Coquest

Your Daily Energy Report for March 5, 2026

Posted on 2026-03-05

Crude Oil

Crude Oil futures for April settled up $6.35 or 8.505% at $81.01. Oil prices surged this Thursday, reaching a peak not seen since July 2024 as the expanding conflict with Iran compromised international energy flows. Navigation through the Strait of Hormuz is currently at a standstill following Iran's assertion that it targeted a tanker with a missile strike. Global supply is further squeezed by China’s recent mandate for its primary refineries to cease all outgoing shipments of diesel and gasoline. Despite efforts to stabilize the sector through naval escorts and specialized insurance, market participants remain anxious and are preparing for a long-term geopolitical standoff. Amidst this volatility, EIA statistics revealed a 3.5 million barrel increase in domestic inventories to 439.3 million, offering a slight cushion against further external supply shocks. Traders are now closely monitoring whether these mounting regional pressures will force a permanent restructuring of global crude logistics.

​​​​​Natural Gas

Natural Gas futures for April settled up $.086 or 2.948% at $3.003. Natural gas prices rose today, recovering from a steep sell-off as market participants monitored the intensifying US-Israel war with Iran. Although prices dipped 4.5% yesterday following rumors of potential diplomatic talks, momentum shifted after Tehran officially refuted those claims. The confrontation has reached its sixth day with heightened volatility after the US sank an Iranian warship in the Indian Ocean near Sri Lanka. Global supply anxieties are mounting as the Strait of Hormuz remains impassable and the premier LNG facility in Qatar stays offline. While President Trump has pledged to secure maritime routes with naval escorts, the EIA recently confirmed a larger-than-anticipated 132 billion cubic feet withdrawal from domestic storage, further tightening the market.
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