Coquest

Your Daily Energy Report for March 31, 2026

Posted on 2026-03-31

Crude Oil

Crude Oil futures for May settled down -$1.50 or -1.458% at $101.38. Oil prices slipped on Tuesday, receding from a daily peak of $107 after the Iranian President indicated a willingness to halt the conflict provided certain national terms are satisfied. This shift in tone aligned with U.S. President Trump’s recent efforts to lower tensions following a pause in military strikes, sparking hope that GCC oil producers might soon resume tanker shipments through the Strait of Hormuz. Despite these diplomatic signals, the modest scale of the price drop suggests widespread doubt regarding a quick resolution, largely due to Iran’s inflexible demands and the continued presence of American forces in the region. March is still on track to conclude with global oil prices up nearly 40%, marking their highest levels since 2022 as the war disrupted regional exports and crippled energy infrastructure for several OPEC members.

​​​​​Natural Gas

Natural Gas futures for May settled down -$.003 or -.104% at $2.884. Natural gas prices settled nearly unchanged today as March comes to a close. While the ongoing blockade in the Strait of Hormuz continues to drive demand for LNG feedgas, the upward momentum was neutralized by increasingly mild weather forecasts across the eastern U.S. through mid-April. This shift toward above-average temperatures signals a definitive end to the heating season, leading analysts to project that the current storage surplus will expand significantly in the coming weeks. Despite the stagnant close in the gas market, broader energy costs remain elevated, with the national average for gasoline officially crossing the $4 per gallon threshold today for the first time in nearly four years.
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