Why natural-gas prices underperformed oil prices in February by a long shot MarketWatch 2/27/2021 COMMODITIES CORNER It’s no surprise to see both oil and natural-gas prices finish higher for the month of February as frigid temperatures in the nation’s largest energy-producing state of Texas caused temporary output declines, but natural gas has pulled back significantly and is likely to see further losses in the month ahead. The extreme cold that covered most of the central and eastern U.S. in mid-February was the biggest reason for the rise in natural-gas prices this month, said Christin Redmond, commodity analyst, energy and sustainability services at Schneider Electric.