US natural gas futures fell below $3 per MMBtu, their lowest level since October, as warmer weather expectations dampened demand prospects. Updated forecasts point to above average temperatures across much of the western United States through the end of the month, reducing the need for heating and easing consumption from power plants. With winter nearing its close, traders see a lower chance of a late season cold spell that could tighten supplies. At the same time, production remains elevated, with Lower 48 output averaging 108.7 billion cubic feet per day in February, up from 106.3 bcfd in January.Storage was about 6% below normal in mid February, but analysts expect the deficit to narrow to around 1% after mild weather limited withdrawals. Still, LNG export flows have strengthened to 18.7 bcfd and are on track for a monthly record.

The S&P Cotality Case-Shiller 20-City Home Price Index rose 1.4% year over year in December 2025, matching November’s pace and market expectations. However, annual price growth remains close to its weakest level in more than two years, highlighting continued cooling in the US housing market. Home price gains also trailed consumer inflation, which stood at 2.7% in December. As a result, real home values effectively declined over the past year, with nominal price growth lagging inflation by about 1.3 percentage points. Chicago led major markets for a third straight month with a 5.3% annual gain, followed by New York at 5.1% and Cleveland at 4.0%. In contrast, Tampa posted the steepest decline, down 2.9% and marking its 14th consecutive month of falling annual prices. Other former pandemic boom markets, particularly in the Sun Belt, also recorded notable declines, led by Phoenix (-1.5%), Dallas (-1.5%), and Miami (-1.5%).

US private employers added an average of 12,750 jobs per week in the four weeks ending February 7, 2026, up from a revised 11,500 in the previous period, according to ADP Research Institute. This marks the fourth consecutive week of accelerating job growth and represents the fastest pace of hiring since late November, indicating a renewed boost in employment momentum.

The CBI retail sales balance fell to -43 in February 2026 from -17 in January and well below market expectations of -16. Retail sales volumes have been weakening since mid-2023, and February saw a sharp decline, though the pace of contraction is expected to slow next month. Retailers reported sales for the season as “poor” and anticipate continued underperformance, reflecting persistently weak demand. Sentiment remains near a 17-year low, prompting firms to scale back investment and reduce headcount, with employment falling at the fastest rate since May 2023. Despite this, retail selling prices grew in line with long-term averages, while online retail sales surged at the fastest rate since April 2021. Orders to suppliers and stock levels eased, suggesting cautious inventory management. Overall, the sector faces ongoing pressure from soft demand and rising costs, even as online channels partially offset declines.

France’s manufacturing business climate indicator edged down to 102 in February 2026 from 105 in January, below expectations of 104, but remained above its long-term average of 100. Production-related balances weakened, with personal production prospects dropping sharply to 10 from 18, though remaining above average, while general production prospects slipped to -6 from -4. The balance for past production also declined to 3, moving slightly below its norm. Order books deteriorated, with overall orders falling to -16 from -11, while foreign orders were unchanged at -6, remaining well above average. Finished-goods inventories rebounded slightly to 9 but stayed below historical levels. Workforce balances declined for both past and expected employment, although expectations remained above average. Selling price expectations rose to 5 (vs 2), returning above their long-term norm, while economic uncertainty eased marginally but remained elevated (32 vs 33).

EU passenger car registrations dropped 3.9% yoy to a five-month low of 799,625 units in January 2026, reversing a 5.8% rise in the previous month and marking the first contraction since June. The bloc’s four largest markets all posted declines: Germany (-6.6%), France (-6.6%), Spain (-33.8%), and Italy (-16.2%), highlighting broad-based weakness at the start of the year.However, battery electric vehicle (BEV) registrations jumped 24.2% from a year earlier. Growth was driven by strong gains in Germany (23.8%), France (52.1%), Denmark (52.7%), and Italy (40.7%). About 154,230 new BEVs were registered, accounting for 19.3% of the total EU market share, up from 14.9% a year ago. In 2025, overall EU car registrations rose 1.8% compared with 2024.