The February energy commodity price index from the Hamburg Institute for International Economics (HWWI, Germany; www.hwwi.de) fell 12.3% in just a month, with the sub-index for natural gas down 19.7% versus January and off almost 37% from the year-earlier period.

According to HWWI, the main reasons for the decline were lower gas consumption by households and industry, full storage facilities, and higher gas production, including LNG. However, researchers warned that this should not yet be interpreted as a sign of lasting weakness. If demand from China and other Asian countries increases again, prices are likely to rebound.

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The sub-index for coal fell sharply in February, dropping 35.6% on the month and 10.2% on the year. After a slight increase in January, the trend for crude in the previous months continued in February, with the sub-index slipping 0.7% on the month and 12.8% versus February 2022.

The overall index declined 10.2% from January and 20.7% on the year. The headline HWWI measure is composed of sub-indices for energy commodities, industrial commodities, and food and beverages.