Coquest

Your Daily Energy Report for February 26, 2026

Posted on 2026-02-26

Crude Oil

Crude Oil futures for April settled down -$.21 or -.321% at $65.21. Oil prices retreated this Thursday, as early geopolitical gains evaporated. While Iranian state media initially sparked a 1.5% rally by rejecting the export of enriched uranium, the bullish momentum faded once Omani mediators characterized the Geneva nuclear summit as having "significant progress." This diplomatic shift, combined with a staggering 16 million-barrel inventory build reported by the EIA, successfully offset the "war premium" that had pushed prices toward $67 earlier in the week. Physical saturation remains a primary headwind for bulls, as Saudi exports continue to climb toward a three-year peak alongside rising flows from Iraq and Kuwait. Consequently, the market enters the weekend with a cautious tone, awaiting Sunday’s OPEC+ ministerial meeting where delegates will decide if global demand can actually absorb the proposed output hike for April.

​​​​​Natural Gas

Natural Gas futures for April settled down -$.041 or -1.43% at $2.827. Natural gas prices slipped today, sliding toward levels not seen since September following a lackluster EIA storage report. Domestic utilities pulled a mere 52 bcf from reserves last week, a fraction of the 252 bcf seen a year ago, effectively erasing the mid-winter supply deficit and leaving total inventories at 2.018 tcf. This bearish shift is being exacerbated by a robust production environment, with Lower 48 output averaging nearly 109 bcfd, just as a mild meteorological outlook for the Western U.S. further dampens heating consumption. While the fundamental picture remains weighed down by high supply and unseasonable warmth, a historic floor is being maintained by LNG exports, which continue to hum at a record pace of 18.7 bcfd.
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