Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Wednesday, January 23 2002? No. 467
Visit our website at: http://www.enerfaxgold.com/, 

PETROLEUM PRICES ???
| Bonny Light      |  $18.81
| Brent            |  $18.68
| Butane           |  $ 0.37 
| Fuel Oil #2      |  $ 0.51   
| Louisiana        |  $18.90  
| Medit.           |  $16.98  
| Propane Non-tet  |  $ 0.28   
| Propane Wet-tet  |  $ 0.28  
| W. Tx Int Cush   |  $18.33 
| W. Tx Sour       |  $16.90 

| Euro in US equiv |  0.8862
-------------------------------------------------------------
Todays Petro Bulletins
 * EOTT Cuts Pay-Out and Outlook; Shares Plunge Over 40% to $8.89
 * Conoco Delays Quarterly Earnings Until Thursday
 * US Petroleum Corporation Acquires Deep Rock Prospect
 * EIA Says Retail Gasoline Price at $1.105 per Gallon Vs $1.111 per 
Gallon Last Week
 * Valero Energy Cuts Crude Oil Runs by 18% on Maintenance Work and 
Low Margins 
 * Coronado Explorations Completes Merger with Naturol Inc
 * OSCA Announces Acquisition of Ancor Services for $5 Million
 * Greens Invoke Profit Motive for Annual Attack on BP
 * Output from Huge Hibernia Project Off Canada's East Coast to be 
Well Below 
Capacity in 2002 Due to Maintenance Shutdown in Mid-Year
 * FuelSpot Launches New BuyRite(TM) Trading Application 
-------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
FEB 02 0.5195 0.5150 0.5141 +0.0000 
MAR 02 0.5204 0.5204 0.5181 +0.0015 
APR 02 0.5250 0.5150 0.5206 +0.0025 
MAY 02 0.5265 0.5195 0.5231 +0.0035 
JUN 02 0.5315 0.5240 0.5276 +0.0040 
JUL 02 0.5380 0.5340 0.5336 +0.0045 
AUG 02 0.5440 0.5400 0.5411 +0.0045 
SEP 02 0.5530 0.5500 0.5501 +0.0045 
OCT 02 0.5635 0.5580 0.5591 +0.0045 
NOV 02 0.5720 0.5634 0.5676 +0.0050
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
FEB 02 18.30 18.65 18.00 18.34 +0.34 
MAR 02 18.98 19.15 18.98 18.98 +0.32 
APR 02 19.40 19.49 19.37 19.34 +0.25 
MAY 02 19.52 19.77 19.38 19.59 +0.29 
JUN 02 19.75 19.95 19.58 19.77 +0.29 
JUL 02 19.80 19.92 19.72 19.84 +0.28 
AUG 02 19.80 19.80 19.80 19.91 +0.28 
SEP 02 19.80 19.95 19.80 19.97 +0.28 
OCT 02 19.90 19.90 19.90 20.02 +0.27 
NOV 02 19.85 19.85 19.85 20.07 +0.27 
-------------------------------------------------------------
Crude Oil Futures Rise on Expiry


    Crude oil futures for February delivery on the NYMEX rose $0.34 
to $18.34 per barrel before they expired yesterday. March crude oil 
futures on the NYMEX climbed $0.32 to $18.98 per barrel. The White 
House provided a lift for the market with the announcement of a 
tender for 22,000 barrels of oil to be added to the SPR in exchange 
for royalties owed to the government. The SPR currently holds 551 
million barrels of oil, enough to supply the nation for 4 weeks. The 
reserves are located in salt caverns near the Texas and Louisiana 
coasts of the Gulf of Mexico. Comments from Iran's oil minister also 
gave the market a boost when he hinted that another production cut 
might be in the offing at the cartels March meeting. In the meantime, 
traders are closely watching for signs that the production cuts 
implemented by producers at the first of the year will actually 
reduce the volume of oil on the market. OPEC's secretary-general said 
that compliance with the production cuts would prove sufficient to 
support prices. Heating oil futures for February delivery on the 
NYMEX were flat, remaining at $0.5141 per gallon, as the market took 
a wait and see stance ahead of weekly inventory data. News of 265,000 
bpd, or 18%, in run cuts at Valero's 12 US refineries, mainly due to 
poor refining margins, gave a lift to gasoline futures. Valero also 
plans to cut an additional 425,000 bpd, or 28% of its total US 
production, in February for planned maintenance and economic reasons. 
February gasoline futures on the NYMEX gained $0.0087 to $0.5479 per 
gallon. In London, Brent crude oil futures for March delivery on the 
IPE were up $0.18 to $18.75 per barrel. 
-------------------------------------------------------------
??????????????????????
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.4628 -0.0708 ? ? ? 
18 Month Strip ?2.6023 -0.0552 ? ? 
| Month | High  |  Low  | Close | Change |
| FEB   | 2.130 | 2.113 | 2.106 | -0.130 |
| MAR   | 2.138 | 2.121 | 2.118 | -0.118 |
| APR   | 2.195 | 2.182 | 2.178 | -0.101 |
| MAY   | 2.298 | 2.274 | 2.270 | -0.082 |
| JUN   | 2.360 | 2.345 | 2.338 | -0.074 |
| JUL   | 2.440 | 2.410 | 2.413 | -0.067 |
| AUG   | 2.495 | 2.460 | 2.461 | -0.065 |
| SEP   | 2.505 | 2.470 | 2.473 | -0.056 |
| OCT   | 2.530 | 2.530 | 2.503 | -0.049 |
| NOV   | 2.750 | 2.720 | 2.728 | -0.044 |
| DEC   | 2.955 | 2.920 | 2.938 | -0.034 |
| JAN   | 3.055 | 3.000 | 3.028 | -0.029 |
-------------------------------------------------------------
Allegheny Energy Supply Company, Salt River Project (SRP) and Sempra 
Energy
Resources announce Open Season for proposed Desert Crossing Gas 
Storage and
Transportation System. Open Season for customers interested in 
capacity
begins Jan. 10, 2002 and extends through Feb. 8, 2002.  For 
information,
visit www.desert-crossing.com
-------------------------------------------------------------
           World Heating Fuel Outlook                     
 
    Mild temperatures in Europe, southern Canada and the eastern US 
will stifle heating oil usage through the end of January. In the 
northern hemisphere, only China and Japan are likely to experience 
generally colder than usual weather. In the US, mild temperatures 
will continue across the central and eastern sections over the next 7 
to 10 days, adding to the lack of seasonal demand for heating oil. 
Occasional spells of colder weather will occur, but the general trend 
of unusually mild weather is expected to continue into next month. 
Temperatures will average from 4? to 9? F above normal through 
February 1st in the Midwest, Northeast and most of the Southeast. 
Cold temperatures could occur in areas west of the Rocky Mountains 
during the next 10 days, raising the demand for heating fuel. 
Temperatures will be about 4? F below normal along the Pacific Coast 
and nearly 10? below average in the interior western states. In 
Canada, cold air will continue to spread across northern and western 
Canada but will likely not move southward during the next several 
days, reducing heating demand in southern Manitoba, Ontario, Quebec 
and the Atlantic Provinces with temperatures averaging from 2? - 8? C 
above normal through the end of the month. Cold temperatures and 
strong heating fuel demand will occur in British Columbia, western 
Alberta and northern parts of Canada for the next 10 days. In Europe, 
wide-spread pleasant weather is expected for the next few days, 
keeping demand for heating fuel lower than average. Temperatures from 
3? - 7? C above normal will affect most mainland European regions and 
the UK through early next month. Cold temperatures will prevail in 
the Scandinavian countries for the next several days, maintaining 
strong heating needs.
-------------------------------------------------------------
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-------------------------------------------------------------
Teppco 4th Quarter Earnings Down 
  
    Teppco Partners says 4th quarter net income fell 7%, but full-
year earnings jumped 40% on strong performance of its upstream and 
downstream units, contributions from Jonah Gas Gathering System 
acquisition and increased distribution. Teppco reported net income of 
$21.2 million, or $0.40 per unit, compared with $22.8 million, or 
$0.53 per unit in a year ago. Full-year 2001 earnings climbed to 
$109.1 million, or $2.18 per unit, from $77.4 million, or $1.89 per 
unit in 2000. The company's net income, adjusted for the $19 million 
Pennzoil settlement, was still over $90 million, exceeding the 
previous best year by $13 million, with earnings before interest, 
taxes, depreciation and amortization of $229 million. Teppco faces 
uncertainties regarding the economy, refined products demand and 
crude oil pricing. 
-------------------------------------------------------------
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-------------------------------------------------------------
BP Hit With 1 Million Pounds in Fines


    After having fines totaling 1 million pounds levied against it, 
BP said its reputation on safety and pollution issues had been 
compromised by 2 incidents spanning 3 days at its Grangemouth, 
Scotland oil and petrochemicals complex. A Scottish court found BP 
guilty of gross dereliction of duties and ruled that there had been 
considerable danger to plant operators and members of the public. 
BP's chemicals operation has been fined 750,000 pounds for failure to 
ensure the safety of the public after a pipeline rupture at the 
complex. A further 250,000 pound fine was imposed on BP Grangemouth 
for failure to ensure the safety of employees during a fire at the 
refinery's catalytic cracking unit just 3 days after the first 
incident when flammable hydrocarbon vapors exploded, causing 5 BP 
employees to flee for their lives. BP said that it is in the midst of 
a 3-year 240 million pound upgrade to the safety infrastructure at 
the huge Grangemouth facility, which refines crude oil from the North 
Sea and manufactures bulk petrochemicals and plastics. To repair 
damage to its reputation, the oil firm has heightened its public 
relations within the local community and carefully explains what its 
doing and why its doing it in relation to the ongoing improvements. 
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
MAR 02 18.70 18.70 18.56 18.75 +0.00 
APR 02 18.90 19.30 18.70 18.80 +0.00 
MAY 02 19.04 19.45 18.80 18.91 +0.00 
JUN 02 19.07 19.40 18.90 18.93 +0.00 
JUL 02 19.11 19.34 18.88 18.97 +0.00 
AUG 02 19.14 19.44 19.02 19.02 +0.00 
SEP 02 19.10 19.22 19.07 19.07 +0.00
OCT 02 19.18 19.20 19.12 19.12 +0.00
NOV 02 19.33 19.48 19.17 19.17 +0.00
DEC 02 19.38 19.54 19.20 19.21 +0.00
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Feb 02 0.0000 0.0000 0.2875 +0.0000 
Mar 02 0.0000 0.0000 0.2750 +0.0000
Apr 02 0.0000 0.0000 0.2875 +0.0000
May 02 0.0000 0.0000 0.2900 +0.0000
Jun 02 0.0000 0.0000 0.2975 +0.0000
Jul 02 0.0000 0.0000 0.3075 +0.0000
Aug 02 0.0000 0.0000 0.3125 +0.0000
Sep 02 0.0000 0.0000 0.3125 +0.0000
Oct 02 0.0000 0.0000 0.3225 +0.0000
Nov 02 0.0000 0.0000 0.3225 +0.0000
-------------------------------------------------------------
Petro-Canada Profit Falls Sharply

  
    Petro-Canada's 4th quarter profit tumbled 75% as lower oil and 
natural gas prices and exposure to Enron took their toll. Petro-
Canada is in a long list of major oil companies in North America 
whose profits were squeezed by worsening industry conditions as the 
world economy weakened. Quarterly net earnings were C$71 million, or 
C$0.27 per share, down from C$287 million, or C$1.05 per share, 
before reorganization costs in 2000. Profit was lowered by C$15 
million, or C$0.06 per share, after Petro-Canada severed its natural 
gas trading ties with Enron. Cash flow was more than cut in half to 
C$307 million, or C$1.17 a share, from C$684 million, or C$2.52 per 
share. Revenues were C$1.8 billion, down 39% from C$2.9 billion. 
Petro-Canada does not expect sharply higher prices this year, even 
though its capital spending is expected to increase 9% this year to 
more than C$1.8 billion. Earnings at the company's exploration and 
production division sank 79% in the quarter to C$52 million, due to 
sharply weaker oil prices and lower production after non-core asset 
sales during 2001. Petro-Canada sold its crude oil for an average 
C$29.32 per barrel in the quarter, down 36% from the year before, 
while the price it received for its natural gas averaged C$3.17 per 
Mcf, down 57%. Total oil and natural gas production averaged 205,000 
barrels of oil equivalent per day, down from year-earlier 211,000. 
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
FEB 02 162.00 156.50 159.25 + 0.00 
MAR 02 163.00 158.50 160.25 + 0.00 
APR 02 164.25 160.25 161.50 + 0.00 
MAY 02 166.25 163.25 163.25 + 0.00 
JUN 02 167.50 163.50 165.00 + 0.00 
JUL 02 169.00 166.00 167.00 + 0.00 
AUG 02 170.50 168.50 169.00 + 0.00
SEP 02 170.75 170.75 170.75 + 0.00
OCT 02 172.50 172.50 172.50 + 0.00
NOV 02 173.75 173.75 173.75 + 0.00
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Feb 02 0.5540 0.5390 0.5479 +0.0087 
Mar 02 0.5630 0.5510 0.5575 +0.0073 
Apr 02 0.6335 0.6230 0.6275 +0.0063 
May 02 0.6390 0.6325 0.6348 +0.0059 
Jun 02 0.6405 0.6340 0.6370 +0.0058 
Jul 02 0.6370 0.6320 0.6325 +0.0051 
Aug 02 0.6280 0.6215 0.6215 +0.0046 
Sep 02 0.6055 0.6045 0.6045 +0.0028 
Oct 02 0.5860 0.5785 0.5785 +0.0023 
Nov 02 0.5750 0.5700 0.5700 +0.0000
--------------------------------------------------------------
Schlumbergers Profits Dip 22% 


    Schlumberger's net income dropped by 22% in the 4th quarter due 
to a decline in drilling activity. Profit for the last quarter was 
$185 million, or $0.32 per share, down from about $238 million, or 
$0.41 per share a year ago. Analysts had forecast earnings of $0.33 
per share. Revenue for 2001 was up 27% to $3.63 billion. The number 
of Schlumberger's rigs in use world-wide in the 4th quarter dropped 
by 8% from a year ago and 13% from the 3rd quarter. The company's tax 
payment climbed from $82.7 million a year ago to $219 million last 
quarter after it divested a water-meter business. Schlumberger said 
its 2002 business depends heavily on the timing and strength of the 
economic recovery in North America. The company cut its debt to about 
$5 billion last quarter from $5.7 billion the previous quarter and it 
obtained an additional $4.6 billion credit line last quarter. The 
company has retained its investment grade rating with both Moody's 
and S&P.
-------------------------------------------------------------
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-------------------------------------------------------------
PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.06  |
| ANR SE                  | 2.09  |
| Carthage TG             | 2.12  |
| Chicago Citygate        | 2.14  |
| Columbia Gulf Onshore   | 2.15  |
| Dominion South Point    | 2.27  |
| Henry Hub               | 2.18  |
| Houston Ship Channel    | 2.20  |
| Katy Hub                | 2.14  |
| NGPL LA Pool            | 2.08  |
| NGPL - Midcontinent     | 2.04  |
| NGPL STX                | 2.07  |
| NGPL TX/OK              | 2.08  |
| NNG Demarc.             | 2.10  |
| Niagara                 | 2.34  |
| Sonat Tier 1            | 2.14  |
| TCO IPP Pool            | 2.25  |
| Tetco ELa               | 2.14  |
| Tetco M-3               | 2.45  |
| Tetco STX               | 2.08  |
| TGP Zone 0              | 2.07  |
| TGP Zone 1 (500 Leg)    | 2.12  |
| TGT Zone SL             | 2.15  |
| New York Citygate       | 2.52  |
| Transco Station 65      | 2.22  |
| Transco Zone 6 (NY)     | 2.52  |
| Trunk ELa               | 2.10  |
| Western Region          
| California Border       | 2.16  |
| El Paso Keystone        | 2.04  |
| El Paso San Juan-Blanco | 2.03  |
| Waha Hub                | 2.06  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.02  |
| Dawn Hub/Union          | 2.24  |
| Northwest Stanfield     | 2.09  |
| Wyoming Pool            | 1.96  |
| Opal                    | 1.98  |
| PGT-Malin               | 2.14  |
| Sumas                   | 2.07  |
          Flow Date 1/23
-------------------------------------------------------------
Fire at Chevron Refinery Does Little Damage

    A fire late Sunday in a hydrotreating unit at the ChevronTexaco 
refinery in El Segundo, California, near Los Angeles, was quickly 
extinguished and other refinery units were not affected. The 
hydrotreating unit was due to have been brought down soon for 
scheduled maintenance work and because of the fire the work can now 
be carried out a little quicker. 
-------------------------------------------------------------
Pennzoil Introduces New High Mileage Vehicle Motor Oil

    Pennzoil has introduced a new product specifically for high 
mileage vehicles: Pennzoil High Mileage Vehicle formula. Providing 
maximum protection for vehicles with odometer readings of 75,000 
miles and beyond, Pennzoil High Mileage Vehicle motor oil helps 
prevent most of the common problems associated with older engines. 
These problems include cracked seals that cause leaks to form into 
deposits, robbing an engine of horsepower. In your engine, these 
deposits can cause piston rings to stick, allowing combustion gases 
to contaminate the oil, resulting in thicker oil. Pennzoil's new 
formula was developed with additional components to help prevent 
these types of engine problems. Pennzoil's unique formula features an 
additive that interacts with the rubber in engine seals causing them 
to swell and preventing them from getting hard and cracked, ensuring 
better seal-to-seal metal contact, helping to prevent leaks and to 
reduce oil consumption. 
-------------------------------------------------------------
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 slid 23.56 points to 7559.29
The CRB Index dropped 0.98 points to 189.09
The US Dollar increased 0.06 points to 117.57
The Dow declined 58.05 points to 9713.80
The S&P 500 fell 8.27 points to 1119.31
The Nasdaq was down 47.81 points to 1882.53
February NYMEX Crude Oil rose 0.34 to 18.34
Canadian-US Exchange dipped 0.0049 to 1.6083
-------------------------------------------------------------
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