U.S. natural gas futures are pulling back Tuesday after reaching a 52-week high on Monday. Trading remains volatile with an Arctic blast forecast to hit the nation in January.

The Details: On Sunday, AccuWeather meteorologists released an extended forecast predicting cold Arctic air over much of the U.S. with a potential pattern of snow and ice storms through the first half of January.

The forecast even pointed to the possibility of the "coldest January since 2011 for the U.S. as a whole," according to AccuWeather Lead Long-Range Expert Paul Pastelok.

John Kilduff, founding partner of Again Capital, told CNBC's "Squawk on the Street" that disruptions in natural gas production called "freeze offs" are a possibility.

"We are talking [about] bone-chilling polar vortex weather, which has caused this spike in natural gas this morning," Kilduff said on Monday.

Traders reacted to the chilling forecast, sending natural gas February futures about 15% higher during Monday's session. Prices are retreating Tuesday, but remain 10% higher over the past five days.

Natural gas futures are trading about 6% lower Tuesday at $3.70/MMBtu.

The ongoing war in Ukraine and potential reduction in Russian gas flows to Europe is also driving increased demand for U.S. liquid natural gas exports and putting upward pressure on domestic prices.

The United States 12 Month Natural Gas Fund ETF (NYSE:UNL) which tracks the average of 12 months of natural gas futures contracts is up 6.6% in December and the United States Natural Gas Fund ETF (NYSE:UNG), tracking the near-month natural gas futures contract price, is up more than 18% over the same period.

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