Gleb Garanich/ReutersNatural gas futures surged 24% with a cold spell expected across the eastern half of the US. Forecasts call for below-average temperatures on the East Coast and parts of the Midwest for January.Rising gas prices are also influenced by fears of cold weather in Europe and continued sanctions against Russia.Natural gas futures soared as much as 24% on Monday as investors anticipated a cold spell that would affect much of the United States.Weather forecasts call for a significant temperature drop starting this weekend up and down the East Coast and some parts of the Midwest heading into January.The cold weather is expected to be below average temperatures and dip into below-freezing levels."Nat gas surging +16% given forecasts of a cold front in the U.S in the coming days," Patricia Medina, market analyst at the New York Stock Exchange, said on Monday.Investors expect the temperature drop to spark a rebound in demand for the heating commodity, which is a common oil substitute.The price of February futures for natural gas jumped to a high of $4.20 per million British thermal units in Monday's trading session.