Prediction of 2026 oil glut sent prices falling Tuesday

A warning from the International Energy Agency of a huge supply glut in oil in 2026 sent crude oil prices falling 1.5% on Tuesday. At the same time, Oklahoma energy stocks had a mixed reaction.

The EIA predicted the world’s oil market will face a bigger surplus in the coming year and it could be as much as 4 million barrels a day after OPEC+ producers put more crude onto the market.

Analysts explained the existing trade tensions between the u.S. and China also spurred much of the decline in prices.

West Texas Crude in the U.S. fell 1.3% or 79 cents to settle at $58.70 a barrel, still below $60 since falling there last week on the New York Mercantile Exchange.

Global benchmark, Brent crude futures dropped 93 cents, or 1.5%, to settle at $62.39 a barrel.

Natural gas prices didn’t fare any better as they fell nearly 3% on the day. They closed at $3.036 MMBtu after falling $0.082 or 2.63%.

Oklahoma energy stocks split on gains and losses in Tuesday’s trading. The biggest gainer for a second consecutive day was Stardust Power, the lithium refinery developer at Muskogee as it recorded a whopping 38% increase for the day. Vital Energy had the largest decline at 4%.