Coquest

Your Daily Energy Report for March 17, 2026

Posted on 2026-03-17

Crude Oil

Crude Oil futures for April settled up $2.71 or 2.898% at $96.21. Oil prices rose this Tuesday, partially rebounding from a sharp 5.3% decline as Tehran persists in its offensive against regional energy architecture and Israel announced the elimination of top Iranian leadership. The conflict's third week has seen operations paralyzed at the Shah gas field and aerial strikes targeting Iraqi oil assets, while repeated shutdowns at the Fujairah terminal further aggravate the global supply deficit. Although the initial U.S. strategic reserve deployment offered a brief price reprieve, the ongoing obstruction of the Strait of Hormuz has propelled oil upwards of 40% since the initial outbreak of hostilities. President Trump remains committed to neutralizing threats against maritime transit, yet his efforts to establish a multi-national naval escort have stalled as several prominent U.S. allies decline to provide warships for the corridor.

​​​​​Natural Gas

Natural Gas futures for April settled up $.010 or .331% at $3.033. Natural gas prices slipped today, continuing a downward slide from recent peaks as a temperate spring forecast and unprecedented internal output balanced out the geopolitical hazards of the Middle Eastern theater. The latest EIA inventory audit revealed a contraction of 38 Bcf, which proved less significant than the 42 Bcf drop-off analysts anticipated, confirming that residential heating requirements are dwindling with the season's close. Although the ongoing hostilities involving Tehran have obstructed maritime transit and paralyzed operations at the primary LNG center in the region, the price shock to the American market has stayed relatively muted. This stability stems from the nation's ability to maintain self-sufficiency for local consumption, even while LNG export terminals continue to run at their limits.
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