Oil & Gas was the only sub-component to decline last month. Rising ‘geopolitical risk premiums’ for light crude oil – linked to recent unrest in Nigeria and international tensions over Iran’s decision to resume nuclear research – were more than offset by sharply lower natural gas and propane prices – the result of exceptionally warm winter weather in key U.S. heating oil markets. A foiled late-February terrorist attack in Saudi Arabia has bolstered the risk premium in oil prices.



