Oil Prices Hold Elevated Levels as Gas Surges, Stocks Mixed
Crude oil prices remained elevated Monday as geopolitical tensions and U.S. supply disruptions continued to support the market, while natural gas posted another dramatic gain amid severe winter weather across much of the central United States.
At the same time, natural gas prices soared again during the winter storm.
Brent crude, the global benchmark, settled in a range between $65.35 and $65.56 per barrel, while West Texas Intermediate (WTI) finished the session between $60.60 and $61.31 per barrel. Prices held steady following a 2.7% gain last week, reflecting ongoing concerns about supply risks.
Market analysts pointed to rising tensions involving Iran, the potential for additional U.S. sanctions, and production and transportation disruptions tied to a major winter storm affecting parts of the U.S. energy system as key factors supporting prices.
While crude prices were firm on the day, some outlooks continue to warn that oversupply pressures later in 2026 could weigh on prices as new production comes online globally.
Natural gas extends rally on winter demand
Natural gas prices surged more than 23%, continuing a volatile rally fueled by extreme cold and heightened heating demand. Futures settled at $6.503 per MMBtu, up $1.228, or 23.28%, after already posting significant gains earlier in the week.
The latest jump follows concerns that freezing temperatures could strain supply across the Midwest, Plains, and Southern regions, including Oklahoma and Texas, where energy infrastructure has been tested by prolonged winter conditions.
Oklahoma energy stocks mixed
Oklahoma energy stocks finished Monday’s trading session mostly in negative territory, reflecting broader market uncertainty.
Stardust Power led decliners, with shares falling nearly 8%. On the upside, NGL Energy Partners posted a strong session, climbing approximately 9% to lead gainers among Oklahoma-based firms.