Energy Prices

Energy prices decreased 4.0% month on month in March, following February’s 3.9% fall.

The downturn in energy commodities intensified in March, with prices for the group decreasing at the sharpest pace in six months. Rising protectionism—sparked by the U.S.—appeared to sap consumer and investor confidence, weighing on the world economic outlook. This, in turn, knocked projections for global growth of oil demand, leading to a decrease in crude prices. The coal market also saw a decline, knocked by oversupply and continued weakness in China’s steel sector. That said, in the European and U.S. natural gas markets, prices rose further, buoyed by a cold winter as well as the loss of Russian supplies via Ukraine.