Coquest

Your Daily Energy Report for February 17, 2026

Posted on 2026-02-17

Crude Oil

Crude Oil futures for March settled down -$.56 or -.89% at $62.33. Oil prices retreated on Tuesday , effectively surrendering the momentum from the previous session. Market participants are pivotally focused on the second round of diplomatic engagements between Washington and Tehran in Geneva, which followed Monday's naval exercises in the Strait of Hormuz. While Iran has signaled a willingness to negotiate on its nuclear program to secure the removal of economic penalties, the geopolitical landscape remains complex with concurrent, high-stakes Russia-Ukraine mediation efforts yielding significant skepticism. These regional tensions are being structurally countered by reports that OPEC+ may initiate output hikes as early as April, threatening to deepen an already substantial global oversupply. This influx of new barrels could exacerbate the current market glut, potentially neutralizing any risk premium generated by the ongoing friction in vital transit corridors.

​​​​​Natural Gas

Natural Gas futures for March settled down -$.048 or -1.48% at $3.195. Natural gas prices dipped today, as an unseasonably mild weather pattern continues to erode the winter premium. This valuation slide is primarily fueled by a "double whammy" of near-record Lower 48 production, which surged to an average of 108.5 bcfd this month, and a weather forecast indicating spring-like temperatures extending through early March. With these warmer-than-normal conditions stifling heating demand, utilities are projected to maintain storage levels significantly above the seasonal norm. Despite LNG export demand remaining a bright spot at a robust 18.6 bcfd, the sheer volume of domestic output, which recently touched a 111 bcfd peak, has overwhelmed the market's structural support.
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