Coquest

Your Daily Energy Report for February 23, 2026

Posted on 2026-02-23

Crude Oil

Crude Oil futures for April settled down -$.17 or -.256% at $66.31. Oil prices dipped this Monday, as the energy complex balanced cautious optimism for a US–Iran nuclear deal against a backdrop of fresh trade-related headwinds. While Iranian officials signaled a potential "win-win" outcome ahead of a high-stakes Geneva summit with U.S. envoy Steve Witkoff, prices remain buoyed by the strategic uncertainty surrounding the Strait of Hormuz. Speculation that any potential Western military intervention would be limited to specific sites has temporarily eased fears of total regional chaos, yet the heavy naval buildup in the Gulf continues to offer support. Meanwhile, a secondary layer of volatility has emerged following a Supreme Court ruling that led the White House to pivot toward a 15% global tariff strategy, raising concerns about a possible slowdown in worldwide energy consumption.

​​​​​Natural Gas

Natural Gas futures for March settled down -$.062 or -2.035% at $2.985. Natural gas prices retreated today as market participants balanced immediate weather shocks against a robust supply backdrop. While a massive Northeast blizzard initially spiked prices by shuttering schools and driving up heating and power generation needs, the bullish momentum was tempered by NOAA’s long-range forecasts predicting a return to unseasonably warm conditions. Structural demand remains a pillar of the market, evidenced by LNG pipeline flows hitting a staggering 20.2 bcfd on Sunday, a 24% year-over-year increase, while average February feedgas deliveries held steady at 18.6 bcfd. However, these record-level exports are currently competing with a surge in domestic production, which reached an all-time high of 108.7 bcfd in the Lower 48
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