Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Friday, January 18 2002? No. 465
Visit our website at: http://www.enerfaxgold.com/, 

PETROLEUM PRICES ???
| Bonny Light      |  $18.60
| Brent            |  $18.47
| Butane           |  $ 0.36 
| Fuel Oil #2      |  $ 0.51   
| Louisiana        |  $18.20  
| Medit.           |  $17.47  
| Propane Non-tet  |  $ 0.28   
| Propane Wet-tet  |  $ 0.28  
| W. Tx Int Cush   |  $17.98 
| W. Tx Sour       |  $16.35 

| Euro in US equiv |  0.8810
-------------------------------------------------------------
Todays Petro Bulletins
 * Enerfax GOLD to Be Closed Monday for Martin Luther King Jr Holiday
 * FTC Seeks More Information on Phillips-Conoco Deal
 * Shell Volunteers Across the Country to Honor Martin Luther King Jr
 * Labor Leaders Arrested in Nigeria
 * NCE Petrofund Announces Purchase of $19.8 Million of Oil & Natural 
Gas Properties
 * LUKOIL Nominates Emerging Markets Guru Mark Mobius and 
ChevronTexaco VP Richard Matzke to Be Independent Directors
 * BP Cuts Crude Runs at West Coast Refineries Because of 
Unprofitable Refining Margins
 * Marathon Cuts Production 15% Across 935,000 bpd US Refining System 
Due to 
Continuing Poor Margins
 * PanCanadian's North Sea Buzzard Oil Discovery Third Larger than 
Early Estimate; Britain's Biggest Discovery in Decade
 * Board of Directors of the New Valero Holds First Meeting, 
Announces Board Changes
 * Kaneb Pipe Line Partners Names Jimmy Harrison New President of 
Pipeline System
 * PGS Awarded $58 Million in New Onshore and Transition Zone 
Contracts
 * Wyoming Oil & Minerals Announces Acquisition of New Frontier 
Energy 
-------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
Feb 02 0.5380 0.5080 0.5145 -0.0176 
Mar 02 0.5430 0.5120 0.5180 -0.0176 
Apr 02 0.5410 0.5150 0.5200 -0.0166 
May 02 0.5400 0.5170 0.5215 -0.0151 
Jun 02 0.5455 0.5240 0.5265 -0.0146 
Jul 02 0.5480 0.5290 0.5325 -0.0141 
Aug 02 0.5530 0.5372 0.5400 -0.0136 
Sep 02 0.5640 0.5474 0.5490 -0.0131 
Oct 02 0.5630 0.5580 0.5580 -0.0131 
Nov 02 0.5710 0.5650 0.5660 -0.0131 
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
Feb 02 19.10 19.15 17.85 17.97 -0.89 
Mar 02 19.75 19.80 18.50 18.63 -0.85 
Apr 02 20.10 20.10 18.93 19.03 -0.81 
May 02 20.25 20.35 19.23 19.27 -0.78 
Jun 02 20.32 20.35 19.40 19.45 -0.75 
Jul 02 20.30 20.30 19.52 19.52 -0.72 
Aug 02 20.15 20.15 19.59 19.59 -0.68 
Sep 02 20.28 20.00 19.64 19.64 -0.67 
Oct 02 20.15 20.30 19.69 19.69 -0.66 
Nov 02 19.90 19.90 19.74 19.74 -0.65
-------------------------------------------------------------
Crude Oil Futures Continue Downward Spiral

Crude oil futures for February delivery on the NYMEX tumbled $0.89 to 
$17.97 per barrel yesterday, settling below $18.00 per barrel for the 
first time since November of 1999. The session low of $17.80 per 
barrel was the lowest level for front month crude since it hit an 
intraday low of $17.29 per barrel last November. The last 9 sessions 
have seen February crude futures plunge by $3.51 per barrel with an 
unusually mild winter slicing demand and swelling oil and products 
stockpiles, which were already far higher than normal as air travel 
nose-dived and a recession set in after the September 11th attacks. 
Already down 30% lower since the September attacks, prices have 
dropped further after the API report showed total crude and product 
inventories rising to their highest level since August 1999. Many 
doubt OPEC's ability to maintain its modest level of quota discipline 
after it and rival exporters agreed to cut almost 2 million bpd from 
the worlds supplies. Traders are concerned that if January supply 
figures showed that producers have not cut back as much as they 
promised, confidence in the agreement could quickly disintegrate. 
Heating oil futures for February delivery on the NYMEX fell $0.0176 
to $0.5145 per gallon. February gasoline futures on the NYMEX lost 
$0.0224 to $0.5361 per gallon. In London, Brent crude oil futures for 
March delivery were down $0.62 to $18.41 per barrel. 
-------------------------------------------------------------
??????????????????????
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.5389 -0.0781 ? ? ? 
18 Month Strip ?2.6527 -0.0647 ? ? 
| Month | High  |  Low  | Close | Change |
| FEB   | 2.274 | 2.245 | 2.254 | -0.140 |
| MAR   | 2.269 | 2.250 | 2.254 | -0.109 |
| APR   | 2.305 | 2.290 | 2.291 | -0.092 |
| MAY   | 2.380 | 2.380 | 2.359 | -0.087 |
| JUN   | 2.440 | 2.425 | 2.419 | -0.087 |
| JUL   | 2.500 | 2.500 | 2.489 | -0.077 |
| AUG   | 2.610 | 2.515 | 2.535 | -0.071 |
| SEP   | 2.605 | 2.520 | 2.536 | -0.063 |
| OCT   | 2.630 | 2.540 | 2.557 | -0.064 |
| NOV   | 2.815 | 2.710 | 2.767 | -0.049 |
| DEC   | 2.968 | 2.968 | 2.962 | -0.049 |
| JAN   | 3.050 | 3.050 | 3.044 | -0.049 |
-------------------------------------------------------------
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
-------------------------------------------------------------
New Trinidad Oil Field

     Trinidad and Tobago will receive between $2.6 billion and $3.5 
billion from a major oil find there by BHP Billiton. When the oil 
field comes on stream in 2004, BHP hopes to double current local oil 
production of 100,000 bpd over its life cycle which he estimates at 
17 years. Minimum reserves are around 300 million barrels. BHP plans 
to invest $500 million over the next few years to develop the Greater 
Angostura field off the northeast coast. 
-------------------------------------------------------------
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-------------------------------------------------------------
Unions Urge Senate to Pass Energy Bill 

    Several major trade unions have joined the president in urging 
the Senate to pass an energy bill that allows drilling in the Arctic 
National Wildlife Refuge. The unions favor the bill because of the 
large number of jobs it will create for their workers. The Senate 
majority leader has said the chamber, which is controlled by 
Democrats, will take up energy legislation later this month. 
Democrats favor another plan to triple the amount renewable power in 
use and outlaw the use of the additive MTBE in gasoline within 4 
years. Some Democratic senators have vowed to prevent the bill from 
passing. One senator has suggested the use parliamentary procedures 
to prevent the Senate from even considering ANWR exploration. The 
presidents of the Teamsters Union and United Brotherhood of 
Carpenters are pushing senate leaders to pass the presidents bill in 
the first week of February, and have criticized the Senate for 
politicizing the energy legislation. A 10-year old study by the API 
concluded that ANWR drilling could create up to 700,000 new jobs. 
However, critics of drilling in the refuge put the number at a much 
lower 46,000 jobs and called the API study bogus. Foreign oil imports 
accounts for 57% of the nations supply. The 16 billion barrels of oil 
the Arctic refuge may hold would be enough crude to replace Iraqi 
exports for 70 years, according to Republicans. The energy bill 
passed by the Republican-controlled House would also give $33.5 
billion in tax breaks and incentives to oil and coal companies. 
-------------------------------------------------------------
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-------------------------------------------------------------
Suncor 4th Quarter Profits Drop
  

    Suncor Energy has reported that earnings dropped by 77% in profit 
for the 4th quarter, citing higher than expected start-up costs for 
its oil sands expansion and falling oil and natural gas prices. 
Suncor's report led off what is expected to be the industry's weakest 
Canadian quarter in about two years. Fourth quarter profits were C$26 
million, or C$0.09 per share, falling from C$111 million, or C$0.46 
per share a year earlier. Cash flow fell 38% to C$133 million, from 
C$216 million in the 4th quarter of 2000. Revenues of C$883 million, 
were down 5% from C$927 million. Suncor is known for its oil sands 
mining and synthetic crude processing operation in Alberta. The 
company completed its 4-year, C$3.4 billion Project Millennium, which 
almost doubled production to 225,000 bpd at the end of last year. 
Suncor says that with Project Millennium completed, it can now focus 
on getting back to basics in 2002. Results were also affected by a 
36% drop in refining margins, which erased net earnings at its Sunoco 
gasoline station division. Last week Suncor warned of a dip in profit 
because of cost overruns associated with its oil sand expansion. Oil 
sands production averaged 153,000 bpd in the 4th quarter, up from 
110,000 a year ago. The company expects average first-quarter output 
of about 200,000 bpd and full-year production of 210,000 bpd. Suncor 
also expects cash operating costs for 2002 of C$10 to C$10.50 per 
barrel, it said. For 2001, net earnings rose 3% to C$388 million, or 
C$1.63 per share, from C$377 million, or C$1.58 per share, due to an 
increase in production, and higher natural gas prices and retail 
margins earlier in the year. 
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
MAR 02 19.25 19.38 18.23 18.40 -0.63 
APR 02 19.40 19.50 18.44 18.58 -0.68 
MAY 02 18.81 19.60 18.60 18.81 -0.58 
JUN 02 19.60 19.60 18.63 18.67 -0.74 
JUL 02 19.57 19.57 18.90 19.06 -0.40 
AUG 02 19.60 19.60 19.23 19.23 -0.28 
SEP 02 00.00 00.00 00.00 00.00 +0.00
OCT 02 00.00 00.00 00.00 00.00 +0.00
NOV 02 00.00 00.00 00.00 00.00 +0.00
DEC 02 00.00 00.00 00.00 00.00 +0.00
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Feb 02 0.0000 0.0000 0.2775 +0.0000 
Mar 02 0.0000 0.0000 0.2780 +0.0020
Apr 02 0.0000 0.0000 0.2800 +0.0000
May 02 0.0000 0.0000 0.2825 +0.0000
Jun 02 0.0000 0.0000 0.2900 +0.0000
Jul 02 0.0000 0.0000 0.3000 +0.0000
Aug 02 0.0000 0.0000 0.3050 +0.0000
Sep 02 0.0000 0.0000 0.3050 +0.0000
Oct 02 0.0000 0.0000 0.3150 +0.0000
Nov 02 0.0000 0.0000 0.3150 +0.0000    
-------------------------------------------------------------
Kinder Morgan Beats 4th Quarter and Yearly Estimates

    Kinder Morgan has posted a 4th quarter net income of $72.4 
million, or $0.60 per share, beating the forecast for earnings of 
$0.55 per share. In 2000, it had earnings of $55.3 million, or $0.43 
per share. However, total operating profits slid to $288.6 million 
from $905.7 million in the 4th quarter of 2000. The company said 
earnings were due to KMI's ownership of the general partner of Kinder 
Morgan Energy Partners, which reported 4th-quarter earnings of $120.7 
million, or $0.40 per unit, easily beating the forecast for earnings 
of $0.39 per unit The partnership made $77.1 million, or $0.34  per 
unit, a year ago. KMPs net income for last year was $251.9 million 
pretax compared to $113.3 million a year ago.  
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
FEB 02 164.50 157.25 157.50 - 2.75 
MAR 02 165.50 159.00 159.00 - 3.50 
APR 02 166.75 160.50 160.50 - 3.75 
MAY 02 168.00 162.00 162.00 - 3.50 
JUN 02 170.00 163.75 163.75 - 3.50 
JUL 02 171.00 165.50 165.50 - 3.50 
AUG 02 169.50 167.25 167.25 - 3.50
SEP 02 174.00 169.00 169.00 - 3.50
OCT 02 175.50 170.75 170.75 - 3.50
NOV 02 176.25 172.00 170.00 - 3.25
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Feb 02 0.5620 0.5310 0.5361 -0.0224 
Mar 02 0.5760 0.5470 0.5498 -0.0223 
Apr 02 0.6450 0.6200 0.6220 -0.0186 
May 02 0.6520 0.6298 0.6298 -0.0180 
Jun 02 0.6460 0.6325 0.6325 -0.0173 
Jul 02 0.6460 0.6287 0.6287 -0.0161 
Aug 02 0.6240 0.6182 0.6182 -0.0151 
Sep 02 0.6100 0.6017 0.6017 -0.0141 
Oct 02 0.5835 0.5762 0.5762 -0.0136 
Nov 02 0.5755 0.5682 0.5682 -0.0131
--------------------------------------------------------------
Enterprise Acquires Diamond-Koch's Liquid Storage Business

    Enterprise Products Partners has acquired a natural gas liquids 
and petrochemical liquids storage business from Diamond-Koch for $129 
million in cash. The storage facilities consist of 30 salt dome 
storage caverns with a total permitted capacity of 77 million 
barrels. The facilities provide storage services for mixed natural 
gas liquids, ethane, propane, butanes, natural gasoline and olefins, 
such as ethylene, polymer grade propylene, chemical grade propylene 
and refinery grade propylene. The caverns are located in Mont 
Belvieu, Texas. The acquisition should provide annual cash accretion 
to our partners of $0.12 per unit on a fully diluted basis. 
-------------------------------------------------------------
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-------------------------------------------------------------
PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.29  |
| ANR SE                  | 2.36  |
| Carthage TG             | 2.34  |
| Chicago Citygate        | 2.38  |
| Columbia Gulf Onshore   | 2.36  |
| Dominion South Point    | 2.54  |
| Henry Hub               | 2.41  |
| Houston Ship Channel    | 2.40  |
| Katy Hub                | 2.34  |
| NGPL LA Pool            | 2.35  |
| NGPL - Midcontinent     | 2.28  |
| NGPL STX                | 2.30  |
| NGPL TX/OK              | 2.32  |
| NNG Demarc.             | 2.34  |
| Niagara                 | 2.60  |
| Sonat Tier 1            | 2.36  |
| TCO IPP Pool            | 2.50  |
| Tetco ELa               | 2.40  |
| Tetco M-3               | 2.84  |
| Tetco STX               | 2.32  |
| TGP Zone 0              | 2.30  |
| TGP Zone 1 (500 Leg)    | 2.36  |
| TGT Zone SL             | 2.37  |
| New York Citygate       | 2.97  |
| Transco Station 65      | 2.42  |
| Transco Zone 6 (NY)     | 2.97  |
| Trunk ELa               | 2.34  |
| Western Region          
| California Border       | 2.35  |
| El Paso Keystone        | 2.25  |
| El Paso San Juan-Blanco | 2.22  |
| Waha Hub                | 2.28  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.02  |
| Dawn Hub/Union          | 2.43  |
| Northwest Stanfield     | 2.20  |
| Wyoming Pool            | 2.15  |
| Opal                    | 2.15  |
| PGT-Malin               | 2.27  |
| Sumas                   | 2.21  |
          Flow Date 1/18
-------------------------------------------------------------
Oil Service and Integrated Shares Rise

    The Philadelphia Oil Service Index gained 0.3% to 75.77 yesterday 
after falling by 4% a day earlier. Within the index, Nabors 
Industries shares were up $0.17 to $27.77 and shares of Transocean 
Sedco Forex rose $0.13 to $28.18. The CBOE Oil Index of integrated 
oil stocks, closed up 0.1% to290.07. ChevronTexaco climbed $0.15 to 
$87.40 while ExxonMobil added $0.16 to $38.64. US traded shares of BP 
increased $0.29 to $44.84.
-------------------------------------------------------------
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 gained 68.69 points to 7652.71
The CRB Index dropped 2.41 points to 1991.91
The US Dollar increased 0.36 points to 117.92
The Dow advanced 137.77 points to 9850.04
The S&P 500 climbed 11.31 points to 1138.88
The Nasdaq was up 41.38 points to 1985.82
February NYMEX Crude Oil fell 0.89 to 17.97
Canadian-US Exchange rose 0.0060 to 1.6107
-------------------------------------------------------------
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