February, natual gas futures reached up to $6.50 per million British thermal units, before dropping nearly 30 percent in three trading sessions.
Regardless of whether levels will get that high in the next few months, the bottom line is that volatility has returned, big-time.
"We are looking at volatility that has spiked tremendously," said Schork, editor of the Schork Report. The probable one-day move in nat gas "has gone from 9 cents up or down to over 17 cents up or down. ... So certainly, as we go forward, we're almost guaranteed very high volatility."