The CME is angry. And you won't like it when the CME is angry.
Moments ago, in the aftermath of today's nat gas jump to the latest $5+ close (due to the persistence of cold weather), the CME hiked NG margins by another 10%: the third such hike in the past two weeks. Of course, this means that just like gold speculators were the target in 2011 and "evil" crude oil traders were demonized by the Margin hiker-In-Chief, so too the first commodity price shock of 2014 - that which America's consumers will experience when they get their January (and likely February) utility bills - will be blamed on, you guessed it, evil nat gas speculators. It appears that the CME will not rest and will keep hiking margins until nat gas fall back to whatever the president deems a "fair" price.