Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Monday, January 14 2002? No. 461
Visit our website at: http://www.enerfaxgold.com/, 

PETROLEUM PRICES ???
| Bonny Light      |  $20.16
| Brent            |  $19.93
| Butane           |  $ 0.36 
| Fuel Oil #2      |  $ 0.54   
| Louisiana        |  $19.80  
| Medit.           |  $19.68  
| Propane Non-tet  |  $ 0.29   
| Propane Wet-tet  |  $ 0.29  
| W. Tx Int Cush   |  $19.68 
| W. Tx Sour       |  $18.10 

| Euro in US equiv |  0.8925
-------------------------------------------------------------
Todays Petro Bulletins
 * Totalfinaelf Considering Bid for Conoco to Break Up Its Planned 
Merger with Phillips  
 * Baker Hughes Says Rigs Searching for Oil and Natural Gas in US 
Fell 27 to 856 Last Week Compared to 1121 a Year Ago; Canada Up 134 
to 427 Compared to 546 a Year ago; Gulf of Mexico Down 5 at 116 
Compared to 169 a Year Ago
 * Exxon Valdez Case to Move Back to Alaska Court
 * Suncor Sees Up to 75% Drop in 4th Quarter Profit
 * Doubts About Russian Cuts Erode US Oil Prices
 * Qatar Begins Operations on New Facilities at Oil Refinery Raising 
Production Capacity to 137,000 bpd
 * Shell Seeking to Purchase Natural Gas and Oil Exploration
 * Federal Appeals Court Declines to Reconsider November Ruling that 
Threw Out 
as Excessive $5 billion Verdict Against ExxonMobil for 1989 Valdez 
Oil Spill
-------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
FEB 02 0.5570 0.5360 0.5394 -0.0139 
MAR 02 0.5590 0.5450 0.5472 -0.0127 
APR 02 0.5585 0.5450 0.5487 -0.0122 
MAY 02 0.5560 0.5520 0.5472 -0.0117 
JUN 02 0.5590 0.5550 0.5507 -0.0112 
JUL 02 0.5650 0.5590 0.5560 -0.0102 
AUG 02 0.5725 0.5670 0.5632 -0.0102 
SEP 02 0.5765 0.5700 0.5712 -0.0102 
OCT 02 0.5880 0.5880 0.5797 -0.0102 
NOV 02 0.5950 0.5895 0.5993 -0.0102
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
FEB 02 20.35 20.58 19.37 19.68 -0.70 
MAR 02 20.90 20.90 20.20 20.32 -0.58 
APR 02 21.15 21.15 20.55 20.61 -0.55 
MAY 02 21.25 21.25 20.71 20.73 -0.52 
JUN 02 21.25 21.25 21.00 20.79 -0.49 
JUL 02 21.15 21.15 21.05 20.79 -0.48 
AUG 02 21.18 21.18 21.07 20.80 -0.46 
SEP 02 21.08 21.10 20.93 20.81 -0.45 
OCT 02 21.17 21.17 21.02 20.82 -0.44 
NOV 02 21.10 21.10 21.10 20.83 -0.43
-------------------------------------------------------------
Crude Oil Futures Dip on Demand Worries and OPEC Compliance 

    Crude oil futures for February delivery on the NYMEX lost $0.70 
to $19.68 per barrel on Friday, slipping under $20.00 per barrel for 
the first time in nearly 2 weeks. Crude futures fell almost $2.00 
last week after both the API and EIA reported huge inventory builds 
for distillates. As mild weather in the Northeast and an economic 
recession has produced a total surplus of 88 million barrels in 
inventories, traders are concerned that production cuts made by OPEC 
and non-cartel producers will not be enough to rescue oil prices in 
the short term. Many doubt that any of the producers will actually 
stick to their self-imposed output curbs, however some may come 
closer than others. It is the degree of cheating on quotas that will 
determine the near term future of prices. If OPEC and non-OPEC 
producers can remove enough oil from the market to somewhat balance 
supply and demand, prices will likely remain stable or rise 
accordingly. Barring that event, the market will have to wait until 
an expected economic recovery in the second half of the year results 
in increased demand in order for prices to rebound significantly. The 
prospect for compliance was dimmed somewhat when Russia announced 
last week that there would be no January limits on exports of fuel 
oil. Sibneft, Russias 6th largest producer has also said it will 
increase production in 2002 by almost 6 million metric tons. Saudi 
Arabia has told customers in Europe and Asia that it has cut February 
exports by 3% - 7%. But some say that the reduction in February 
deliveries implies that compliance with January cuts could not have 
been good. Since the country usually comes closer to quota adherence 
than others in the cartel, it is unlikely that the compliance of 
others will be any better. Heating oil futures for February delivery 
on the NYMEX fell $0.0139 to $0.5394 per gallon. February gasoline 
futures on the NYMEX slid $0.0165 to $0.5731 per gallon. In London, 
Brent crude oil futures for February delivery were down $0.43 to 
$20.86 per barrel.
-------------------------------------------------------------
??????????????????????
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.5098 -0.0086 ? ? ? 
18 Month Strip ?2.6342 -0.0203 ? ? 
| Month | High  |  Low  | Close | Change |
| FEB   | 2.260 | 2.185 | 2.204 | +0.019 |
| MAR   | 2.260 | 2.187 | 2.203 | +0.008 |
| APR   | 2.295 | 2.240 | 2.250 | +0.005 |
| MAY   | 2.365 | 2.320 | 2.322 | +0.007 |
| JUN   | 2.440 | 2.400 | 2.390 | +0.000 |
| JUL   | 2.515 | 2.470 | 2.460 | +0.000 |
| AUG   | 2.550 | 2.510 | 2.505 | -0.003 |
| SEP   | 2.560 | 2.530 | 2.510 | -0.008 |
| OCT   | 2.580 | 2.540 | 2.535 | -0.015 |
| NOV   | 2.790 | 2.760 | 2.745 | -0.025 |
| DEC   | 3.020 | 2.220 | 2.950 | -0.040 |
| JAN   | 3.120 | 3.085 | 3.044 | -0.051 |
-------------------------------------------------------------
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
-------------------------------------------------------------
Oil and Natural Gas Earnings Expected to Tumble
  
    With oil and natural gas prices sharply lower than the record 
highs of a year ago, earnings for the 7 companies that comprise S&Ps 
oil and natural gas exploration and production index, and likely many 
others in the sector, are expected to tumble by about 70% or more. 
Oil prices dropped by 36% and natural gas prices by 58% from last 
year. Earnings for last quarter are also expected to be impacted by 
write-downs due to the devaluation of oil and natural gas reserves as 
a result of the lower prices. The S&P exploration and production 
index posted a 22% loss for 2001 as a whole. Earnings and stock 
prices for the sector are not expected to get much of a lift until 
the second half of 2002. Investors appear to be focused on the lack 
of cold winter weather, brimming inventories and whether OPEC 
production cuts will be sufficient to increase prices. The natural 
gas market is expected to tighten up around the middle of the year as 
supplies start to shrink from a downturn in drilling during the final 
2 quarters of last year. In the short term, investors are expected to 
focus on companies that can provide volume production growth despite 
cuts in their drilling budgets due to lower prices. 
-------------------------------------------------------------
Energy Releases
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-------------------------------------------------------------
Enterprise Target of Eni Bid 

    Enterprise Oils new CEO will address analysts and investors on 
February 5th, laying out his strategy for an independent company. 
Enterprise has  rejected an unsolicited offer from Italys Eni SpA. 
However, its investors want further details of the rejected offer. 
Eni is also considering raising its bid, but hasn't commented 
publicly. Enterprise shares rose 3.6% Friday to 628p, bringing the 
gain for the past week to 28%. Enterprise which will also report 2001 
earnings February 5th. In December Enterprise boasted it could 
increase production faster than bigger rivals such as Shell and BP. 
But, it has suffered production setbacks in the past year. It said in 
September it would miss a 2001 target of 250,000 - 260,000 bpd for 
the year. The companys prior CEO retired the following month. 
Enterprise says that more than half of future growth will come from 
existing projects such as the Val d'Agri field in Italy, where Eni is 
its partner. The rest would come from expanding operations at fields 
such as Nelson, in the North Sea, from new exploration and from asset 
purchases.
-------------------------------------------------------------
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-------------------------------------------------------------
Suncor Revises 4th Quarter Earnings Estimate
  
    Shares in Suncor Energy fell on Friday after the Canadian company 
said net earnings for the 4th quarter would drop as much as 75% below 
the 3rd quarter. Suncor, which has extensive oil sands mining and 
synthetic crude processing operations in northern Alberta, said a big 
part of the drop was a result of unexpectedly high costs related to 
the recent commissioning of its C$3.4-billion expansion, called 
Project Millenium. The start up costs, along with a sharply lower oil 
prices, will be the main factors in lowering net earnings into the 
C$18 million to C$22 million range, down from C$73 million in the 
previous quarter and C$111 million in the 4th quarter of 2000. The 
expansion which began operations last year, has almost doubled 
synthetic crude production from the plant to 218,000 bpd. However, 
start-up expenses for the expansion were about C$76 million in the 
4th quarter, more than double the expected C$35 million, the company 
said. Suncor did not allow for that situation when it released 
previous guidance figures in early December. Now that the 
commissioning is complete, those expenses will not be repeated, the 
company said. Total synthetic crude production in the 4th quarter was 
expected to be 153,000 bpd, down from forecasts of 155,000 to 165,000 
bpd, Suncor said. Production for this year is expected to be 225,000 
bpd. 
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
FEB 02 21.25 21.25 20.60 20.86 -0.43 
MAR 02 20.20 20.32 19.90 19.92 -0.35 
APR 02 20.26 20.31 20.00 20.03 -0.29 
MAY 02 20.24 20.30 20.02 20.02 -0.28 
JUN 02 20.22 20.25 20.00 20.00 -0.29 
JUL 02 20.15 20.23 19.99 19.99 -0.30 
AUG 02 20.26 20.26 20.00 20.00 -0.30 
SEP 02 20.25 20.25 20.01 20.01 -0.30
OCT 02 20.23 20.23 20.02 20.02 -0.30
NOV 02 20.03 20.03 20.03 20.03 -0.29
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Feb 02 0.0000 0.0000 0.2900 +0.0000 
Mar 02 0.0000 0.0000 0.2900 +0.0025
Apr 02 0.0000 0.0000 0.2900 +0.0025
May 02 0.0000 0.0000 0.2925 +0.0000
Jun 02 0.0000 0.0000 0.2950 +0.0000
Jul 02 0.0000 0.0000 0.3025 +0.0000
Aug 02 0.0000 0.0000 0.3075 +0.0000
Sep 02 0.0000 0.0000 0.3075 +0.0000
Oct 02 0.0000 0.0000 0.3175 +0.0000
Nov 02 0.0000 0.0000 0.3175 +0.0000    
-------------------------------------------------------------
Nigeria Fuel Strike Threatened

    The Nigerian government is in talks with the country's main labor 
in a bid to stave off a threatened strike over recent fuel price 
increases. The Nigeria Labor Congress has warned that it will embark 
on a nationwide strike scheduled to begin January 15th if the 
government does not revert to the old fuel prices. The government 
increased the price of petrol, kerosene and diesel oil by between 18-
35% sending fuel and transport prices in the West African nation 
soaring. The NLC said workers in the public and private sectors, 
including transporters, market women, petrol station attendants, 
ports and hospital workers, would participate in the strike, which 
would be the second over fuel price increases in the past 2 years. 
Negotiations between the government and the NLC opened last Thursday 
in the capital but ended without agreement. Nigeria, the world's 6th 
largest oil producer, earns more than 90% of its foreign exchange and 
government revenue from exports of the commodity. 
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
FEB 02 168.50 167.25 167.50 + 1.75 
MAR 02 170.25 169.00 169.25 + 1.00 
APR 02 171.50 170.50 170.75 + 1.00 
MAY 02 172.25 172.25 172.25 + 1.00 
JUN 02 175.00 174.00 174.00 + 1.25 
JUL 02 175.50 175.50 175.50 + 1.25 
AUG 02 177.00 177.00 177.00 + 1.25
SEP 02 180.00 178.50 178.50 + 1.25
OCT 02 181.50 180.00 180.00 + 1.00
NOV 02 182.25 181.00 181.00 + 1.25
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
FEB 02 0.5930 0.5720 0.5731 -0.0165 
MAR 02 0.6050 0.5840 0.5876 -0.0138 
APR 02 0.6670 0.6510 0.6521 -0.0133 
MAY 02 0.6705 0.6670 0.6581 -0.0128 
JUN 02 0.6750 0.6660 0.6586 -0.0123 
JUL 02 0.6620 0.6550 0.6516 -0.0123 
AUG 02 0.6535 0.6495 0.6391 -0.0123 
SEP 02 0.6330 0.6320 0.6216 -0.0123 
OCT 02 0.6084 0.6084 0.6084 -0.0061 
NOV 02 0.6009 0.6009 0.6009 -0.0056
--------------------------------------------------------------
Tankers Booked to Ship Gasoline from Europe to US 

    A large volume of tankers have been chartered in the past 10 days 
to load gasoline from the UK, Continent and Mediterranean to the US 
as the arbitrage window reopened. CSSSA has been one of the more 
active charterers from the Continent, booking at least five ships, 
while ChevronTexaco and Repsol have also been major players. From the 
Mediterranean, Agip USA booked four ships for cargoes to the Atlantic 
coast. The relatively weak freight prices following slow trade over 
the Christmas holidays made the arbitrage window viable, but rates 
are slowly creeping up on the back of this increase in activity. 
Rates should continue to head higher as this transatlantic activity 
will create a lack of supply on the Continent with 15 to 20 ships 
having been removed. Brokers said it will be a month before the ships 
are repositioned back on the Continent. It is unlikely these ships 
will try to collect cargoes from the Caribbean after discharging in 
the US as demand from this area for products on the Atlantic coast 
has waned. 
-------------------------------------------------------------
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-------------------------------------------------------------
PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.15  |
| ANR SE                  | 2.24  |
| Carthage TG             | 2.21  |
| Chicago Citygate        | 2.23  |
| Columbia Gulf Onshore   | 2.26  |
| Dominion South Point    | 2.38  |
| Henry Hub               | 2.30  |
| Houston Ship Channel    | 2.28  |
| Katy Hub                | 2.22  |
| NGPL LA Pool            | 2.19  |
| NGPL - Midcontinent     | 2.11  |
| NGPL STX                | 2.16  |
| NGPL TX/OK              | 2.17  |
| NNG Demarc.             | 2.15  |
| Niagara                 | 2.46  |
| Sonat Tier 1            | 2.25  |
| TCO IPP Pool            | 2.39  |
| Tetco ELa               | 2.27  |
| Tetco M-3               | 2.60  |
| Tetco STX               | 2.16  |
| TGP Zone 0              | 2.16  |
| TGP Zone 1 (500 Leg)    | 2.22  |
| TGT Zone SL             | 2.27  |
| New York Citygate       | 2.63  |
| Transco Station 65      | 2.35  |
| Transco Zone 6 (NY)     | 2.64  |
| Trunk ELa               | 2.22  |
| Western Region          
| California Border       | 2.12  |
| El Paso Keystone        | 2.01  |
| El Paso San Juan-Blanco | 1.98  |
| Waha Hub                | 2.09  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.04  |
| Dawn Hub/Union          | 2.28  |
| Northwest Stanfield     | 1.98  |
| Wyoming Pool            | 1.92  |
| Opal/Kern River         | 1.92  |
| PGT-Malin               | 2.06  |
| Sumas                   | 1.98  |
Flow Dates 1/12-14
-------------------------------------------------------------
Pemex to Sell Crude to Valero

    Pemex has confirmed its subsidiary, PMI Comercio Internacional,  
has signed a long-term contract to sell 90,000 bpd of Maya crude to 
Valero Energy. Pemex says that delivery would begin when Valero 
completes expansion at its refinery in Texas City. Valero says the 
new contract brought its total commitment with PMI to more than 
170,000 bpd of crude oil. Valero is adding a 45,000 bpd coker unit to 
its Texas City refinery, which will enable it to process heavier, 
high sulfur crude oil, such as the Maya crude. 
-------------------------------------------------------------
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 dipped 20.45 points to 7701.93
The CRB Index slid 0.64 points to 194.39
The US Dollar decreased 0.11 points to 116.64
The Dow declined 80.33 points to 9987.53
The S&P 500 dropped 10.95 points to 1145.60
The Nasdaq was down 24.78 points to 2022.46
February NYMEX Crude Oil fell 0.70 to 19.68
Canadian-US Exchange lost 0.0039 to 1.5972
-------------------------------------------------------------
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