Coquest

Your Daily Energy Report for February 24, 2026

Posted on 2026-02-24

Crude Oil

Crude Oil futures for April settled down -$.68 or -1.025% at $65.63. Oil prices fell this Tuesday, as market participants parsed a high-stakes diplomatic standoff between Washington and Tehran. While the White House signaled a preference for a negotiated nuclear deal ahead of Thursday's summit, the administration simultaneously dismissed military concerns about a regional campaign, warning of a "very bad day" for Iran should talks collapse. These persistent fears of a Middle Eastern conflict and related supply disruptions have provided a firm floor for prices, effectively masking projections of a significant global surplus later this year. Adding to the complex macro environment, a new 10% global tariff officially took effect today, introducing fresh trade-related friction and potential headwinds for the long-term demand outlook. Between the threat of military intervention and the implementation of these sweeping import duties, the energy complex remains locked in a state of high-alert volatility.

​​​​​Natural Gas

Natural Gas futures for March settled down -$.07 or- 2.345% at $2.915. Natural gas prices slipped today, descending to their most depressed levels since October as a warming atmospheric outlook eroded demand expectations. Meteorologists are now projecting unseasonably high temperatures across the Western U.S. through late February, which is expected to sharply curtail heating consumption and ease the strain on power grids. With the winter season drawing to a close, the market is discounting the likelihood of a late-stage cold snap, particularly as Lower 48 production continues to hold at a robust 108.7 bcfd. While a 6% storage deficit was noted mid-month, analysts anticipate this gap will narrow significantly to near 1% as mild weather limits necessary inventory withdrawals.
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