After the Henry Hub natural gas price for February doubled, oil-and-gas producers aggressively locked in hedges. Oil and gas producers leaned into the historic rally in Nymex Henry Hub prices driven by Winter Storm Fern. The storm brought sub-freezing temperatures across much of the Lower 48, tightening balances and sending natural gas prices sharply higher in a ten-day period from January 19 to January 28. AEGIS client hedging activity for natural gas reached the most active levels on record during the week ending January 23 and continued at elevated levels into the following week. The AEGIS sample above shows a 6x increase in hedging participation during Winter Storm Fern.