Natural gas futures caught some serious momentum this week. Prices climbed from $3.98 to $4.37—that's a clean 10% jump for the period ending December 26. Not a small move in the commodities space.

Here's what traders are watching: the 12-month spread is flashing upward pressure heading into Monday. That's the kind of technical signal that usually precedes further price action. Energy markets have been choppy, but this particular setup suggests the bulls might have room to run.

For anyone tracking the energy complex or managing commodity exposure, this is the kind data point worth monitoring. When you see spreads behaving like this combined with fresh weekly closes pushing higher, the market's usually telling you something about supply-demand dynamics shifting beneath the surface.