Coquest

Your Daily Energy Report for January 22, 2026

Posted on 2026-01-22

Crude Oil

Crude Oil futures for March settled down -$1.26 or -2.079% at $59.36. Oil prices retreated this Thursday as evidence of a global inventory surplus began to outweigh recent supply jitters. The IEA reinforced this bearish outlook by predicting that worldwide production will substantially outpace consumption this year, despite a minor increase in their projected demand figures. Adding to the downward pressure, the latest EIA report revealed a 3.6 million barrel build in domestic stockpiles, far exceeding the modest 1 million barrel increase analysts had anticipated. Meanwhile, the supply landscape eased as technical repairs at Black Sea loading facilities signaled an end to recent Kazakh export constraints, and Reliance Industries secured more Russian barrels to insulate their refineries from US sanctions. Finally, a significant "peace bid" entered the market following reports that a trilateral meeting involving the US could pave the way for a ceasefire between Russia and Ukraine, further cooling the geopolitical risk premium.

​​​​​Natural Gas

Natural Gas futures for February settled up $.17 or 3.487% at $5.045. Natural gas prices jumped today, hitting a peak not seen in over three years as extreme atmospheric models ignite fears of a historic supply-demand imbalance. With the nation bracing for an Arctic blast expected to pin national average temperatures near 21.8 degrees Fahrenheit by January 24, heating requirements are projected to test all-time records through the end of the month. This meteorological shift has already forced gas production to a 90-day low, as severe freeze-offs in the South knock critical infrastructure offline just as residential and commercial consumption spikes. Market analysts note that the current rally has put the commodity on pace for a weekly gain of over 70%, a move of such magnitude that it represents the most significant price escalation in records dating back to 1990.
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