Unusually warm weather significantly reduced the winter draw on (natural gas) inventories, leaving the continent very well supplied.

It could have been a lot worse if they'd been delayed by the weather.

Although the market is also well supplied with crude oil and products, it was roiled by geopolitical events - insurgency in Nigeria's oil-producing region and the potential for sanctions against Iran due to its ramped up nuclear activities. Fears of supply disruptions caused prices to move higher.

Looking forward, a projected slowing in housing construction in North America is expected to keep wood product prices on a gradual downward course in 2006. Pulp and paper prices are likely to hold up comparatively better.

Metal and mineral prices are generally expected to ease in 2006, although solid demand, low inventories and limited production growth should keep them close to previous-year levels.

Strong global demand and high prices for key commodities, as well as an increase in business investment and growing international trade, will again be dominant factors driving certain industries ahead of the rest.