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Energy Markets 28 January 2026 - 2 February 2026

Oil prices tumble 5% as Trump flags Iran talks, risk premium drains fast

Oil prices tumble 5% as Trump flags Iran talks, risk premium drains fast

Oil prices fell about 5% Monday after Donald Trump said Iran was “seriously talking” with the U.S., easing supply fears. Brent crude dropped $3.63 to $65.69 a barrel, while U.S. crude fell $3.60 to $61.61. OPEC+ kept March output steady and received updated compensation plans from Iraq, UAE, Kazakhstan, and Oman. Traders are watching China’s demand and upcoming U.S. inventory and jobs data.
2 February 2026
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Natural gas price spikes again: Henry Hub ends week at $4.35 as cold lingers, LNG demand firms

Natural gas price spikes again: Henry Hub ends week at $4.35 as cold lingers, LNG demand firms

U.S. natural gas futures surged 11.1% Friday, closing at $4.354 per mmBtu, as forecasts called for below-normal temperatures in early February. Gas flows to Freeport LNG rose to 1.8 bcfd after an outage, while U.S. storage dropped by 242 Bcf last week but remains above the five-year average. European gas prices slipped on expectations of increased U.S. supply. Trading resumes Sunday evening.
31 January 2026
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Natural gas spikes as Freeport LNG restarts: Henry Hub jumps above $4 and UNG leaps

Natural gas spikes as Freeport LNG restarts: Henry Hub jumps above $4 and UNG leaps

March NYMEX natural gas rose 41.7 cents, or 10.6%, to $4.335 per mmBtu by midday Friday as supply to U.S. LNG export terminals rebounded after storm disruptions. Freeport LNG in Texas increased output to 1.8 bcfd, while U.S. gas production remained about 6.1 bcfd below normal. The U.S. Natural Gas Fund gained 7.9%. The EIA reported storage at 2,823 Bcf, 143 Bcf above the five-year average.
30 January 2026
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Heating oil price dips as crude cools on Iran talk signals — what traders watch next

Heating oil price dips as crude cools on Iran talk signals — what traders watch next

U.S. heating oil futures fell 1.1% to $2.4566 a gallon in overnight trading, as distillate inventories rose and crude prices eased. Government data showed distillate stocks up 0.3 million barrels, now 1% above the five-year average. Brent crude dropped to $70.03 a barrel after President Trump signaled openness to talks with Iran. U.S. crude output remains disrupted by winter storms.
30 January 2026
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Natural gas price today: Henry Hub futures slip as storage draw hits and storm risk hangs over the East

Natural gas price today: Henry Hub futures slip as storage draw hits and storm risk hangs over the East

U.S. natural gas futures fell early Friday, with the March Henry Hub contract down 1% to $3.878 per mmBtu after a volatile week. Production dropped by 6.1 bcfd Thursday, recovering from a peak decline of 18.1 bcfd earlier in the week. Storage stood at 2,823 Bcf, 206 Bcf above last year. LNG feedgas to Gulf Coast export terminals rebounded sharply as weather moderated.
30 January 2026
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Heating Oil Price Ticks Up as Iran Risk Lifts Crude; Traders Weigh U.S. Distillate Stocks

Heating Oil Price Ticks Up as Iran Risk Lifts Crude; Traders Weigh U.S. Distillate Stocks

Heating oil futures rose about 0.4% to $2.4566 a gallon Thursday, tracking a surge in crude prices as Middle East tensions escalated. U.S. distillate stocks increased by 329,000 barrels last week, while crude inventories fell by 2.3 million barrels, according to the EIA. Brent crude climbed 2% to near $69.79 a barrel. Traders remain focused on geopolitical risks and upcoming U.S. inventory data.
29 January 2026
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Brent oil price jumps above $70 as Iran strike fears flare; traders eye OPEC+ and U.S. stocks

Brent oil price jumps above $70 as Iran strike fears flare; traders eye OPEC+ and U.S. stocks

Brent crude futures surged above $70 a barrel for the first time in four months on Thursday, driven by Middle East tensions and supply disruptions in Kazakhstan and the U.S. Brent touched $70.35 before easing to $69.79 by 1011 GMT. Traders cited fears of a U.S. strike on Iran and possible closure of the Strait of Hormuz. OPEC+ meets Feb. 1, with U.S. inventory data due Feb. 4.
29 January 2026
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US gasoline price today: futures climb as winter storm squeezes supply, drivers eye next EIA data

US gasoline price today: futures climb as winter storm squeezes supply, drivers eye next EIA data

NYMEX RBOB gasoline futures rose 1.06% to $1.9243 a gallon early Thursday, after a winter storm disrupted U.S. refinery operations. AAA reported the national average pump price at $2.87 a gallon, nearly unchanged from Wednesday. Gasoline inventories increased slightly, while refinery utilization slipped to 90.9%, according to EIA data. Brent crude closed Wednesday at $67.85 a barrel.
29 January 2026
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Oil prices jump again as Brent breaks $70 on Iran strike fears

Oil prices jump again as Brent breaks $70 on Iran strike fears

Brent crude topped $70 Thursday as fears of a potential U.S. strike on Iran and a U.S. winter storm disrupting output fueled a price surge. U.S. crude stocks fell by 2.3 million barrels last week, pushing inventories 3% below the five-year average. A U.S. carrier group moved closer to Iran, raising geopolitical risk. Both Brent and WTI are on track for their biggest monthly gains since July 2023.
29 January 2026
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Natural gas price whipsaws on February contract expiry; UNG slips, EQT rises

Natural gas price whipsaws on February contract expiry; UNG slips, EQT rises

February Henry Hub natural gas futures closed at $6.954 per mmBtu Wednesday after swinging between $7.325 and $5.770 on expiry day. U.S. gas production rose 2.5% as output recovered from storm-related shutdowns. UNG fell 1.1% after hours, while major gas producers ended higher. Traders await Thursday’s U.S. storage report and early February weather forecasts.
28 January 2026
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Natural gas prices cool after storm spike — EQT and gas stocks hold up as traders eye storage

Natural gas prices cool after storm spike — EQT and gas stocks hold up as traders eye storage

February U.S. natural gas futures fell about 6% to $6.53/mmBtu ahead of contract expiration Wednesday, following a weather-driven spike earlier in the week. Output in the Lower 48 states averaged 106.9 bcfd in January, down from December’s record. EQT shares rose 1.8% in early trading. LNG and crude exports from the Gulf Coast briefly halted over the weekend before resuming.
28 January 2026
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Heating oil price today: ULSD slips from storm spike as diesel stocks data looms

Heating oil price today: ULSD slips from storm spike as diesel stocks data looms

February NY Harbor ULSD futures fell 0.8% to $2.6250 a gallon in early Wednesday trade; March rose 0.7% to $2.4269. U.S. crude production losses from winter storms reached up to 2 million barrels per day, with Gulf Coast exports briefly halted. Brent dropped 39 cents to $67.18 a barrel, WTI down 22 cents to $62.17. Traders await the U.S. weekly petroleum report after 10:30 a.m. ET.
28 January 2026
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Natural gas price today: Henry Hub swings lower as traders brace for expiry and storage data

Natural gas price today: Henry Hub swings lower as traders brace for expiry and storage data

U.S. Henry Hub natural gas for February fell about 8% to near $6.40 per mmBtu in early Wednesday trading, reversing gains from a storm-driven rally earlier in the week. Freeze-offs peaked at 17 billion cubic feet on Jan. 25, sharply reducing output. Export flows from Gulf Coast ports briefly halted over the weekend before resuming. The March contract traded around $3.60, down 6%.
28 January 2026
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