According to CoinMeta, this winter is expected to be the warmest on record in the United States, which will lead to a significant decline in natural gas demand. Consumers' usage of natural gas for heating and power generation is also set to decrease. This is mainly due to the ongoing strengthening of the El Niño phenomenon, which has led natural gas traders to form the most pessimistic expectations for this country's second-largest commodity market since the COVID-19 pandemic. The president of the Commodity Weather Group, Matt Rogers, stated that October was the third warmest October on record since 1950, measured by the number of heating degree-days weighted by natural gas consumption. Rogers predicts that this trend will intensify further this month, with November likely to become the warmest November on record. According to the latest weekly data released by the Commodity Futures Trading Commission (CFTC), fund managers have significantly increased their short positions in natural gas futures in anticipation of abnormally warm winter weather, reaching a record high in scale. At the same time, their net short positions have also risen to their highest level since February 2020, reflecting an extremely pessimistic overall market sentiment.