I don't think that gas markets are as volatile as electricity but it must not be a pretty sight.
I think we're about to find out...
To be fair, it's probably easier to turn demand for gas off than it is for electricity, as industrial use is a higher fraction, and I suspect most of it is a lot more price sensitive than electricity users (except very specific cases like Aluminium producers who do not rely on the spot market anyway), so I expect gas demand to be cut ot lower prices, thus limiting volatility to some extent.
But if you have long term shortages, then it's another can of worms. A late cold snap might be vicious. In the long run, we're all dead. John Maynard Keynes
If the industrials have hedged, they don't suffer any short term pain. Now you have to stimulate them to buy out of their sales contracts to free up the gas. That sounds straightforward but people are lazy and would prefer not to upset well laid plans.
Energy markets have been running around for a decade selling these folks price hedges...
