Coquest

Your Daily Energy Report for January 23, 2026

Posted on 2026-01-23

Crude Oil

Crude Oil futures for March settled up $1.71 or 2.881% at $61.07. Oil prices climbed this Friday, marking a fifth consecutive weekly gain as a volatile mix of supply threats and geopolitical friction intensifies. The rally was largely fueled by renewed warnings from President Trump directed at Tehran, with the deployment of a high-profile naval armada to the Middle East heightening fears of a military confrontation that could paralyze regional energy flows. These concerns were exacerbated by a major technical failure in Kazakhstan, where a power crisis at the Tengiz oilfield has triggered a force majeure and kept significant output offline for the duration of the week. Meanwhile, a sharp decline in the US dollar has increased the purchasing power of international buyers, even as fragile Ukraine peace talks and transatlantic trade tensions keep the risk premium elevated.

​​​​​Natural Gas

Natural Gas futures for February settled up $.23 or 4.559% at $5.275. Natural gas prices rose today as traders braced for the full impact of an incoming Arctic blast. The commodity is finishing the week with a staggering 69% price surge, marking the most explosive five-day rally in historical records dating back to 1990. This volatility is being driven by severe freeze-off risks in the South, where plunging temperatures threaten to lock up pipeline infrastructure and choke off both domestic supply and LNG exports just as heating requirements peak. While the latest EIA storage report confirmed a larger-than-expected 120 Bcf withdrawal, leaving inventories at 3.065 Tcf, the surplus against the five-year average is rapidly evaporating. Experts are now warning that the subsequent report could reveal a "monster" drawdown, potentially flipping the market from a comfortable cushion to a significant inventory deficit by the time the storm subsides.
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