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

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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.

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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.

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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.

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