Coquest

Your Daily Energy Report for January 20, 2026

Posted on 2026-01-20

Crude Oil

Crude Oil futures for February settled up $.90 or 1.514% at $60.34. Oil prices increased on Tuesday, bouncing back from an earlier dip below $59 after Kazakhstan’s top producer halted work at the Tengiz and Korolev fields due to electrical fires. Simultaneously, the energy market is reacting to a fresh diplomatic rift as President Donald Trump intensifies his push to acquire Greenland, threatening 10% to 25% US tariffs against European nations that block the deal. While the EU has signaled a readiness to retaliate with a multibillion-euro trade "bazooka," Trump used his platform at Davos to insist that the island is vital for national security, downplaying the likelihood of a sustained stalemate. This sudden friction has reignited fears of a transatlantic US-EU trade conflict that could stifle global economic growth and dampen long-term fuel consumption.

​​​​​Natural Gas

Natural Gas futures for February settled up $.804 or 25.91% at $3.907. Natural gas prices skyrocketed today, hitting a three-week peak as a massive weather-driven surge took hold of the market. While weekend reports hinted at a chill, the outlook turned significantly more aggressive on Monday as the polar vortex stretched southward, funneling intense Arctic air across the Northern Hemisphere. High-priority warnings from NOAA’s Climate Prediction Center now signal dangerously low temperatures and potential blizzards for the central and eastern U.S. through the end of the month, a result of the negative Arctic Oscillation dragging Siberian-style air into the domestic heartland. Traders are particularly wary of the final week of January, when the most punishing deep freeze is expected to maximize heating requirements. Despite this demand spike, the rally faces some resistance as domestic gas production remains at high levels while LNG export flows have seen a slight cooling.
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