Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Thursday, January 10 2002? No. 459
Visit our website at: http://www.enerfaxgold.com/, 

PETROLEUM PRICES ???
| Bonny Light      |  $20.32
| Brent            |  $20.09
| Butane           |  $ 0.36 
| Fuel Oil #2      |  $ 0.53   
| Louisiana        |  $20.50  
| Medit.           |  $19.84  
| Propane Non-tet  |  $ 0.29   
| Propane Wet-tet  |  $ 0.29  
| W. Tx Int Cush   |  $20.18 
| W. Tx Sour       |  $18.60 

| Euro in US equiv |  0.8914	

-------------------------------------------------------------
Todays Petro Bulletins
 * SCE Notes Security at San Onofre Nuclear Power Plant Was Never 
Threatened
 * Shell Capital Expands Operations, Hires Two New Vice Presidents
 * Plains All American Pipeline to Acquire West Texas Crude Oil 
Assets from CornerStone Propane Partners for $8.5 Million
 * Shell Finds Onshore Oilfield in Gabon in Central Africa
 * McDermott Wins Asbestos Insurance Ruling
 * Qatar and Pakistan Resurrect $5 Billion Natural Gas Project to 
Supply 1.6 Bcf per Day from Qatar to Pakistan by Pipeline
 * Pemex to Cut Work Force by 2,000 Jobs this Year
 * Burlington Resources Declares $0.1375 per Share Quarterly Dividend 
on Common Stock
 * Oil Sector Stocks Slide Yesterday on Rising Supply 
 * Baker Hughes Says Worldwide Rig Count for December 2001 was 1,917, 
Down 90 from 2,007  in November 2001 and Down 295 from 2,212 in 
December 2000
-------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
FEB 02 0.5560 0.5360 0.5379 -0.0303 
MAR 02 0.5610 0.5430 0.5444 -0.0282 
APR 02 0.5625 0.5460 0.5469 -0.0267 
MAY 02 0.5580 0.5530 0.5459 -0.0153 
JUN 02 0.5665 0.5550 0.5494 -0.0242 
JUL 02 0.5690 0.5625 0.5549 -0.0232 
AUG 02 0.5795 0.5660 0.5619 -0.0227 
SEP 02 0.5940 0.5885 0.5921 -0.0023 
OCT 02 0.5880 0.5880 0.5784 -0.0217 
NOV 02 0.6010 0.5940 0.5859 -0.0212
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
FEB 02 20.70 20.95 20.11 20.18 -1.07 
MAR 02 20.85 21.30 20.55 20.65 -0.92 
APR 02 21.16 21.73 20.81 20.88 -0.85 
MAY 02 21.20 21.55 20.85 20.93 -0.76 
JUN 02 21.20 21.40 20.90 20.94 -0.69 
JUL 02 21.15 21.34 20.90 20.91 -0.66 
AUG 02 21.00 21.00 21.00 20.89 -0.64 
SEP 02 21.00 21.05 21.00 20.88 -0.62 
OCT 02 21.58 21.62 21.58 21.47 -0.21 
NOV 02 21.00 21.00 21.00 20.86 -0.58
-------------------------------------------------------------
Crude Oil Futures Tumble on API Data

    Crude oil futures for February delivery on the NYMEX tumbled 
$1.07 to $20.18 per barrel yesterday after the API reported an 
unexpectedlarge jump of 930,000 barrels in heating oil supplies by 
last week. Analysts had expected a drop in inventories after last 
weeks cold snap increased demand. Heating oil inventories now stand 
at 62 million barrels, about 30% higher than a year ago and 10% over 
levels at the start of the heating season. Total distillate stocks 
climbed by 5.68 million barrels according the API report. Demand for 
jet fuel plunged after the September 11th attacks, so refiners began 
to produce more heating oil to make up for the shortage, but an 
unseasonably mild autumn coupled with a recession that eroded demand 
has sent inventory levels soaring. In addition, traders are skeptical 
about the level of resolve by OPEC and non-member producers to stick, 
or even come close, to their pledge to remove almost 2 million bpd 
from the market. Heating oil futures for February delivery on the 
NYMEX fell $0.0303 to $0.5379 per gallon. Prices for heating oil are 
down 8.2% for the week and 33% below a year ago. February gasoline 
futures on the NYMEX lost $0.0293 to $0.5806 per gallon. In London, 
Brent crude oil futures on the IPE were down $1.13 to $20.89 per 
barrel. 
-------------------------------------------------------------
????????????????????
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.5410 -0.0438 ? ? ? 
18 Month Strip ?2.6860 -0.0429 ? ? 
| Month | High  |  Low  | Close | Change |
| FEB   | 2.270 | 2.140 | 2.228 | -0.053 |
| MAR   | 2.260 | 2.150 | 2.232 | -0.053 |
| APR   | 2.270 | 2.245 | 2.266 | -0.024 |
| MAY   | 2.360 | 2.271 | 2.332 | -0.042 |
| JUN   | 2.450 | 2.320 | 2.402 | -0.040 |
| JUL   | 2.475 | 2.410 | 2.467 | -0.038 |
| AUG   | 2.525 | 2.465 | 2.517 | -0.038 |
| SEP   | 2.580 | 2.485 | 2.531 | -0.041 |
| OCT   | 2.605 | 2.515 | 2.566 | -0.041 |
| NOV   | 2.810 | 2.750 | 2.794 | -0.043 |
| DEC   | 3.050 | 2.975 | 3.021 | -0.046 |
| JAN   | 3.150 | 3.090 | 3.136 | -0.046 |
-------------------------------------------------------------
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-------------------------------------------------------------
Williams Completes Cryogenic Upgrade 

  Williams has completed the addition of a 3rd cryogenic gas 
processing unit at its Echo Springs natural gas plant near Wamsutter, 
Wyoming. The project boosts processing capacity from 250 MMcf per day 
to 390 MMcf per day and liquids extraction from 18,000 bpd to 28,000 
bpd. Williams also expanded the pipeline gathering system that brings 
natural gas into the plant for processing.  Capacity on the gathering 
system was increased from 330 MMcf per day to 400 MMcf per 
day.  Total cost for the entire upgrade at the Echo Springs complex 
is $45 million. Installation of the new cryogenic unit began in April 
2001 and was mechanically completed in early November by Pro-Quip 
Corporation of Tulsa. Williams concluded startup operations in late 
December and is already utilizing in excess of 80% of the new 
processing capacity. 
-------------------------------------------------------------
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-------------------------------------------------------------
Lower Refining Margins Cut Into Sunoco Earnings

    Sunoco has said its operating income last year was about the same 
as in 2000 at $5.00 per share, below forecasts of $5.21 because of 
lower refining margins and a loss from its chemical business. 
Analysts expect the company to post earnings of $0.41 per share for 
the 4th quarter. Sunoco said that last quarter was the most difficult 
market environment experienced in several years because of the 
weakening economy and record warm temperatures. Northeast refining 
margins fell last quarter and its chemicals unit probably had a small 
loss because of cyclically low margins, the company said. A sharp 
drop in demand for heating oil during the 4th quarter, a time when 
refineries usually switch to producing more heating oil, has eaten 
away at profits. Last quarter, the average price of NYMEX heating oil 
fell 41% to $0.5807 per gallon from a year earlier. The company's jet 
fuel sales also likely fell victim to flight cutbacks by airlines 
following the September 11th attacks. The average price of jet fuel 
on the East Coast dropped by 44% last quarter from a year earlier. 
Sunoco said its capital spending will be about $517 million this 
year, compared to 2001s capital expenditures of about $350 million, 
excluding some acquisitions. The company plans to open about 50 new 
gasoline stations at Wal-Mart stores this year. Wal-Mart also has 
service station agreements with Murphy Oil and Tesoro Petroleum. 
Sunoco repurchased about 3.2 million shares last quarter for $120 
million. It spent a total of $393 million to buy back about 10.7 
million shares in 2001. 
-------------------------------------------------------------

IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
FEB 02 21.48 21.55 20.85 20.89 ?1.13 
MAR 02 20.52 20.60 20.07 20.10 ?0.82 
APR 02 20.39 20.49 20.10 20.10 ?0.72 
MAY 02 20.26 20.40 20.07 20.07 ?0.64 
JUN 02 20.22 20.40 20.06 20.06 -0.61 
JUL 02 20.19 20.40 20.06 20.06 -0.59 
AUG 02 20.28 20.41 20.06 20.06 -0.57 
SEP 02 20.15 20.40 20.06 20.06 -0.55
OCT 02 20.05 20.05 20.05 20.05 -0.54
NOV 02 20.04 20.04 20.04 20.04 -0.53
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Feb 02 0.0000 0.0000 0.2900 -0.0125 
Mar 02 0.0000 0.0000 0.2875 -0.0125
Apr 02 0.0000 0.0000 0.2875 -0.0125
May 02 0.0000 0.0000 0.2925 -0.0125
Jun 02 0.0000 0.0000 0.2950 -0.0125
Jul 02 0.0000 0.0000 0.3025 -0.0125
Aug 02 0.0000 0.0000 0.3075 -0.0125
Sep 02 0.0000 0.0000 0.3075 -0.0125
Oct 02 0.0000 0.0000 0.3175 -0.0125
Nov 02 0.0000 0.0000 0.3175 -0.0125     
-------------------------------------------------------------
Shell Discovers New Gabon Oil Field


    Royal-Dutch Shell's unit in Gabon has found an onshore oilfield 
at a time the central African nation is trying to step up efforts to 
reverse a long term decline in production. Gabon's energy minister 
says the production capacity of the new field is estimated to be 
between 15,000 ? 20,000 bpd, and to hold 20 - 50 million barrels of 
crude oil. The field was discovered through the Toucan-1 exploration 
well at a depth of 5,170 feet, 6 miles from the Shell's Rabi-Kounga 
field, which is Gabon's largest. Gabon is sub-Saharan Africa's 3rd 
largest producer after Nigeria and Angola. The government relies on 
oil exports for more than 60% of its revenue. 
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
FEB 02 166.50 166.50 166.50 - 7.25 
MAR 02 171.75 169.00 169.25 - 6.75 
APR 02 173.00 170.75 170.75 - 6.50 
MAY 02 174.50 171.50 172.00 - 6.50 
JUN 02 176.00 173.50 173.50 - 6.25 
JUL 02 175.25 175.25 175.25 - 6.25 
AUG 02 176.75 176.75 176.75 - 6.25
SEP 02 179.00 178.75 178.75 - 6.25
OCT 02 179.75 179.75 179.75 - 6.50
Nov 02 180.75 180.75 180.75 ? 6.25
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
FEB 02 0.6020 0.5780 0.5806 -0.0293 
MAR 02 0.6115 0.5900 0.5940 -0.0261 
APR 02 0.6730 0.6530 0.6570 -0.0221 
MAY 02 0.6775 0.6630 0.6625 -0.0203 
JUN 02 0.6725 0.6640 0.6618 -0.0182 
JUL 02 0.6670 0.6590 0.6543 -0.0170 
AUG 02 0.6550 0.6515 0.6423 -0.0162 
SEP 02 0.6370 0.6360 0.6248 -0.0157 
OCT 02 0.6145 0.6145 0.6145 -0.0089 
NOV 02 0.6120 0.6100 0.6065 -0.0074
--------------------------------------------------------------
TEPPCO Buys Chaparral and Quanah Pipelines
  
    TEPPCO has signed an agreement to acquire the Chaparral and 
Quanah pipelines from Diamond-Koch for about $130 million and is 
expects to close the deal next month. TEPPCO projects 1st year 
earnings before interest, taxes, depreciation and amortization from 
the pipeline systems of about $16 million. All of the pipelines 
revenue is either tariff or fee-based. TEPPCO says the acquisition 
will be immediately accretive to income and cash flow. Over the last 
2 years TEPPCO has announced more than $900 million in acquisitions, 
and plans acquisitions of $300 million to $400 million in 2002. The 
800-mile Chaparral pipeline extends from New Mexico to Mont Belvieu, 
TX. The pipeline delivers natural gas liquids to fractionators and 
existing TEPPCO storage in Mont Belvieu. The 170-mile Quanah Pipeline 
is a NGL gathering system in West Texas. The Quanah Pipeline begins 
in Sutton County, TX, and connects to the Chaparral Pipeline near 
Midland. The pipelines are connected to 27 gas plants in West Texas 
and have about 28,000 HP of pumping capacity at 14 stations. The sale 
also includes 2 underground NGL storage wells with a total capacity 
of 220,000 barrels. The pipelines and facilities will be operated and 
managed by Duke Energy Field Services. The acquisition will initially 
be funded under TEPPCO's bank credit facilities. TEPPCO is evaluating 
permanent financing alternatives. 
-------------------------------------------------------------
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-------------------------------------------------------------
NCNG to Participate in EPA Methane-Reduction Program
  
    NCNG has said that it will participate in the EPA's Natural Gas 
STAR Program, aimed at reducing emissions of methane. Natural Gas 
STAR, a voluntary program between the EPA and the industry, seeks to 
reduce methane emissions by promoting cost-effective technologies and 
practices. Methane, the primary component of natural gas, is 
considered to be a greenhouse gas that contributes to global warming. 
Although less than 2% of natural gas in the US is lost through 
emissions, Natural Gas STAR partners have eliminated more than 120 
Bcf of methane emissions since the program began, equal to removing 
9.5 million cars from the road for one year or planting 14.5 million 
acres of trees. In addition, companies have saved $360 million 
because of the smaller amounts of lost natural gas. Launched in 1993 
as part of the Climate Change Action Plan, Natural Gas STAR has more 
than 80 partner companies and is endorsed by 11 major industry trade 
associations. For more information about the EPA's Natural Gas STAR 
program, visit www.epa.gov/gasstar . 
-------------------------------------------------------------
PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.17  |
| ANR SE                  | 2.25  |
| Carthage TG             | 2.25  |
| Chicago Citygate        | 2.19  |
| Columbia Gulf Onshore   | 2.28  |
| Dominion South Point    | 2.38  |
| Henry Hub               | 2.31  |
| Houston Ship Channel    | 2.30  |
| Katy Hub                | 2.25  |
| NGPL LA Pool            | 2.18  |
| NGPL - Midcontinent     | 2.08  |
| NGPL STX                | 2.15  |
| NGPL TX/OK              | 2.16  |
| NNG Demarc.             | 2.12  |
| Niagara                 | 2.48  |
| Sonat Tier 1            | 2.26  |
| TCO IPP Pool            | 2.38  |
| Tetco ELa               | 2.30  |
| Tetco M-3               | 2.61  |
| Tetco STX               | 2.18  |
| TGP Zone 0              | 2.19  |
| TGP Zone 1 (500 Leg)    | 2.26  |
| TGT Zone SL             | 2.28  |
| New York Citygate       | 2.67  |
| Transco Station 65      | 2.37  |
| Transco Zone 6 (NY)     | 2.67  |
| Trunk ELa               | 2.22  |
| Western Region          
| California Border       | 2.15  |
| El Paso Keystone        | 2.03  |
| El Paso San Juan-Blanco | 2.00  |
| Waha Hub                | 2.10  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 2.89  |
| Dawn Hub/Union          | 2.27  |
| Northwest Stanfield     | 2.03  |
| Wyoming Pool            | 1.92  |
| Opal/Kern River         | 1.94  |
| PGT-Malin               | 2.09  |
| Sumas                   | 2.01  |
           Flow Date 1/10
-------------------------------------------------------------
Duke Begins Operations at New Natural Gas Processing Plant 


    Duke Energy Field Services has completed start-up testing 
operations at its new Platteville natural gas processing plant, and 
placed it into commercial operation. The Platteville processing plant 
is located northeast of Denver and will have an initial capacity of 
33 MMcf per day of natural gas, and is expandable to 50 MMcf per day 
with additional inlet compression. The plant will facilitate 
additional oil and gas production growth in the Denver-Julesburg  
Basin. This expansion of processing capacity represents the 3rd major 
expansion of capacity in the last three years and increases Dukes's 
processing capacity in the area to more than 240 MMcf per day.  
-------------------------------------------------------------
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
-------------------------------------------------------------
Plains All American Buys CornerStone Assets

  Plains All American Pipeline has agreed to buy most of the West 
Texas crude oil assets of CornerStone Propane Partners for about $8.5 
million. The deal will generate an annual 15% - 20% return on 
capital. It is expected to close in March. The assets consist of 
midstream crude oil pipeline, gathering and marketing facilities in 
the West Texas market. Currently they are operated by CornerStone 
unit Coast Energy Group under the names Lantern Petroleum and Coast 
Energy Group. 
-------------------------------------------------------------
Baker Hughes December 2001 Rig Counts
  
    Baker Hughes says the international rig count for December 2001 
was 752, up 11 from 741 in November 2001 and up 47 from 705 in 
December 2000. The international offshore rig count for December 2001 
was 222 up 2 from 220 in November 2001 and up 21 from 201 in December 
2000. The US rig count for December 2001 was 901 down 99 from 1,000 
in November 2001 and down 196 from 1,097 in December 2000. The 
Canadian rig count for December 2001 was 264 down 2 from 266 in 
November 2001 and down 146 from 410 in December 2000. 
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dipped 6.26 points to 7775.78
The CRB Index gained 0.10 points to 195.03
The US Dollar increased 0.16 points to 116.94
The Dow declined 56.46 points to 10094.09
The S&P 500 dropped 5.57 points to 1155.14
The Nasdaq was down 10.89 points to 2044.89
February NYMEX Crude Oil fell 1.07 to 20.18
Canadian-US Exchange lost 0.0029 to 1.5950
-------------------------------------------------------------
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