Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Monday, February 11 2002? No. 480
Visit our website at: http://www.enerfaxgold.com 

PETROLEUM PRICES ???
| Bonny Light      |  $20.19
| Brent            |  $20.09
| Butane           |  $ 0.40 
| Fuel Oil #2      |  $ 0.53   
| Louisiana        |  $20.85  
| Medit.           |  $18.54  
| Propane Non-tet  |  $ 0.31   
| Propane Wet-tet  |  $ 0.31  
| W. Tx Int Cush   |  $20.28 
| W. Tx Sour       |  $19.05 

| Euro in US equiv |  0.8730
-------------------------------------------------------------
Todays Petro Bulletins
 * Young Oil Hits 3rd Flowing Oil Well in Kentucky
 * Big Speculators Trim NYMEX Net Short Crude Positions 
 * McDermott Wins Ruling in Asbestos Case
 * MMS Awards ChevronTexaco, Williams, Equiva and Exxon Mobil 1st 
Contracts to 
Deliver 60,000 bpd of Royalty-in-Kind Crude Oil to SPR 
 * FTC Approves ChevronTexaco's Plan to Sell Texaco's Stake in Motiva 
and Equilon to Shell Oil and Saudi Refining 
 * Teppco Partners Files with SEC to Sell Up to $500 Million of 10-
Year Senior Unsecured Notes
 * BG's Indian LNG Project Bogged Down by Higher Taxes
 * Colombia Finds Two 100 Million-Barrel Oil Fields
 * Fitch Affirms CITGO Petroleum and PDV America `BBB' Ratings
 * Suncor Energy Foundation Donates $3.4 Million to 212 Charitable 
Organizations in 2001 
-------------------------------------------------------------
OPEN SEASON

SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR 
Holdings, L.L.C., is conducting an open season for firm storage 
services at its new high-deliverability, salt cavern, natural gas 
storage facility, known as the Southern Pines Energy Center. The open 
season will begin at 9:00 a.m. CDT on February 4, 2002, and will 
continue until 5:00 p.m. CDT on March 4, 2002. The project is located 
at the border of Mississippi and Alabama with access to the major 
pipelines serving the Mid-Atlantic and the Southeastern United 
States. The facility is ideally located to serve as a transportation 
and storage hub for shippers on any one of nine major pipelines that 
will be interconnected directly or indirectly to the project. 
Information on the facility and the Open Season is available on our 
web site at 
http://www.sgr-holdings.com 
or contact us at 713-914-8188
--------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
MAR 02 0.5370 0.5200 0.5334 +0.0140 
APR 02 0.5390 0.5230 0.5381 +0.0137 
MAY 02 0.5410 0.5275 0.5401 +0.0127 
JUN 02 0.5420 0.5335 0.5446 +0.0122 
JUL 02 0.5490 0.5375 0.5501 +0.0122 
AUG 02 0.5570 0.5495 0.5581 +0.0117 
SEP 02 0.5600 0.5580 0.5671 +0.0117 
OCT 02 0.5745 0.5644 0.5761 +0.0112 
NOV 02 0.5830 0.5800 0.5841 +0.0107 
DEC 02 0.5915 0.5900 0.5916 +0.0102
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
MAR 02 19.71 20.28 19.65 20.26 +0.62 
APR 02 20.05 20.65 20.03 20.62 +0.60 
MAY 02 20.28 20.80 20.24 20.79 +0.59 
JUN 02 20.48 20.80 20.43 20.85 +0.54 
JUL 02 20.45 20.63 20.45 20.85 +0.50 
AUG 02 20.50 20.50 20.50 20.85 +0.48 
SEP 02 20.42 20.90 20.75 20.86 +0.47 
OCT 02 20.87 20.87 20.87 20.87 +0.46 
NOV 02 20.62 20.62 20.62 20.88 +0.45 
DEC 02 20.55 20.85 20.55 20.88 +0.43
-------------------------------------------------------------
Crude Oil Futures Rally on IEA Report


    Crude oil futures for March delivery on the NYMEX gained $0.62 to 
$20.26 per barrel on Friday as speculators and small traders covered 
short positions ahead of the weekend. The market softened last week 
after a report by the EIA of a 2.4 million barrel rise in crude 
stocks as refineries cut production due to poor margins. The latest 
report from the IEA gave the market a boost by indicating that OPEC, 
excluding Iraq, exported 640,000 bpd less of oil last month than in 
December. The IEA pegged production by the 10 cartel members with 
quotas at 23 million bpd, still well above their 21.7 million bpd 
limit. Even though OPEC's cut is less than half of their promised 
curbs, non-OPEC producers only trimmed exports by a third of their 
promised reductions. The IEA says that there are opposing forces at 
work in the oil market, while OPEC and others are lowering exports, 
refiners are cutting runs, reducing demand and largely offsetting the 
export reductions. Reports that Kuwait's state oil refiner would 
shutdown its 200,000 bpd Shuaiba refinery for 7-10 days due a 
mechanical problem helped lift prices. Heating oil for March delivery 
on the NYMEX climbed $0.014 to $0.5334 per gallon. March gasoline 
futures on the NYMEX rose $0.018 to $0.5877 per gallon. In London, 
Brent crude oil futures for March delivery on the IPE were up $0.51 
to $19.72 per barrel.
-------------------------------------------------------------
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.5783  +0.0369 ? ? ? 
18 Month Strip ?2.6708  +0.0306 ? ? 
| Month | High  |  Low  | Close | Change |
| MAR   | 2.210 | 2.150 | 2.191 | +0.041 |
| APR   | 2.280 | 2.215 | 2.265 | +0.043 |
| MAY   | 2.350 | 2.287 | 2.338 | +0.046 |
| JUN   | 2.410 | 2.352 | 2.403 | +0.043 |
| JUL   | 2.470 | 2.413 | 2.460 | +0.040 |
| AUG   | 2.520 | 2.473 | 2.510 | +0.037 |
| SEP   | 2.520 | 2.476 | 2.512 | +0.036 |
| OCT   | 2.545 | 2.502 | 2.537 | +0.035 |
| NOV   | 2.760 | 2.717 | 2.750 | +0.033 |
| DEC   | 2.965 | 2.917 | 2.951 | +0.031 |
| JAN   | 3.050 | 3.000 | 3.041 | +0.031 |
| FEB   | 2.990 | 2.949 | 2.981 | +0.026 |
-------------------------------------------------------------
Baker Hughes January 2002 Rig Counts

  Baker Hughes international rig count for January 2002 was 744, down 
8 from 752 in December 2001 and up 27 from 717 in January 2001. The 
international offshore rig count for January 2002 was 235 up 13 from 
222 in December 2001 and up 29 from the 206 in January 2001. The US 
rig count for January 2002 was 867 down 34 from 901 in December 2001 
and down 251 from 1,118 in January 2001. The Canadian rig count for 
January 2002 was 405 up 141 from 264 in December 2001 and down 134 
from 539 in January 2001. The worldwide rig count for January 2002 
was 2,016 up 99 from 1,917  in December 2001 and down 358 from 2,374 
in January 2001. 
-------------------------------------------------------------
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-------------------------------------------------------------
Hunt Oil Commissions Study for Camisea LNG Project

    A subsidiary of Hunt Oil, Camisea LNG, has selected Kellogg Brown 
& Root, a division of the Halliburton, to conduct a Front End 
Engineering Design study for a LNG liquefaction facility and marine 
terminal on the coast of Peru south of Lima. The $8.5 million study 
is expected to be complete in about 8 months. The facility will be 
near the Camisea natural gas field, which is estimated to contain 13 
Tcf.  Development of the field and construction of a pipeline and 
related facilities to deliver gas to Lima are currently underway and 
are expected to be completed in 2004. If the plant is constructed, 
Peru would become the first country in South America to export LNG, 
with shipments expected by the last quarter of 2006. The FEED 
contract will include studies from the inlet to the LNG facility, 
through the liquefaction process, to the marine LNG loading facility. 
The design study contemplates a one-train liquefaction plant with a 
total production capacity of at least 545 MMcf of gas per day. 
Kellogg Brown & Root will also study and engineer plans for a 
dehydration facility, an acid gas removal facility, and other 
necessary infrastructure. Concurrent with the FEED contract, 
environmental impact assessment for the Camisea LNG export project 
will be conducted. 
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
MAR 02 19.35 19.80 19.32 19.72 +0.51 
APR 02 19.67 20.05 19.60 19.97 +0.45 
MAY 02 19.88 20.20 19.75 20.15 +0.43 
JUN 02 19.73 19.99 19.65 19.97 +0.39 
JUL 02 19.74 19.93 19.66 19.93 +0.35 
AUG 02 19.78 19.93 19.71 19.93 +0.31 
SEP 02 19.82 19.96 19.76 19.96 +0.29
OCT 02 19.99 19.99 19.99 19.99 +0.29
NOV 02 20.02 20.02 20.02 20.02 +0.29
DEC 02 20.05 20.05 20.05 20.05 +0.30
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Mar 02 0.3075 0.3060 0.3075 +0.0025 
Apr 02 0.3100 0.3075 0.3100 +0.0025 
May 02 0.3100 0.3100 0.3100 +0.0025 
Jun 02 0.3125 0.3025 0.3125 +0.0025 
Jul 02 0.3125 0.3000 0.3125 +0.0025 
Aug 02 0.3150 0.3100 0.3150 +0.0025 
Sep 02 0.3300 0.3125 0.3300 +0.0025 
Oct 02 0.3300 0.3150 0.3300 +0.0025 
Nov 02 0.3325 0.3175 0.3325 +0.0025 
Dec 02 0.3400 0.3250 0.3400 +0.0025
-------------------------------------------------------------
Williams Cuts Deliveries on Pipeline

    Williams says it has cut deliveries in its oil products pipeline 
in the Midwest through the end of February and then will re-evaluate 
the situation. Sharply lowered demand for diesel fuel and gasoline 
have led to a supply glut in the Midwest, despite cutbacks in 
refinery runs. Current low prices make it more economically feasible 
to store the products rather than take them out of storage. As a 
result, there is danger of a backup of gasoline and diesel fuel 
supplies in the Gulf Coast region. Williams would not provide 
specific figures on the volumes being cut on its 9,000 miles of 
pipeline that includes 39 terminals in 11 states. In 2001, the 
Williams Pipe Line system moved an average of about 740,000 bpd. 
Currently, there is about 6.8 million barrels in storage, out of a 7 
million barrel capacity for 87 octane gasoline in the Williams 
system. Williams' diesel fuel capacity is about 4.5 million barrels, 
and for the past 2 weeks Williams has carried more than 5 million 
barrels in the system. As summer approaches, the pressure is on for 
Williams to turn around its gasoline stocks. The winter-grade 
gasoline is now in the tanks. The oversupply will make it more 
difficult this year for Williams to turn over the product in time for 
summer-grade gasoline, which must be at terminals by May 1st. 
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
MAR 02 165.00 162.00 164.75 + 4.75 
APR 02 166.75 164.00 166.75 + 4.75 
MAY 02 168.00 165.75 168.00 + 4.00 
JUN 02 169.75 167.00 169.75 + 3.75 
JUL 02 171.50 171.00 171.50 + 3.50 
AUG 02 173.25 173.25 173.25 + 3.25
SEP 02 175.25 175.25 175.25 + 3.25
OCT 02 177.25 177.25 177.25 + 3.25
NOV 02 178.25 178.25 178.25 + 3.25
DEC 02 178.78 178.75 178.75 + 3.00
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Mar 02 0.5900 0.5710 0.5877 +0.0180 
Apr 02 0.6590 0.6435 0.6576 +0.0148 
May 02 0.6650 0.6520 0.6649 +0.0141 
Jun 02 0.6675 0.6580 0.6671 +0.0133 
Jul 02 0.6624 0.6330 0.6624 +0.0122 
Aug 02 0.6516 0.6440 0.6516 +0.0114 
Sep 02 0.6341 0.6335 0.6341 +0.0109 
Oct 02 0.6081 0.5815 0.6081 +0.0104 
Nov 02 0.5991 0.5810 0.5991 +0.0099 
Dec 02 0.5971 0.5860 0.5971 +0.0094
-------------------------------------------------------------
Senate Seeks to Increase Vehicle Fuel Standards

    Democrats in the Senate have introduced legislation to raise 
vehicle fuel efficiency standards and close a loophole that allows 
SUVs to get lower gasoline mileage than cars. The bill, which aims to 
reduce dependence on foreign oil by cutting back on gasoline use, 
would require the vehicle fleet to average 35 miles per gallon by 
2013, up from the current 24 mpg. Currently, the Corporate Average 
Fuel Economy standards require passenger cars to average 27.5 mpg, 
while sport-utility vehicles, along with mini-vans and other vehicles 
in the light truck category, need get only 20.7 mpg. The proposed 
legislation would slowly increase the fuel efficiency of both cars 
and light trucks. The CAFE standards would increase to 33.2 mpg for 
cars and 26.2 mpg for light trucks by 2010, and then jump to 38.3 mpg 
for cars and 32 mpg for light trucks in 2013. The legislation would 
combine the passenger car and light truck categories beginning with 
the 2010 model year. However, heavy-duty pickup trucks are not 
included. Gasoline demand accounts for 45% of the 19.8 million 
barrels of oil that is consumed daily in the American market. Half of 
that oil is imported. Raising the fuel standard would save 2.6 
million bpd by 2020. Republicans have come up with a competing CAFE 
plan that would require an average fuel economy for fleet of 36 mpg 
by 2016. Higher fuel requirements would be phased in beginning with 
the 2007 model year. That bill would combine light trucks and SUVs 
with passenger cars when calculating the fleet's fuel economy, 
thereby eliminating the SUV loophole. It would also allow auto makers 
to trade greenhouse gas emission credits with other industries to 
help meet the higher CAFE requirements. Auto makers say a significant 
boost in mileage requirements would force them to make more 
expensive, light-weight vehicles that they claim would be less safe. 
Whichever CAFE standard the Senate Committee approves will be 
included in a broad energy bill the Senate will begin debating this 
week. However, higher fuel requirements might not make it beyond the 
Senate floor if the parties are not able to resolve differences over 
both the CAFE standard and drilling in the Arctic National Wildlife 
Refuge. The Senate will also have to work out differences on energy 
policy with the House of Representatives. The House passed its own 
version of a broad energy bill last August that would allow drilling 
in ANWR and increase the vehicle mileage requirements only slightly. 
-------------------------------------------------------------

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-------------------------------------------------------------
PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.08  |
| ANR SE                  | 2.15  |
| Carthage TG             | 2.14  |
| Chicago Citygate        | 2.21  |
| Columbia Gulf Onshore   | 2.17  |
| Dominion South Point    | 2.40  |
| Henry Hub               | 2.21  |
| Houston Ship Channel    | 2.21  |
| Katy Hub                | 2.15  |
| NGPL LA Pool            | 2.15  |
| NGPL - Midcontinent     | 2.10  |
| NGPL STX                | 2.11  |
| NGPL TX/OK              | 2.14  |
| NNG Demarc.             | 2.17  |
| Niagara                 | 2.38  |
| Sonat Tier 1            | 2.17  |
| TCO IPP Pool            | 2.29  |
| Tetco ELa               | 2.16  |
| Tetco M-3               | 2.49  |
| Tetco STX               | 2.10  |
| TGP Zone 0              | 2.12  |
| TGP Zone 1 (500 Leg)    | 2.17  |
| TGT Zone SL             | 2.14  |
| New York Citygate       | 2.51  |
| Transco Station 65      | 2.23  |
| Transco Zone 6 (NY)     | 2.51  |
| Trunk ELa               | 2.18  |
| Western Region         
| California Border       | 2.17  |
| El Paso Keystone        | 2.05  |
| El Paso San Juan-Blanco | 2.05  |
| Waha Hub                | 2.11  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 2.93  |
| Dawn Hub/Union          | 2.30  |
| Northwest Stanfield     | 2.04  |
| Wyoming Pool            | 1.97  |
| Opal                    | 1.97  |
| PGT-Malin               | 2.10  |
| Sumas                   | 2.00  |
          Flow Dates 2/9-11 
-------------------------------------------------------------
Nymex Option Volatility   
Supplied by "The Daily Hedger"
http://www.energyinstitution.org

	WTI  		
	   Futures	   Days Left	Implied
Month	Settlement	to Exp    	Volatility
Mar   $20.26        6          42.7% 
Apr   $20.62       35          44.3% 
May   $20.79       68          41.6% 
Jun   $20.85       97          41.9% 
Jul   $20.85      129          40.4% 
Aug   $20.85      159          41.2% 
Sep   $20.86      188          39.8% 
Oct   $20.87      221          37.8% 
Nov   $20.88      251          36.6% 
Dec   $20.88      280          35.1%
HEATING OIL		
	   Futures	  Days left Implied
Month	Settlement	to Exp  	Volatility
Mar   $0.5334      17       42.2% 
Apr   $0.5381      46       39.6% 
May   $0.5401      76       39.4% 
Jun   $0.5446     109       38.5% 
Jul   $0.5504     137       37.4% 
Aug   $0.5581     168       36.9% 
Sep   $0.5671     200       36.5% 
Oct   $0.5761     229       35.6% 
Nov   $0.5841     262       34.6% 
Dec   $0.5916     291       33.6%
 NY HARBOR UNLEADED  
       Futures    Days left  Implied
Month Settlement   to Exp    Volatility
Mar   $0.5877        17      43.2% 
Apr   $0.6576        45      41.5% 
May   $0.6649        76      41.5% 
Jun   $6.6671       109      40.9% 
Jul   $0.6624       137      38.7% 
Aug   $0.6516       168      38.4% 
Sep   $0.6341       200      37.6%
 Natural Gas 
	      Futures	                Implied
Month	Settlement	Days Left    Volatility                      
Mar    $2.191         17       59.9% 
Apr    $2.265         45       50.2% 
May    $2.338         76       51.6% 
Jun    $2.403        109       46.7% 
Jul    $2.460        137       42.9% 
Aug    $2.510        168       42.8% 
Sep    $2.512        200       43.7% 
Oct    $2.537        229       46.4% 
Nov    $2.750        262       44.5% 
Dec    $2.951        290       45.3%
-------------------------------------------------------------
Shell to Rebrand Newly Acquired Stations


    In one of the largest rebranding efforts ever undertaken in the 
US, Shell plans to spend about $500 million to replace the Texaco 
name with its own logo on thousands of gasoline stations it acquired 
from ChevronTexaco. The Texaco stations will be given a new look, 
similar to those of Shell's European stations and about 9,000 current 
Shell stations in the US will also be given a facelift to match. 
ChevronTexaco sold the stations to Shell after the FTC required it to 
divest the stations and other assets in order to gain approval for 
its merger. Shell says it may either close or sell 10%-30% of the 
retail outlets it acquired in the deal and could trim about 15% of 
jobs at those stations. The acquisitions will give Shell over 20,000 
retail outlets in the US, or about 15% of the market, making it the 
largest retailer of gasoline in the country. It will also be the 
largest retail gasoline operator worldwide, with about 45,000 
stations, mostly in Europe. Shell was also given the rights to sell 
Texaco's Havoline motor oil for 18 months. The acquisition be 
approved by the attorneys general in 12 states. 
-------------------------------------------------------------
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--------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 climbed 51.94 points to 7535.36
The CRB Index added 1.54 points to 191.76
The US Dollar decreased 0.09 points to 118.98
The Dow advanced 118.80 points to 9744.24
The S&P 500 gained 16.05 points to 1096.22
The Nasdaq was up 36.77 points to 1818.88
March NYMEX Crude Oil rose 0.62 to 20.26
Canadian-US Exchange lost 0.0014 to 1.5974
-------------------------------------------------------------
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