Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Friday, December 28 2001? No. 452
Visit our website at: http://www.enerfaxgold.com/, 

PETROLEUM PRICES ???
| Bonny Light      |  $19.95
| Brent            |  $19.77
| Butane           |  $ 0.38 
| Fuel Oil #2      |  $ 0.58   
| Louisiana        |  $21.16  
| Medit.           |  $19.40  
| Propane Non-tet  |  $ 0.33   
| Propane Wet-tet  |  $ 0.33  
| W. Tx Int Cush   |  $20.90 
| W. Tx Sour       |  $19.30 

| Euro in US equiv |  0.8830
-------------------------------------------------------------
Todays Petro Bulletins
 * Sinopec Group's 2001 Profits Down by a Third
 * Ultramar Diamond Shamrock Says Fluid Catalytic Cracker at Oil 
Refinery Near 
San Francisco Up and Running Again After Delayed Restart
 * Spending Cuts Combined with Last Year's Record Profits Give Most 
Oil Companies Enough Cushion to Weather Low Price-Demand Scenario 
Expected for 1st Half of 2002
 * Occidental Petroleum to Idle Texas Chemical Plant Because of 
Market Conditions
 * John S Herold CEO Says Upcoming Earnings Releases May Hold Nasty 
Surprises; Possibility of Massive Year-End Oil Industry Financial 
Write-Downs
 * Kaneb Announces 800,000-Barrel Terminal Acquisition in Portland, 
Oregon from ExxonMobil
 * Former President of Congo Republic on Trial in Absentia Charged 
with Treason for Allegedly Cheating Nation Out of Millions of Dollars 
in Oil Revenues
-------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
JAN 02 0.5880 0.5765 0.5815 -0.0131 
FEB 02 0.5900 0.5800 0.5856 -0.0112 
MAR 02 0.5870 0.5780 0.5821 -0.0092 
APR 02 0.5795 0.5740 0.5756 -0.0082 
MAY 02 0.5740 0.5670 0.5691 -0.0067 
JUN 02 0.5745 0.5690 0.5701 -0.0062 
JUL 02 0.5790 0.5725 0.5751 -0.0062 
AUG 02 0.5870 0.5800 0.5816 -0.0062 
SEP 02 0.5945 0.5870 0.5896 -0.0062 
OCT 02 0.6025 0.5950 0.5981 -0.0062
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
FEB 02 20.65 21.00 20.33 20.90 -0.37 
MAR 02 20.85 21.20 20.85 21.14 -0.31 
APR 02 21.03 21.38 20.87 21.24 -0.31 
MAY 02 21.15 21.33 21.10 21.34 -0.31 
JUN 02 21.25 21.55 21.15 21.40 -0.32 
JUL 02 21.35 21.47 21.25 21.41 -0.33 
AUG 02 21.32 21.35 21.27 21.44 -0.33 
SEP 02 21.50 21.50 21.45 21.47 -0.33 
OCT 02 21.83 21.83 21.83 21.83 +0.00 
NOV 02 21.86 21.86 21.86 21.86 +0.00
-------------------------------------------------------------
Crude Oil Futures Slip in Profit-Taking


    Crude oil futures for February delivery on the NYMEX slipped 
$0.37 to $20.90 per barrel yesterday, but remained near 6-week highs. 
Traders attributed the losses to some profit-taking after crude 
prices climbed by $1.65 per barrel on Wednesday. Speculation that 
OPEC members will keep pumping over their quotas also pressured the 
market downward. OPEC is expected to announce its 4th production cut 
in a year today. It is expected to cut output by 1.5 million bpd 
after receiving pledges from non-member producing countries to lower 
exports by a combined total of 462,500 bpd. However, the 10 OPEC 
members with quotas exceeded their quotas by 500,000 - 600,000 bpd in 
November. Some expect that actual output reductions from OPEC and non-
members will be closer to 1.0  1.2 million bpd, which could be enough 
to prevent crude oil inventories from rising. The production cuts are 
aimed at lifting prices back into the $22 - $25 range for OPEC's 
basket of crudes. The IEA has forecast that world oil demand will 
rise next year by 600,000 bpd, about 30% below the demand growth rate 
over the last decade. Heating oil futures for January delivery on the 
NYMEX fell $0.0131 to $0.5815 per gallon. January gasoline futures on 
the NYMEX dipped $0.0086 to $0.5927 per gallon. In London, Brent 
crude oil futures for February delivery on the IPE were up $1.01 to 
$20.34 per barrel.  
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NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.7936  -0.2366? ? ? ? 
18 Month Strip ?2.9223? ? 
| Month | High  |  Low  | Close | Change |
| JAN   | 2.750 | 2.500 | 2.555 | -0.356 |
| FEB   | 2.650 | 2.600 | 2.619 | -0.318 |
| MAR   | 2.810 | 2.550 | 2.630 | -0.287 |
| APR   | 2.770 | 2.560 | 2.630 | -0.242 |
| MAY   | 2.780 | 2.580 | 2.681 | -0.233 |
| JUN   | 2.890 | 2.700 | 2.740 | -0.223 |
| JUL   | 2.930 | 2.770 | 2.788 | -0.215 |
| AUG   | 2.900 | 2.790 | 2.833 | -0.208 |
| SEP   | 2.900 | 2.830 | 2.843 | -0.203 |
| OCT   | 2.930 | 2.870 | 2.878 | -0.193 |
| NOV   | 3.150 | 3.090 | 3.068 | -0.188 |
| DEC   | 3.350 | 3.250 | 3.258 | -0.173 |
-------------------------------------------------------------
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-------------------------------------------------------------
Canadian Oil Stocks Surge 


    Canadian oil stocks surged yesterday morning as investors 
welcomed apparent confirmation that OPEC would make its much 
predicted production cut today. The Toronto Stock Exchange oil and 
natural gas sub-index was up 1.89% at 9,047.34 just before noon. The 
jump followed Saudi Arabia's oil minister's statement that OPEC would 
announce a production cut of 1.5 million bpd. The Canadian markets 
were closed Tuesday and Wednesday for the Christmas holiday. The 
TSE's energy group topped the 9,000 level for the first time in more 
than a month. Non-OPEC exporters Russia, Mexico, Norway, Oman and 
Angola have together agreed to cut crude exports by 462,500 bpd. 
-------------------------------------------------------------
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-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
FEB 02 20.40 20.55 19.98 20.34 +1.01 
MAR 02 20.10 20.11 19.62 20.01 +0.89 
APR 02 20.05 20.10 19.64 20.01 +0.92 
MAY 02 20.11 20.14 19.85 20.06 +0.89 
JUN 02 20.21 20.30 19.92 20.16 +0.88 
JUL 02 20.31 20.31 20.20 20.26 +0.88 
AUG 02 20.32 20.32 20.32 20.32 +0.85 
SEP 02 20.39 20.39 20.38 20.38 +0.82
OCT 02 20.44 20.44 20.44 20.44 +0.80
NOV 02 20.48 20.48 20.48 20.48 +0.77
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
JAN 02 0.3395 0.3305 0.3375 -0.0050 
FEB 02 0.3450 0.3350 0.3375 -0.0050 
MAR 02 0.3450 0.3375 0.3375 -0.0050 
APR 02 0.3450 0.3450 0.3450 +0.0000 
MAY 02 0.3475 0.3475 0.3475 +0.0000 
JUN 02 0.3500 0.3500 0.3500 +0.0000 
JUL 02 0.3550 0.3550 0.3550 +0.0000
-------------------------------------------------------------
Fitch Places Express Pipeline on Rating Watch Negative
  

    Fitch has placed the `A' rating of the $150 million 6.47% senior 
secured notes and the `BBB' rating of the $250 million 7.39% 
subordinated secured notes issued by Express Pipeline on Rating Watch 
Negative. The action reflects the weakened fundamentals of the US 
energy market and the resulting impact on the overall credit quality 
of the crude shippers. In addition, the financial performance of 
Express has been below original projections due to weakened demand in 
its targeted regional markets. The Express notes were issued in 
February 1998 to finance the construction of the Express Pipeline and 
to repay the costs incurred in the acquisition and upgrading of the 
Platte pipeline. The ability of Express to service its debt is 
largely dependent upon the revenues received from the pipeline 
transportation tariffs paid by various crude shippers under 
contractual off-take arrangements. Express is a wholly owned 
subsidiary of Alberta Energy. The Express Pipeline System consists of 
two main segments, the Express and Platte pipelines. The Express 
segment is 785 miles long beginning in Hardisty, Alberta and running 
to Casper, WY. The Platte segment is 932 miles long beginning in 
Casper and extending to Wood River, IL. 
-------------------------------------------------------------
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-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
JAN 02 175.25 169.75 174.00 + 7.50 
FEB 02 175.75 170.75 175.50 + 8.50 
MAR 02 175.75 172.25 175.75 + 8.25 
APR 02 176.25 175.25 176.25 + 8.25 
MAY 02 177.00 174.00 177.00 + 8.50 
JUN 02 178.25 174.50 178.25 + 7.75 
JUL 02 179.75 179.75 179.75 + 8.50 
AUG 02 181.25 179.75 181.25 + 8.25 
SEP 02 183.00 180.00 183.00 + 8.50
OCT 02 184.75 184.75 184.75 + 8.75
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
JAN 02 0.5950 0.5850 0.5927 -0.0086 
FEB 02 0.6025 0.5920 0.5982 -0.0085 
MAR 02 0.6120 0.6020 0.6080 -0.0080 
APR 02 0.6725 0.6625 0.6680 -0.0070 
MAY 02 0.6740 0.6670 0.6720 -0.0060 
JUN 02 0.6740 0.6690 0.6705 -0.0060 
JUL 02 0.6700 0.6520 0.6705 +0.0000 
AUG 02 0.6600 0.6600 0.6615 +0.0000 
SEP 02 0.6500 0.6500 0.6475 +0.0000 
OCT 02 0.6275 0.6275 0.6235 +0.0000
--------------------------------------------------------------
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In 2002, the corporation plans to run an interactive crude
oil model to provide the latest status of world-wide supply 
and demand. You will want to bookmark this one! 
-------------------------------------------------------------
Nigeria Under Pressure to Comply with New Quotas


   At the OPEC meeting today in Cairo, Nigeria will likely receive 
intense pressure to increase compliance with its official OPEC 
limits. The cartel is expected to finalize an agreement to cut 1.5 
million bpd from output along with almost 500,000 bpd of reductions 
from non-OPEC producers at the meeting. The cartels overall 
compliance with its self-imposed limits improved in November as the 
10 members were 600,000 bpd over their limits. However, according to 
its own data, Nigeria pumped 300,000 bpd in excess of its quota, 
making it responsible for half the cheating. If OPEC cuts output by 
an expected 1.5 million bpd, Nigeria's new quota would be about 1.79 
million bpd, necessitating a 400,000 bpd cut, or 22% from its 
November volumes. Nigeria's presidential adviser on energy will 
takeover as OPEC President on January 1st, making it even more 
important that it adhere to the quota. Some cartel members say that 
full compliance will be stressed at the meeting because they have 
asked non-members to make commitments and it is important for OPEC to 
stick to set an example. It is unlikely that OPEC members will reach 
full compliance during January. Sales commitments for the month have 
already been made and although some members like Saudi Arabia have 
flexibility in their contracts others would need to reduce volumes 
already sold. 
-------------------------------------------------------------
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-------------------------------------------------------------
PHYSICAL GAS PRICES? ? ?
| Agua Dulce              | 2.49  |
| ANR SE                  | 2.59  |
| Carthage TG             | 2.52  |
| Chicago Citygate        | 2.65  |
| Columbia Gulf Onshore   | 2.60  |
| Dominion South Point    | 2.77  |
| Henry Hub               | 2.63  |
| Houston Ship Channel    | 2.63  |
| Katy Hub                | 2.54  |
| NGPL LA Pool            | 2.55  |
| NGPL - Midcontinent     | 2.47  |
| NGPL STX                | 2.52  |
| NGPL TX/OK              | 2.53  |
| NNG Demarc.             | 2.59  |
| Niagara                 | 2.90  |
| Sonat Tier 1            | 2.59  |
| TCO IPP Pool            | 2.78  |
| Tetco ELa               | 2.59  |
| Tetco M-3               | 3.22  |
| Tetco STX               | 2.53  |
| TGP Zone 0              | 2.52  |
| TGP Zone 1 (500 Leg)    | 2.58  |
| TGT Zone SL             | 2.64  |
| New York Citygate       | 3.38  |
| Transco Station 65      | 2.63  |
| Transco Zone 6 (NY)     | 3.39  |
| Trunk ELa               | 2.55  |
| Western Region          
| California Border       | 2.54  |
| El Paso Keystone        | 2.41  |
| El Paso San Juan-Blanco | 2.40  |
| Waha Hub                | 2.46  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.52  |
| Dawn Hub/Union          | 2.84  |
| Northwest Stanfield     | 2.36  |
| Wyoming Pool            | 2.33  |
| Opal/Kern River         | 2.68  |
| PGT-Malin               | 2.49  |
| Sumas                   | 2.42  |
          Flow date 12/28
-------------------------------------------------------------
Crude and Product Stocks Up 

   The DOE has reported crude oil inventories rose 2.6 million 
barrels from prior period. Gasoline stocks fell 3.3 million barrels 
and distillate stocks fell 1.7 million barrels from the prior period. 
-------------------------------------------------------------
?Energy Seminars, Inc. Announces Key Seminar Offerings for January:


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-------------------------------------------------------------
Russia's Oil Export Plan Leaves Loopholes


    Russia's 1st quarter oil export schedule makes it only appear 
that the country will keep a promise to cut 150,000 bpd of exports in 
a bid to help OPEC lift sagging crude prices. This week, it set an 
export schedule to export 30.9 million tonnes of its own crude and 
will ship 3.63 million tonnes of Kazakh and 725,000 tonnes of Azeri 
crude in the 1st quarter of next year. Although the schedule looks 
like a firm pledge to reduce exports, there is no benchmark figure to 
which the schedule could be compared. Russian traders say that the 
country's oil firms will seek ways to increase crude exports to the 
West because it pays more than domestic consumers. They point out 
that while the export schedule includes only volumes moved by the 
state pipeline Transneft, over 2 million tonnes per quarter bypass 
Transneft. There are many ways to increase officially declared 1st 
quarter volumes, for example, by allowing oil companies to export 
cargoes not shipped in November and December due to storms. It is 
also possible that Russian oil companies will increase oil volumes to 
Ukraine and Belarus refineries, where their further shipments will be 
hard to track. 
-------------------------------------------------------------

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-------------------------------------------------------------
OPEC Expected to Announce Production Cut Today 

    OPEC is expected to officially announce its plan to cut up to 1.5 
million bpd from exports at a meeting in Cairo today. The output cut 
is expected to be effective as of January 1st and last 3-6 months and 
is aimed at lifting prices back into the $22 - $25 range for OPECs 
basket of crudes. But some members of the cartel appear to be bowing 
to the realization that the global economy has weakened by saying 
that they believe $20 to $22 is a reasonable level and that $25 is 
not a reasonable price. The demand for oil is growing at its slowest 
pace since 1984, forcing OPEC and non-aligned producers to cut 
supplies. The IEA predicts that oil demand will grow by just 600,000 
bpd, which is 30% lower than the average growth over the last decade. 
However, many think that OPEC will fail because of the cartels poor 
record of compliance to previously instituted reductions. OPEC 
members exceeded their quotas by 500,000 - 600,000 bpd in November. 
If OPEC does not stick to its self-imposed limits, there is very 
little incentive for producers outside the cartel to abide by their 
commitments. Some expect that actual output reductions from OPEC and 
non-members will be closer to between 1 million and 1.2 million bpd, 
which would be just about enough to keep stockpiles from rising. 
------------------------------------------------------------
Washington DC
January 24, 2002
Spencer Abraham U.S. Secretary of Energy to address energy community 
on
potential security and commerce threats. Also to speak will be key 
directors
from the CIA, SPR, IEA, SPR and more. See complete
detail and register today at
http://www.wesc.org
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 added 97.99 points to 7650.58
The CRB Index lost 1.42 points to 192.07
The US Dollar dropped 0.29 points to 117.49
The Dow advanced 43.17 points to 10131.31
The S&P 500 climbed 7.76 points to 1157.13
The Nasdaq was up 15.72 points to 1976.42
February NYMEX Crude Oil fell 1.65 to 20.90
Canadian-US Exchange added 0.0000 to 1.5935
-------------------------------------------------------------
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