Coquest

Your Daily Energy Report for April 2, 2026

Posted on 2026-04-02

Crude Oil

Crude Oil futures for May settled up $11.42 or 11.406% at $111.54 Oil prices skyrocketed on Thursday, with prices eclipsing the $111 per barrel threshold for the first time in nearly four years. This aggressive reversal followed US President Trump’s vow to intensify strikes against Iran and their infrastructure, a move that effectively dismantled brief hopes for a coordinated Hormuz chokepoint transit agreement involving Oman. As geopolitical tensions ignited a "war premium," dated Brent reached valuations not seen since the 2008 financial crisis. While the UK spearheads multi-nation security summits and OPEC+ weighs a symbolic output increase, traders remain skeptical that any fresh barrels can reach the global supply chain in the near term. This volatility underscores a market fundamentally reshaped by the Persian Gulf conflict, where rhetoric regarding American ceasefire conditions is currently dictating the global energy curve.

​​​​​Natural Gas

Natural Gas futures for May settled down -$.019 or -.674% at $2.800. Natural gas prices retreated today, nearing a valuation floor last seen in August 2025, after the EIA reported a surprisingly robust 36 bcf seasonal addition to national stockpiles. This bearish storage build significantly outpaced the prior year's 30 bcf injection and contrasted sharply with the traditional five-year average withdrawal of 4 bcf, pushing aggregate inventories to a healthy 1.865 trillion cubic feet. While Iran's Deputy Foreign Minister Kazem Gharibabadi reportedly signaled a potential traffic protocol with Oman for the Strait of Hormuz, traders remained on edge as a recent President Donald Trump address failed to provide a definitive de-escalation roadmap. Despite these lingering Middle East conflict anxieties, the American market remains insulated from global volatility.
​​​​
Continue reading the full Coquest Daily Report.

---