Consumers who rely on natural gas to heat their homes may not suffer as much though. That's because many big utilities are able to hedge natural gas prices by purchasing futures contracts.
Natural gas prices have been depressed over the past few years thanks to a supply glut and relatively mild winter weather. But supplies have tightened a bit recently and some analysts expect prices to move higher throughout the winter.
"It's only the third week of January and we could be looking at six more weeks of demand," said Schork. "That's a lot of gas and the market is rallying accordingly."
But others say gas prices could come under pressure as supplies remain ample thanks to a boom in shale oil production. The cold weather could also be short lived, according to one analyst.
"Near-record production levels of gas and long term weather forecasts indicating normal to above-normal temperatures in the second half of winter may provide growing resistance to the market in coming weeks," said Addison Armstrong, director of market research at Tradition Energy.