Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Wednesday, February 13 2002? No. 482
Visit our website at: http://www.enerfaxgold.com 

PETROLEUM PRICES ???
| Bonny Light      |  $21.28
| Brent            |  $21.18
| Butane           |  $ 0.40 
| Fuel Oil #2      |  $ 0.54   
| Louisiana        |  $21.34  
| Medit.           |  $20.18  
| Propane Non-tet  |  $ 0.31   
| Propane Wet-tet  |  $ 0.31  
| W. Tx Int Cush   |  $20.74 
| W. Tx Sour       |  $19.58 

| Euro in US equiv |  0.8769
-------------------------------------------------------------
Todays Petro Bulletins
 * Big Speculators Cut NYMEX Futures Net Short Crude Oil Positions 
 * API Says Gasoline Stocks Up 1.662 Million Barrels Last Week 
 * API Says Crude Oil Stocks Up 4.684 Million Barrels Last Week
 * Murphy Canada to Build Gasoline Stations at Select Wal-Mart Canada 
Stores
 * Nexen Shares fell More than 3% Yesterday After a US Warning of 
Possible Attacks in Yemen
 * Tesco Shares 11% Higher on Drilling Rig Deal
 * Equilon Portion of Capline Pipeline Not Full for March
 * BP CEO Browne Says He Expects to Stay 7 More Years Until 
Retirement Age
 * BP Says Its Off-Balance Sheet Items Limited and Reported
 * BP Sells Yorktown, VA Refinery to Giant Industries for $127.5 
Million Plus Inventory Value of $42 Million 
-------------------------------------------------------------
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 0.5660 0.5435 0.5460 -0.0159 
Apr 02 0.5680 0.5480 0.5499 -0.0163 
May 02 0.5690 0.5500 0.5514 -0.0163 
Jun 02 0.5710 0.5540 0.5549 -0.0168 
Jul 02 0.5720 0.5580 0.5599 -0.0168 
Aug 02 0.5842 0.5650 0.5674 -0.0168 
Sep 02 0.5910 0.5759 0.5759 -0.0168 
Oct 02 0.6000 0.5844 0.5844 -0.0173 
Nov 02 0.6080 0.5924 0.5924 -0.0173 
Dec 02 0.6160 0.5994 0.5994 -0.0178
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
Mar 02 21.00 21.50 20.67 20.73 -0.68 
Apr 02 21.50 21.80 21.05 21.12 -0.69 
May 02 21.60 21.85 21.15 21.26 -0.68 
Jun 02 21.60 21.85 21.25 21.27 -0.68 
Jul 02 21.50 21.70 21.24 21.24 -0.68 
Aug 02 21.50 21.68 21.21 21.21 -0.68 
Sep 02 21.50 21.68 21.18 21.18 -0.68 
Oct 02 21.43 21.52 21.16 21.16 -0.67 
Nov 02 21.40 21.50 21.14 21.14 -0.66 
Dec 02 21.30 21.60 21.12 21.12 -0.65 
-------------------------------------------------------------
Crude Oil Futures Slide Lower


    Crude oil futures for March delivery on the NYMEX dipped $0.68 to 
$20.73 per barrel yesterday as traders waited for the latest weekly 
inventory data. Many expect the API to show that oil inventories grew 
by at least 1.5 million barrels last week. However, supplies of 
gasoline are expected to show a small decrease because of production 
cuts by refineries. Heating oil inventories were also expected to 
drop as many expected that winter weather last week boosted demand. 
Fears that government-procured additions to the SPR could lower short 
term supplies fueled a big jump in crude prices on Monday, but appear 
to have lessened. Concerns that OPEC and non-member producers will 
not abide by their production cuts offered little support to the 
market. According to Platt's, OPEC is moving closer to compliance 
with their quotas. Platt's said that January production by the 
cartel, excluding Iraq, was still more than 1 million bpd over their 
limits, but 640,000 bpd below Decembers exports. Heating oil futures 
for March delivery on the NYMEX fell $0.0159 to $0.546 per gallon. 
March gasoline futures on the NYMEX slid $0.0181 to $0.6019 per 
gallon. In London, Brent crude oil futures for March delivery on the 
IPE were down $0.98 to $20.46 per barrel. 
-------------------------------------------------------------
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.6872  +0.0389 ? ? ? 
18 Month Strip ?2.7678  +0.0329 ? ? 
| Month | High  |  Low  | Close | Change |
| MAR   | 2.345 | 2.265 | 2.305 | +0.019 |
| APR   | 2.400 | 2.325 | 2.369 | +0.024 |
| MAY   | 2.470 | 2.395 | 2.444 | +0.032 |
| JUN   | 2.530 | 2.475 | 2.507 | +0.032 |
| JUL   | 2.580 | 2.530 | 2.565 | +0.037 |
| AUG   | 2.630 | 2.575 | 2.615 | +0.040 |
| SEP   | 2.630 | 2.570 | 2.617 | +0.040 |
| OCT   | 2.660 | 2.605 | 2.644 | +0.044 |
| NOV   | 2.880 | 2.820 | 2.862 | +0.047 |
| DEC   | 3.070 | 3.010 | 3.066 | +0.050 |
| JAN   | 3.170 | 3.110 | 3.156 | +0.050 |
| FEB   | 3.110 | 3.065 | 3.096 | +0.051 |
-------------------------------------------------------------
S&P Places PDVSA on CreditWatch 

    S&P has placed the senior unsecured notes of PDVSA Finance, a 
subsidiary of state-owned Petroleos de Venezuela, on CreditWatch with 
negative implications, after placing the credit rating of Venezuelas 
currency, the sovereign, on CreditWatch with negative implications. 
The CreditWatch affects $3.6 billion of US dollar-denominated notes 
and 200 million in euro-denominated notes. The rating on the PDVSA 
Finance notes will depend on S&P's assessment of changes in the level 
of sovereign risk and the extent to which the structure mitigates 
such sovereign risk. While a downgrade of the sovereign would not 
trigger an automatic downgrade of PDVSA Finance, the level of 
political control and influence of the government on PDVSA makes such 
an action likely. On a separate note, the recent news regarding the 
breach of contract brought claim against PDVSA by its joint venture 
partner, Lyondell Chemical, also underscores the sovereign risk 
inherent in public sector cross border future flow transactions. S&P 
is reviewing PDVSA's claim that the lawsuit will not have a have a 
material effect on it. While the lawsuit was not the reason for the 
CreditWatch placement, when reviewing sovereign risk for a structured 
transaction supported by government-owned assets, S&P takes into 
consideration the public sector entity's unwillingness or inability 
to abide by its agreements or contracts because of shareholder 
pressure. This is true for PDVSA Finance, since as of December 31, 
2001, up to 29% of the exports supporting PDVSA Finance's debt were 
sold to wholly owned subsidiary, CITGO Petroleum and a further 32% 
were sold to joint venture partners. S&P believes that during a 
sovereign stress scenario there is a greater likelihood that PDVSA 
would violate its agreements and redirect export revenues from CITGO, 
and to a lesser degree, its joint venture partners, than from 
nonaffiliated companies. Also, S&P has been notified by PDVSA that it 
is planning to cut production in March 2002, which could reduce crude 
oil deliveries to its joint venture partners and other customers by 
as much as 20%. While the cuts are expected to lead to lower debt 
service coverage levels, the extent of any reduction in coverage 
levels will depend on the effect the cuts have on future oil prices. 
S&P will continue to monitor coverage levels, which although 
declining, continue to be strong, with the ratio of exports revenues 
to debt service at a very comfortable 19 times in January 2002. 
-------------------------------------------------------------
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-------------------------------------------------------------
Shell Says Enron Vindicates Management Style

    The Enron crisis has changed the way analysts view Royal 
Dutch/Shell, silencing critics who once dismissed the it as an 
anachronism in an era of fast-paced energy traders, according to 
Shell Chairman Phil Watts at the Cambridge Energy Research Associates 
conference. Two or three years ago there was a fad and a fashion 
about and we were being criticized for being a bit too conservative, 
a bit too slow, a bit too capital-intensive, he said. Watts rejects 
the suggestion that Shell's large cash resources need to be spent. 
However, he says that the company has made it absolutely clear that 
acquisitions, divestments, mergers as well as organic growth are all 
part of the number of opportunities that we can take to grow value in 
the company. Watts described Shell as a believer in oil industry 
consolidation. 
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
MAR 02 20.95 21.38 20.40 20.46 ?0.98 
APR 02 20.90 21.20 20.50 20.60 ?0.68 
MAY 02 20.90 21.22 20.70 20.74 ?0.64 
JUN 02 20.69 21.00 20.45 20.53 ?0.59 
JUL 02 20.80 20.90 20.43 20.43 ?0.59 
AUG 02 20.80 20.88 20.41 20.41 ?0.63 
SEP 02 20.81 20.84 20.40 20.40 ?0.66
OCT 02 20.80 20.80 20.39 20.39 ?0.69
NOV 02 20.38 20.38 20.38 20.38 ?0.72
DEC 02 20.53 20.83 20.37 20.37 ?0.75
------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Mar 02 0.3150 0.3140 0.3150 +0.0075 
Apr 02 0.3175 0.3115 0.3175 +0.0075 
May 02 0.3175 0.3100 0.3175 +0.0075 
Jun 02 0.3200 0.3025 0.3200 +0.0075 
Jul 02 0.3200 0.3000 0.3200 +0.0075 
Aug 02 0.3225 0.3100 0.3225 +0.0075 
Sep 02 0.3375 0.3125 0.3375 +0.0075 
Oct 02 0.3375 0.3150 0.3375 +0.0075 
Nov 02 0.3400 0.3175 0.3400 +0.0075 
Dec 02 0.3400 0.3250 0.3400 +0.0075
-------------------------------------------------------------
BP 4th Quarter Earnings Dip 62% 


    BP has reported that 4th quarter earnings fell 62% to $1.06 
billion, or $0.05 per share, from $2.8 billion, or $0.12 per share a 
year ago due to a decline in energy prices. However, it also says 
that its oil and natural gas production grew by 5.5% last year, more 
than double that of Royal Dutch/Shell, which had a 2% increase. 
ExxonMobil's production was up by 1%, which does not include problems 
in Indonesia because of political turmoil. BP said it has about $5.8 
billion in off the books debt, in addition to $21 billion of debt on 
its books and that the items are included in BP's annual report. BP 
contends that the off the balance sheet debt is transparent and as 
such very different from special purpose vehicles. BP said it found 
almost twice the amount of oil it produced in 2001 through the 
discovery of new fields and improved recovery rates at existing 
sites. Shells new reserves were only about 74% of its 2001 
production. Despite the higher production, profits from oil and 
natural gas production were cut in half to $2.37 billion. BP received 
an average $17.72 per barrel for its oil, 37% below a year ago, and 
$2.28 per Mcf of natural gas, a drop of 39%. This year, BP is aiming 
at $1.4 billion in performance improvements, with $600 million of 
that total to come from the chemicals unit due to higher sales and a 
9% cut in costs. Excluding one-time charges, the chemicals unit lost 
$67 million. BP plans to cut costs at the unit by $250 million this 
year, partially through job elimination. It will also reduce spending 
to $800 million from $1.2 billion last year at the unit. BP expects 
to invest $12-$13 billion this year, lower than last years $13.2 
billion, excluding acquisitions. More cutbacks are in store for the 
oil and natural gas exploration unit, where BP has already cut 120 
job in Alaska and 70 in Canada. Revenue in the 4th quarter fell by 
21% to $42 billion. BP raised its quarterly dividend by $0.0575 per 
share, up 10% from a year earlier.
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
MAR 02 174.50 168.75 173.50 + 9.25 
APR 02 175.25 170.25 175.25 + 9.75 
MAY 02 176.50 171.75 176.50 + 9.50 
JUN 02 178.00 173.50 178.00 + 9.50 
JUL 02 179.50 176.50 179.50 + 9.25 
AUG 02 181.25 177.00 181.25 + 9.00
SEP 02 183.00 183.00 183.00 + 8.75
OCT 02 184.75 184.75 184.75 + 8.50
NOV 02 185.75 182.00 185.75 + 8.50
DEC 02 186.25 186.25 186.25 + 8.50
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Mar 02 0.6210 0.5980 0.6019 -0.0181 
Apr 02 0.6900 0.6720 0.6743 -0.0151 
May 02 0.6950 0.6780 0.6803 -0.0154 
Jun 02 0.6950 0.6780 0.6813 -0.0156 
Jul 02 0.6875 0.6755 0.6755 -0.0154 
Aug 02 0.6710 0.6630 0.6630 -0.0154 
Sep 02 0.6530 0.6440 0.6440 -0.0154 
Oct 02 0.6160 0.5815 0.6160 -0.0154 
Nov 02 0.6060 0.5810 0.6060 -0.0154 
Dec 02 0.6035 0.5860 0.6035 -0.0154
-------------------------------------------------------------
Equilon Buys Oiltanking's Pasadena Products Terminal
  
    Equilon has acquired Oiltanking's Pasadena Products Terminal. The 
facility located near Houston, TX was formerly included in a joint 
venture between Equilon and Oiltanking. The terminal has a storage 
capacity of 2.4 million barrels, with connections to Texas Gulf Coast 
refineries and major outbound products pipelines. Equilon said that 
the acquisition of the Pasadena Terminal represents its commitment to 
growing its products business. Equilon will be looking to expand the 
products storage, blending and transshipping business through the 
products terminal. Equilon refines and markets Shell and Texaco 
branded products in 32 Western and Midwestern states and includes 
nationwide transportation and lubricants businesses. 
-------------------------------------------------------------

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email address: info@fea.com 
-------------------------------------------------------------

PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.29  |
| ANR SE                  | 2.37  |
| Carthage TG             | 2.36  |
| Chicago Citygate        | 2.40  |
| Columbia Gulf Onshore   | 2.37  |
| Dominion South Point    | 2.64  |
| Henry Hub               | 2.39  |
| Houston Ship Channel    | 2.40  |
| Katy Hub                | 2.34  |
| NGPL LA Pool            | 2.35  |
| NGPL - Midcontinent     | 2.28  |
| NGPL STX                | 2.32  |
| NGPL TX/OK              | 2.32  |
| NNG Demarc.             | 2.33  |
| Niagara                 | 2.65  |
| Sonat Tier 1            | 2.37  |
| TCO IPP Pool            | 2.48  |
| Tetco ELa               | 2.36  |
| Tetco M-3               | 2.86  |
| Tetco STX               | 2.32  |
| TGP Zone 0              | 2.33  |
| TGP Zone 1 (500 Leg)    | 2.38  |
| TGT Zone SL             | 2.37  |
| New York Citygate       | 3.05  |
| Transco Station 65      | 2.42  |
| Transco Zone 6 (NY)     | 3.06  |
| Trunk ELa               | 2.36  |
| Western Region          
| California Border       | 2.40  |
| El Paso Keystone        | 2.29  |
| El Paso San Juan-Blanco | 2.28  |
| Waha Hub                | 2.30  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.12  |
| Dawn Hub/Union          | 2.49  |
| Northwest Stanfield     | 2.19  |
| Wyoming Pool            | 2.14  |
| Opal                    | 2.14  |
| PGT-Malin               | 2.30  |
| Sumas                   | 2.15  |
           Flow Date 2/13
-------------------------------------------------------------
Nymex Option Volatility   
Supplied by "The Daily Hedger"
http://www.energyinstitution.org

	WTI 		
	   Futures	  Days Left	   Implied
Month Settlement  to Exp      Volatility
Mar   $20.73         2        66.5% 
Apr   $21.12        31        47.1% 
May   $21.26        64        45.2% 
Jun   $21.27        93        43.5% 
Jul   $21.24       125        41.8% 
Aug   $21.21       155        39.9% 
Sep   $21.18       184        40.0% 
Oct   $21.16       217        36.6% 
Nov   $21.14       247        36.5% 
Dec   $21.12       276        34.3%
            
        HEATING OIL    
      Futures     Days left   Implied 
Month Settlement  to Exp      Volatility 
Mar   $0.5460       13        45.7% 
Apr   $0.5499       41        42.5% 
May   $0.5514       72        41.3% 
Jun   $0.5549      105        40.2% 
Jul   $0.5599      133        38.3% 
Aug   $0.5674      164        37.1% 
Sep   $0.5759      196        36.1% 
Oct   $0.5844      225        34.6% 
Nov   $0.5924      258        32.5% 
Dec   $0.5994      283        32.7%

 UNLEADED  
       Futures    Days left  Implied
Month Settlement   to Exp    Volatility
Mar   $0.6019      13       43.7% 
Apr   $0.6743      41       42.0% 
May   $0.6803      72       40.7% 
Jun   $0.6813     105       39.7% 
Jul   $0.6755     133       38.1% 
Aug   $0.6630     164       35.2

NATURAL GAS

       Futures	                     Implied
Month	Settlement	  Days Left    
Volatility                            
Mar   $2.305       13     67.9% 
Apr   $2.369       41     56.8% 
May   $2.444       72     49.5% 
Jun   $2.507      105     46.3% 
Jul   $2.565      133     45.9% 
Aug   $2.615      164     45.3% 
Sep   $2.617      196     43.8% 
Oct   $2.644      225     44.9% 
Nov   $2.862      258     45.2% 
Dec   $3.066      286     47.9%
-------------------------------------------------------------
Mad Dog Field Receives Approval

   BP says development of the Mad Dog oil field in the Gulf of Mexico 
has received approval. BP owns 60.5% of the field. BHP Billiton owns 
23.9% and  Unocal owns 15.6%. Development of the field would help BHP 
Billiton, Australia's biggest oil company, towards its goal of 
increasing oil production by 38% by 2006. Last November it sais it 
would spend $300 million on Mad Dog. An appraisal well has indicated 
Mad Dog may contain as much as 450 million barrels of oil. 
-------------------------------------------------------------
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-------------------------------------------------------------
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--------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dropped 60.75 points to 7543.76
The CRB Index slipped 0.24 points to 191.72
The US Dollar decreased 0.06 points to 118.34
The Dow declined 21.04 points to 9863.74
The S&P 500 dipped 4.44 points to 1107.50
The Nasdaq was down 12.45 points to 1834.21
March NYMEX Crude Oil fell 0.68 to 20.73
Canadian-US Exchange rose 0.0020 to 1.5918
-------------------------------------------------------------
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