Coquest

Your Daily Energy Report for March 4, 2026

Posted on 2026-03-04

Crude Oil

Crude Oil futures for April settled up $.10 or .134% at $74.66. Oil prices are up slightly this Wednesday, recovering from an intraday dip as market participants weighed federal intervention against the ongoing paralysis of the Strait of Hormuz. While the IRGC has threatened to "set ablaze" any vessel attempting to navigate the now-closed waterway, President Trump countered by authorizing the DFC to provide affordable political risk insurance and pledging naval escorts for energy carriers. Treasury Secretary Bessent further supported these stabilization efforts with a series of measures aimed at securing global supply, yet most commercial tankers remain anchored while awaiting the physical implementation of these federal backstops. The geopolitical tension was reinforced by Ambassador Ali Bahreini, who dismissed rumors of back-channel diplomacy by asserting that defense remains the sole remaining dialogue following the elimination of senior Iranian leadership.

​​​​​Natural Gas

Natural Gas futures for April settled down -$.137 or -4.486% at $2.917. Natural gas prices dipped today, snapping a three-day rally as rumors of potential diplomatic engagement from Iran softened the global energy complex. Despite the Strait of Hormuz remaining largely impassable and QatarEnergy maintaining the suspension of operations at the Ras Laffan and Mesaieed hubs, President Trump's pledge of naval escorts has mitigated some immediate panic. The disruption at these complexes effectively stalls 20% of the world's LNG supply, yet robust domestic production and record-breaking February export figures continue to anchor the U.S. market. Near-term price pressure is further compounded by a warming weather outlook, which suggests that domestic inventories may exceed historical norms by the middle of March.
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