The Great American Freeze Of '14 Has All Eyes On Today's Natural Gas Report

Sure has been cold out there lately.

So cold, in fact, that the country is burning through natural gas at rates not seen in awhile. Despite booming production, NYMEX contract prices have climbed above $5 for the first time since 2010.

In his morning note today, UBS' Art Cashin says this trend may start bleeding into macro consumption, and that all eyes are on today's natgas inventory report at 10:30 a.m.

"Traders will carefully watch today's report on natural gas inventories," he writes. The polar vortex is burning up gas inventories rapidly. That means higher prices and much higher household expenses. You can choose to drive but you must heat your home and workplace. It will affect the economy."

Here's what prices have looked like lately. Prices are down some this morning, but the Bloomberg consensus is for supplies to decline by 232 billion cubic feet, versus 107 bcf last week.