Coquest

Your Daily Energy Report for February 9, 2026

Posted on 2026-02-09

Crude Oil

Crude Oil futures for March settled up $.81 or 1.275% at $64.36. Oil prices climbed this Monday as traders reassessed the risk premium following optimistic signals from Washington regarding Iran’s nuclear capabilities. President Trump’s positive stance on the Oman negotiations has temporarily calmed fears of aggressive sanctions or potential shipping disruptions in the Strait of Hormuz, which had previously sent prices skyrocketing. This diplomatic thaw is currently battling a bearish structural narrative of global oversupply, driven by rising OPEC output and record-breaking production from the U.S., Brazil, and Canada. Simultaneously, the market is closely watching India, where a new trade deal with the U.S. has cast doubt on future Russian oil imports due to strict requirements to halt purchases from Moscow. Despite these crosswinds, the session remained choppy, as the market balances hopeful Middle East diplomacy against a backdrop of ample physical crude supply.

​​​​​Natural Gas

Natural Gas futures for March settled down -$.284 or -8.299% at $3.138. Natural gas prices fell today, hitting a three-week low as traders reacted to widespread warmer weather forecasts. Unseasonably mild conditions across the central and southern regions are expected to drift east, significantly curbing heating demand and power generation requirements. Further dampening market sentiment, the latest Baker Hughes report highlighted a spike in drilling activity within the Haynesville Shale, fueling fears of an impending supply surge. This combination of bearish weather and increased rig counts caused March contracts to slide during early trading. Ultimately, the shift toward above-average temperatures has overshadowed recent storage draws, leaving the market focused on a growing production outlook and softening seasonal consumption.
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