Coquest

Your Daily Energy Report for January 29, 2026

Posted on 2026-01-29

Crude Oil

Crude Oil futures for March settled up $2.21 or 3.496% at $65.42. Oil prices ascended on Thursday, marking a five-month peak as an intensifying geopolitical risk premium gripped the energy complex following the White House's ultimatum to Tehran. President Trump issued a stark directive for a revised nuclear accord, signaling that a US armada positioned in the region is prepared to execute strikes with "speed and violence" if negotiations fail. The threat of kinetic action has fueled deep-seated anxiety over a supply shock in the Middle East, a territory responsible for nearly one-third of global output, and the potential for a retaliatory blockade of the Strait of Hormuz. This hawkish shift has successfully sustained a double-digit price rally this month, overriding bearish projections of a supply glut and compounding existing disruptions in Kazakhstan and Venezuela.

​​​​​Natural Gas

Natural Gas futures for March settled up $.186 or 4.984% at $3.918. Natural gas prices climbed today, as a larger-than-expected EIA storage draw of 242 Bcf effectively countered the pressure from a recovering domestic supply. While daily production is gradually trending toward 93.5 bcfd as the frozen wellhead crisis abates, the staggering withdrawal, driven by the recent Arctic blast, has left inventories significantly tighter than the five-year average. Current meteorological projections for colder-than-normal conditions through mid-February are sustaining high consumption forecasts, even as the extreme intensity of Winter Storm Fern begins to fade. Further supporting the price floor is a rapid rebound in LNG feedgas flows to 13.7 bcfd, signaling that export terminals are resuming full operations after earlier weather-related bottlenecks. The market's resilience is underscored by reports of rare physical gas imports into the US, a clear indicator that despite the modest output gains, the system remains under structural duress.
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