Hey Larry,
Natural Gas March contract went up 7.5% today, while the January contract is up 11.5%. They two are pretty correlated so when there is a difference like that it tells me it's focusing on more shorter term. Since Europe uses NG heavily, a strong east-based -NAO here in the next week is a cold pattern for them. We could have used the late Nov Stratosphere warming to predict this NG move! Although if we got in late Nov, it still would have been a pretty substantial loss as there was a big move down throughout the month of December. $3.28 for the March contract is still cheap, but up from the $3.00 low. Under $4.50 basically implies a +NAO mean for the majority of the Winter, while over $4.50 would imply a mean -NAO pattern.
I would guess that from now to March, the March NG contract rises from its current $3.28 price, I'd say probably about 65-70% likely.