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Your Daily Energy Report for July 7, 2026
Posted on 2026-07-07
Crude Oil
Crude Oil futures for August settled up $1.89 or 2.757% at $70.44. Oil prices jumped on Tuesday due to severe Middle Eastern geopolitical escalations. This price spike followed reports from Qatar’s Ministry of Foreign Affairs detailing an attack on the Qatari LNG tanker Al-Rekayyat alongside another vessel struck by an unknown missile within the Strait of Hormuz, prompting a US official to confirm that the Treasury Department will eliminate Iran's petroleum export sanctions waiver.
Natural Gas
Natural Gas futures for August settled up $.02 or .616% at $3.265. Natural gas prices climbed today, bolstered by a contraction in domestic output alongside increased deliveries to LNG terminals. Lower 48 production dipped to 109.4 bcfd so far in July from June's 110.0 bcfd average, pulling further away from the historic high of 110.6 bcfd logged in December 2025.
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