Equity markets led, oil prices followed

Energy prices were volatile in February, buffeted by equity market gyrations and changing weather forecasts. Oil prices were particularly frothy, but still slumped on the month as US production continued to rise and stocks increased. Similarly, surging production of natural gas in the US pulled down prices there, despite low stocks. Elsewhere, coal prices in the Pacific were steady as China’s unofficial manufacturing PMI remained relatively stable, but demand is looking weak.