Coquest

Your Daily Energy Report for March 23, 2026

Posted on 2026-03-23

Crude Oil

Crude Oil futures for May settled down -$10.10 or -10.282% at $88.13. Oil prices plunged on Monday following President Donald Trump’s directive for a five-day pause on potential American operations against Iranian energy infrastructure. This de-escalatory shift was triggered by what the administration characterized as productive dialogue aimed at resolving the regional crisis, providing a reprieve from the looming Strait of Hormuz reopening deadline. While investors pivoted as the immediate threat to global oil shipments and regional assets appeared to recede, the Fars News Agency in Tehran countered the narrative, denying any formal negotiations occurred. Instead, the Iranian outlet credited the stand-down to their own warning regarding the potential destruction of West Asian power plants should hostilities continue. Consequently, the market is now fixated on whether this diplomatic window can secure a permanent flow through the critical waterway or if the underlying tensions remain unresolved.

​​​​​Natural Gas

Natural Gas futures for April settled down -$.204 or -6.591% at $2.891. Natural gas prices declined today as forecasts for above-average temperatures across the western two-thirds of the US through April 1st dampened heating requirements. This downward momentum was amplified by a broader retreat in energy commodities after President Donald Trump suggested a potential diplomatic resolution to the conflict in Iran, triggering significant outflows from the sector. While regional hostilities have persisted since the Feb. 28 military operations, the American gas market has remained resilient due to a robust supply cushion, with EIA inventories sitting 10.4% above previous-year levels. Despite the global crunch caused by damaged infrastructure in the Gulf, the US face constraints in bridging the gap as LNG export capacity operates at near-peak utilization.
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