Coquest

Your Daily Energy Report for March 16, 2026

Posted on 2026-03-16

Crude Oil

Crude Oil futures for April settled down -$5.21 or -5.278% at $93.50. Oil prices retreated this Monday, snapping a significant three-day surge as anxieties over a permanent blockage of the Strait of Hormuz softened. This shift followed the successful passage of a Pakistani vessel and two gas carriers, signaling a potential breakthrough in maritime gridlock despite Tehran's continued exports of 1.5 million barrels daily. While the U.S. has theoretically permitted certain tankers to navigate the corridor, the President continues to pressure global partners to assist in patrolling a waterway that typically facilitates one-fifth of the world's oil trade. The broader conflict remains the most severe energy disruption on record, punctuated by a fresh unmanned aerial strike on the Fujairah export terminal that paralyzed local loadings. Simultaneously, persistent hostilities in the Persian Gulf have forced a major suspension of aviation operations in Dubai, underscoring the fragile nature of the current regional stability.

​​​​​Natural Gas

Natural Gas futures for April settled down -$.108 or -3.449% at $3.023. Natural gas prices dipped today, extending a downward trend from recent monthly highs as a temperate spring forecast and unprecedented domestic output outweighed Middle Eastern geopolitical risks. The latest EIA storage audit confirmed a withdrawal of 38 billion cubic feet, a figure that fell short of the 42 Bcf consensus and signaled a weakening in residential heating requirements as the winter season concludes. Despite the persistent military friction in the Strait of Hormuz and the resulting operational paralysis at major international energy hubs, the shock to Henry Hub pricing has been relatively contained. This stability is largely attributed to the U.S. maintaining self-sufficiency in its fuel supply, even as logistical bottlenecks keep LNG export terminals running at their maximum structural limits.
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