Temperature drops towards the end of December saw a significant change in the demand for gas for heating people's homes. However there was plenty of oil in supply so the price of oil (and energy) maintained a downward trend. Throughout January supplies further increased and prices continued to fall.

The cold spell towards the end of January that gripped the UK, coincided with bullishness in the crude oil prices as there was speculation of cooperation between OPEC and non-OPEC oil exporters to address the global oil glut.

This speculation, founded on little evidence, helped alleviate further bearishness from weak Chinese economic data which helped pull down global stock markets.