Coquest

Your Daily Energy Report for February 19, 2026

Posted on 2026-02-19

Crude Oil

Crude Oil futures for March settled up $1.24 or 1.902% at $66.43. Oil prices jumped this Thursday as escalating friction between Washington and Tehran intensified fears of a major regional supply disruption. This price action was heavily influenced by reports of imminent Western military maneuvers and a warning from global nuclear observers that the timeframe for a diplomatic resolution with Iran is rapidly evaporating. Any heightening of hostilities poses a direct threat to the Strait of Hormuz, a critical maritime artery responsible for the transit of roughly one-third of the world’s seaborne energy flows. Compounding the geopolitical risk, the EIA’s weekly report stunned the market with a massive 9 million barrel drawdown in domestic inventories, completely upending analyst forecasts of a modest surplus build.

​​​​​Natural Gas

Natural Gas futures for March settled down -$.015 or -.498% at $2.996. Natural gas prices slipped today, as surging output and moderate inventory draws signaled a loosening supply-demand balance. Domestic Lower 48 production has aggressively ramped up to 108.7 bcfd in February, rapidly approaching the record-setting levels seen in December and offsetting earlier freeze-off concerns. While the EIA’s latest 144 bcf withdrawal fell short of both last year’s figures and the five-year seasonal average, the current 6% storage deficit is expected to vanish quickly given the persistent lack of heating demand. Even with LNG feedgas holding at a robust 18.6 bcfd, the structural support of record exports is currently being neutralized by an unseasonably warm meteorological outlook through early March. Consequently, the market is bracing for an early transition into the shoulder season, with prices likely to remain suppressed unless a significant shift in the long-range weather maps emerges.
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