Coquest

Your Daily Energy Report for March 12, 2026

Posted on 2026-03-12

Crude Oil

Crude Oil futures for April settled up $8.48 or 9.719% at $95.73. Oil prices climbed this Thursday, fueled by anxieties that maritime energy transit through the Persian Gulf will remain paralyzed indefinitely. In his inaugural public address, Iran's newly appointed leader, Mojtaba Khamenei, insisted the Strait of Hormuz must stay obstructed, reinforcing Tehran’s uncompromising stance as the IRGC launched overnight strikes on multiple merchant tankers. This escalation coincides with intensifying military exchanges involving Israel and GCC members, whose collective output has been slashed by 10 million barrels per day as local storage hits its maximum limit. With approximately 20% of global trade effectively stranded, the International Energy Agency has classified this catastrophe as the most severe supply shock in history. To counteract the deficit, member nations have sanctioned a monumental 400 million barrel deployment from their strategic petroleum reserves.

​​​​​Natural Gas

Natural Gas futures for April settled up $.024 or.748% at $3.233. Natural gas rose today, reaching a multi-week peak as global energy volatility heightened international interest in American liquified natural gas. The persistence of military exchanges involving regional powers and Western forces has dampened expectations for a swift de-escalation, while maritime transit from the UAE remains paralyzed due to the ongoing closure of the Strait of Hormuz. This bottleneck has forced major Asian and European importers to bid aggressively for Henry Hub supplies, even as logistical limits at domestic ports cap the total volume of physical exports. Despite this heightened tension, the latest EIA storage data revealed a withdrawal of only 28 billion cubic feet for the initial week of March. This smaller-than-anticipated dip suggests the winter heating season is effectively winding down.
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