Natural gas prices spike on forecasts of colder than expected winter [Video]

Natural gas prices surged more than 20% on Monday after a wave of forecasts over the weekend predicted incoming arctic air could set the U.S. up for the coldest January in a decade or more.

Although prices pulled back some the next day, major market spikes this winter could be far from over.

Phil Flynn, an energy market analyst and FOX Business contributor, says America does have abundant supplies of natural gas built up, which is a good thing. The problem, in his view, is that the U.S. has also been complacent on the demand side when it comes to cold weather, because the country really has not seen the type of harsh winter being predicted in a long period of time. 

He explained that the prolonged period of bitter cold being projected would not only drive up demand and deplete storage – possibly at the fastest pace we’ve ever seen – but risks disrupting production.

ENERGY PRICES ARE HIGH AND PEOPLE …