Coquest

Your Daily Energy Report for January 9, 2026

Posted on 2026-01-09

Crude Oil

Crude Oil futures for February settled up $1.36 or 2.355% at $59.12. Oil prices climbed on Friday, as investors reacted to heightening unrest in Iran and the ongoing Venezuelan supply enigma. This second consecutive day of gains secured a 1.5% weekly gain, fueled by reports of a rising death toll and a total internet blackout amid Iranian protests. Such volatility has amplified geopolitical risk premiums, causing a notable shift in options markets toward a bullish positioning bias as fears of supply disruptions take center stage. Meanwhile, the US effort to manage Venezuelan exports from massive storage volumes remains a wildcard, alongside concerns that the Russia-Ukraine war could eventually choke Russian exports. While these threats pushed prices higher, the rally faced resistance from substantial global inventories and persistent oversupply risks that tempered the week's closing momentum.

​​​​​Natural Gas

Natural Gas futures for February settled down -$.238 or -6.986% at $3.169. Natural gas prices fell sharply today, primarily driven by shifting weather forecasts that suggest unseasonably mild conditions will dampen heating demand throughout the next two weeks. While a passing cold snap is anticipated for the central US from January 9 and 15, the overarching trend remains warm, especially across the South, with significant chill likely confined to northern regions as the month closes. These bearish atmospheric signals have completely overshadowed record-setting LNG exports of 18.5 bcfd and a slight dip in domestic production to 109.2 bcfd. Even a massive 114 bcf storage withdrawal, which substantially outpaced the five-year average, was insufficient to counter the downward pressure of the warming outlook.
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