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Energy Markets 29 January 2026 - 3 February 2026

Crude oil price today: Brent steadies near $66 after a 4% slide as Iran talks loom

Crude oil price today: Brent steadies near $66 after a 4% slide as Iran talks loom

Oil prices found some footing on Tuesday after tumbling sharply the day before. Traders eased up on geopolitical jitters, refocusing on supply concerns and the strength of the dollar. By 1048 GMT, Brent crude futures inched up 7 cents to $66.37 a barrel. U.S. West Texas Intermediate climbed 13 cents to $62.27. Both benchmarks had earlier slipped to one-week lows—Brent at $65.19, WTI at $61.12.
3 February 2026
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Venezuela oil exports jump, but Exxon Mobil and Chevron still won’t bet big

Venezuela oil exports jump, but Exxon Mobil and Chevron still won’t bet big

Venezuela’s oil exports jumped to roughly 800,000 barrels per day in January, up from 498,000 bpd in December, according to shipping data. The rise follows the U.S. lifting its blockade, allowing traders to resume crude and fuel shipments. https://www.reuters.com/business/energy/venezuelas-oil-exports-bounce-800000-bpd-january-under-us-control-shipping-data-2026-02-02/
3 February 2026
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Natural gas prices plunge 26% as warmer forecasts hit; UNG tumbles and traders eye U.S. storage data

Natural gas prices plunge 26% as warmer forecasts hit; UNG tumbles and traders eye U.S. storage data

U.S. natural gas prices plunged the most in a single day since 1995 on Monday, after forecasts for mid-February suddenly shifted warmer and supply bounced back quicker than expected. The front-month March Henry Hub contract closed down 25.7%, landing at $3.237 per million British thermal units. Commodity Weather Group slashed its heating degree day forecast by 26.3, signaling less demand for heating as temperatures rise. Output climbed to 111.6 billion cubic feet per day. Eli Rubin of EBW Analytics Group noted the supply rebound was “a far faster recovery than historic freeze-offs”—when ice clogs wells and pipelines. Meanwhile, Kpler reported that trend-following funds have taken an 18% net-short stance, betting prices will keep falling.
2 February 2026
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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 dropped about 5% on Monday after Donald Trump said Iran was “seriously talking” with the U.S., easing fears of supply disruptions. Brent crude futures tumbled $3.63, or 5.2%, to $65.69 a barrel by 0920 GMT. U.S. West Texas Intermediate crude dipped $3.60, or 5.5%, settling at $61.61. Giovanni Staunovo from UBS cited easing Middle East tensions and fewer disruptions in the U.S. and Kazakhstan. Meanwhile, Priyanka Sachdeva at Phillip Nova noted that renewed dollar strength “reinforced” the selloff as gold and silver prices also slid.
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 prices closed out the week with a strong surge. The March Henry Hub contract jumped 11.1% on Friday, finishing at $4.354 per million British thermal units. Commodity Weather Group pointed to below-normal temperatures forecasted from Feb. 4-8 across parts of the Upper Midwest, Mid-Atlantic, and Northeast. This cold snap helped push natural gas-linked ETFs like UNG and BOIL sharply higher alongside the futures climb.
31 January 2026
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Brent oil price slips from five-month high as Trump hints at Iran talks

Brent oil price slips from five-month high as Trump hints at Iran talks

Brent crude futures dropped 68 cents, nearly 1%, to $70.03 a barrel by 0958 GMT on Friday. The move came after U.S. President Donald Trump hinted at possible talks with Iran, easing worries about supply disruptions. The March contract expires later Friday; meanwhile, the more active April contract slid 80 cents, or 1.15%, to $68.79. U.S. West Texas Intermediate also dipped 72 cents, or 1.1%, to $64.70. “Trump’s willingness to give diplomacy a chance regarding Iran … makes a U.S. military intervention less likely than yesterday,” said PVM analyst Tamas Varga, who cited a stronger dollar and bouncing supply as factors behind the profit-taking.
30 January 2026
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Crude oil price today: Brent slips from $70 as Trump hints at Iran talks, OPEC+ decision looms

Crude oil price today: Brent slips from $70 as Trump hints at Iran talks, OPEC+ decision looms

Oil prices dropped Friday after U.S. President Donald Trump hinted at possible talks with Iran, easing concerns over a sudden supply disruption from a military strike. By 0958 GMT, Brent crude futures for March, set to expire later that day, dipped 68 cents—nearly 1%—to $70.03 a barrel. The more actively traded April contract slid 80 cents, or 1.15%, landing at $68.79. U.S. West Texas Intermediate crude fell 72 cents, or 1.1%, to $64.70.
30 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 jumped more than 2% on Thursday and briefly traded above $70 a barrel, a four-month high, as investors weighed the risk of a U.S. military strike on Iran, OPEC’s fourth-largest producer at about 3.2 million barrels per day. Brent was up $1.39, or 2.03%, at $69.79 by 1011 GMT after touching $70.35; U.S. West Texas Intermediate rose $1.37 to $64.58. The immediate fear is Iran could “close the Strait of Hormuz” — a route for about 20 million barrels per day of oil — PVM analyst John Evans said, while DBS Bank’s Suvro Sarkar called the geopolitical risk premium the “main driver.”
29 January 2026
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