Coquest

Your Daily Energy Report for March 24, 2026

Posted on 2026-03-24

Crude Oil

Crude Oil futures for May settled up $4.22 or 4.788% at $92.35. Oil prices jumped on Tuesday, reclaiming a portion of the previous session’s 10.3% collapse amidst persistent market turbulence. This rebound reflects a heightening of geopolitical tensions as regional heavyweights, including Saudi Arabia and the UAE, abandon their neutral stance following direct strikes on their own soil. Reports from the region indicate that Riyadh is now weighing active military involvement should its domestic infrastructure face further targeting, signaling a potential expansion of the theater of war. In Tehran, officials have dismissed the possibility of a near-term reopening of the Strait of Hormuz and continue to reject formal dialogue with Washington, despite a parallel track of diplomatic efforts involving regional ministers currently meeting in the Saudi capital.

​​​​​Natural Gas

Natural Gas futures for April settled up $.052 or 1.799% at $2.943. Natural gas prices recovered today, reversing a portion of the previous session’s 6% collapse to a multi-week low triggered by forecasts of unseasonable warmth. These updated projections indicate that temperatures will likely exceed seasonal norms across the western two-thirds of the US through April 1, significantly suppressing the immediate demand for heating and power generation. Meanwhile, market participants are closely monitoring the Middle East after Tehran formally denied engaging in the "productive talks" claimed by President Trump, who recently deferred a threatened strike on Iran’s power grid for a five-day window. Despite the persistence of regional hostilities since the February 28 escalation, the American benchmark has remained remarkably insulated due to EIA data showing inventories at 10.4% above last year’s levels.
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