Coquest

Your Daily Energy Report for February 6, 2026

Posted on 2026-02-06

Crude Oil

Crude Oil futures for March settled up $.26 or .411% at $63.55. Oil prices slipped finished with modest gains on Friday as geopolitical risk premiums cooled. The shift in sentiment followed successful indirect nuclear negotiations in Oman, where a "good start" between Washington and Tehran helped mitigate fears of immediate supply shocks from the Middle East. While the presence of high-level U.S. military leadership at the talks kept some investors cautious, the overall consensus shifted toward a more balanced market outlook for the remainder of the year. Adding to the bearish undertone, Saudi Arabia issued strategic price cuts to its primary grades for Asian buyers, dropping official rates to levels not seen since late 2020. Despite a late-day bounce triggered by ongoing infrastructure concerns in Ukraine, the combination of diplomatic progress and signs of a global oversupply successfully capped the week's price action.

​​​​​Natural Gas

Natural Gas futures for March settled down -$.087 or -2.479% at $3.422. Natural gas prices ended the session in negative territory today, as traders ultimately prioritized a bearish weather forecast over a historic EIA storage report. While the government confirmed a massive 360 Bcf withdrawal that successfully flipped national inventories from a surplus to a 27 Bcf deficit against the five-year average, the tightening of supply failed to sustain an early price recovery. Market participants are increasingly looking past current stockpile levels, focusing instead on rising domestic production and predictions of a significant mid-February warm-up that could stifle heating demand. Even with LNG export flows remaining robust, the anticipation of milder temperatures triggered a wave of selling that pushed the prompt-month contract lower by the close.
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