The average price of a group of 12 monthly gas contracts exceeded $2 for the first time this year.

Natural gas contracts have plummeted in recent weeks, and the cold weather hitting much of the nation this week was not enough to lift them.

In 2003, 13.7 million natural gas contracts traded there, with a notional value of $186 billion.

In the United States, gas contracts typically span a year or less.

Natural gas contracts were all higher, with December delivery up 1.5 cents, at $2.35 per 1,000 cubic feet.

A new gas contract was signed in June, 2004, and relations between the two countries improved afterwards.

The softening of the energy market has also made gas contracts seem less attractive than formerly.

Most of its gas contracts lock in profits for up to 30 years.

Last year, special factors raised its results by $136 million, the company said, primarily the settlement of natural gas contracts.

Shell got what it wanted: the City of Vancouver's gas contract.