Energy prices remain under pressure

Oil prices continued to fall last month and we expect them to remain subdued given that, for now at least, the market is more than comfortably supplied. That said, the production cut announced by OPEC and its allies should take some of the current excess out of the market and put a floor under prices. We are more positive on the outlook for US gas prices, which plummeted last month, as demand look set to grow strongly this year.