Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Thursday, January 31 2002? No. 473
Visit our website at: http://www.enerfaxgold.com 

PETROLEUM PRICES ???
| Bonny Light      |  $18.79
| Brent            |  $18.66
| Butane           |  $ 0.35 
| Fuel Oil #2      |  $ 0.50   
| Louisiana        |  $18.79  
| Medit.           |  $16.86  
| Propane Non-tet  |  $ 0.29   
| Propane Wet-tet  |  $ 0.29  
| W. Tx Int Cush   |  $18.61 
| W. Tx Sour       |  $18.66 

| Euro in US equiv |  0.8614
-------------------------------------------------------------
Todays Petro Bulletins
 * PetroChina Cut 16,600 Jobs in 2001
 * Enbridge 4th Quarter Operating Profit Rose Due to Big Acquisition, 
But Net Earnings Fell 33% After Prior-Year Gain from Income Tax 
Reductions
 * Murphy Oil 4th Quarter Profits and Revenues Fall Sharply with 
Energy Prices
 * Valero Energy Shuts Down 141,000 bpd Wilmington Refinery Near Los 
Angeles Due to Instrumentation Problem; To Be Restarted by Tomorrow
 * BP to Shutdown 218,000 bpd Crude Distillation Unit at Texas City 
Refinery Until March 10th for Planned Maintenance
 * BP to Shutdown 200,000 bpd Crude Distillation Unit and 85,000 bpd 
Reformer Unit at Whiting, Indiana Refinery for Planned Maintenance in 
February
 * ChevronTexaco Board to Meet, But Mum on Bid Report
 * US Cash Crudes Lower on Inventory Build
-------------------------------------------------------------
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--------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
Feb 02 0.5110 0.4990 0.5091 -0.0114 
Mar 02 0.5140 0.5010 0.5131 -0.0090 
Apr 02 0.5180 0.5075 0.5171 -0.0080 
May 02 0.5230 0.5110 0.5216 -0.0065 
Jun 02 0.5290 0.5170 0.5271 -0.0055 
Jul 02 0.5340 0.5260 0.5336 -0.0050 
Aug 02 0.5450 0.5350 0.5421 -0.0045 
Sep 02 0.5540 0.5445 0.5511 -0.0045 
Oct 02 0.5630 0.5550 0.5606 -0.0040 
Nov 02 0.5720 0.5625 0.5691 -0.0035
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
Mar 02 18.95 19.10 18.56 19.08 -0.50 
Apr 02 19.30 19.48 19.00 19.44 -0.47 
May 02 19.50 19.70 19.25 19.69 -0.39 
Jun 02 19.60 19.89 19.50 19.86 -0.33 
Jul 02 19.65 19.95 19.65 19.94 -0.28 
Aug 02 19.95 19.99 19.75 19.99 -0.25 
Sep 02 19.95 20.12 19.80 20.04 -0.21 
Oct 02 19.92 20.08 19.92 20.08 -0.19 
Nov 02 19.94 20.12 19.94 20.12 -0.17 
Dec 02 20.00 20.16 19.90 20.16 -0.15
-------------------------------------------------------------
Crude Oil Futures Dip as Inventories Rise

    Crude oil futures for March delivery on the NYMEX dipped $0.50 to 
$19.08 per barrel yesterday after weekly inventory reports said that 
inventories were continuing to grow, in spite of an output cut by 
major oil producing countries. While the API said crude supplies 
increased by 27,000 barrels, the API reported a much steeper 2.1 
million barrel rise. The API said that gasoline inventories climbed 
by 2.74 million barrels and EIA data indicated a 2.6 million barrel 
increase. But the implied demand for gasoline remained unchanged. 
Distillate stocks fell by 200,000 barrels according to the EIA and by 
150,000 barrels in API data. Implied demand for distillates dropped 
from 4.12 million barrels to 3.85 million barrels last week. The API 
said that refinery usage dropped to 85.8% from 89.4%, while the EIA 
pegged it at 86.8%. Traders are still watching OPEC and non-cartel 
producers who committed to cut almost 2 million bpd from supplies on 
January 1st. It may take a few more weeks before the reductions have 
an impact in the US and there have been conflicting reports of 
compliance by the producers. Heating oil futures for February 
delivery on the NYMEX tumbled $0.0114 to $0.5091 per gallon. February 
gasoline futures on the NYMEX fell $0.0138 to $0.5531 per gallon. In 
London, Brent crude oil futures for March delivery on the IPE were 
down $0.45 to $18.79 per barrel. 
-------------------------------------------------------------
????????????????????
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.5057 ? ? ? 
18 Month Strip ?2.6197 ? ? 
| Month | High  |  Low  | Close | Change |
| MAR   | 2.115 | 2.030 | 2.080 | +0.013 |
| APR   | 2.180 | 2.100 | 2.147 | -0.003 |
| MAY   | 2.260 | 2.200 | 2.230 | -0.010 |
| JUN   | 2.340 | 2.290 | 2.310 | -0.010 |
| JUL   | 2.420 | 2.350 | 2.380 | -0.013 |
| AUG   | 2.465 | 2.410 | 2.440 | -0.013 |
| SEP   | 2.470 | 2.435 | 2.440 | -0.018 |
| OCT   | 2.490 | 2.450 | 2.466 | -0.022 |
| NOV   | 2.725 | 2.694 | 2.694 | -0.024 |
| DEC   | 2.940 | 2.900 | 2.909 | -0.024 |
| JAN   | 3.030 | 3.000 | 3.007 | -0.024 |
| FEB   | 3.010 | 2.965 | 2.965 | -0.026 |
-------------------------------------------------------------
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-------------------------------------------------------------
President Pushes for ANWR Drilling in State of Union Speech
  
    In the annual State of the Union address, President Bush called 
for immediate passage of a National Energy Plan that would create 
jobs for hundreds of thousands of unemployed Americans and decrease 
dependence on foreign oil. The President's comments were directed at 
the Senate where energy legislation is currently stalled. During one-
half of the  speech, the President spoke to economic issues facing 
the country and made specific inference that developing domestic 
resources for energy was a matter of both national security and 
economic recovery. Supporters of opening the coastal plain of the 
Arctic National Wildlife Refuge say that the President's remarks are 
indicate that safe and responsible ANWR development could double the 
current domestic supply of oil and help stimulate the economy through 
job creation. The president made a strong statement in a bipartisan 
fashion that included support for domestic energy. The presence of  
president of the International Brotherhood of Teamsters, which 
supports the president's ANWR efforts, illustrated the importance 
President Bush places on ANWR and jobs. The president enhanced 
bipartisan support by demanding environmental protection. No areas in 
the US are equal to ANWR in their oil potential and environmental 
safeguards. The US Geological Survey reports that beneath the 1.5 
million-acre tract in Alaska's Coastal Plain is upwards of 16 billion 
barrels of recoverable oil. The 2,000 acres of the ANWR designated 
for exploration could replace Iraqi imports for the next 70 years, 
create hundreds of thousands of jobs nationwide and help promote 
national security. 
-------------------------------------------------------------
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-------------------------------------------------------------
Phillips and Conoco Merger Could Be Blocked

    Phillips and Conoco could face an unwelcome hurdle in their 
planned $26.2 billion merger in the form of a competing bid from 
ChevronTexaco and/or others. The deal could be susceptible to 
intervention because Conoco shareholders would get little or no 
premium. Conoco investors will get 0.4677 of a share in the new 
company for each of their shares. Phillips investors will receive a 
one-on-one swap. A competing offer could lead to a bidding war, since 
oil and natural gas prices are depressed. It seems that Conoco could 
be an easier target for ChevronTexaco because a bid for Phillips 
large refining interests on the West Coast may raise antitrust 
concerns. Shell, which has been seeking to expand their natural gas 
assets in North America could also be interested in Conoco. Conoco 
increased its natural gas reserves and production by 50% through its 
acquisition of Gulf Canada Resources last July. But, acquisition of 
Phillips could be more attractive to TotalFinaElf and would present 
no antitrust difficulties because it has no oil refinery operations 
in the US. However, competing bidders could find themselves put off 
by a poison pill buried in the Phillips/Conoco deal. The companies 
included a $550 million breakup fee if either company terminates the 
deal. However, that can be overcome if both are bought. Also, 
Phillips and Conoco tied up the industry's top 6 advisers, reducing 
the number of potential advisers available to other bidders and 
providing themselves with some high powered ammunition to fight a 
hostile bid. 
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
MAR 02 18.93 19.05 18.38 18.79 -0.45 
APR 02 19.16 19.27 18.64 19.02 -0.43 
MAY 02 19.29 19.37 18.75 19.13 -0.41 
JUN 02 19.30 19.30 18.72 19.08 -0.37 
JUL 02 19.29 19.29 18.79 19.12 -0.34 
AUG 02 19.28 19.28 19.06 19.19 -0.30 
SEP 02 19.15 19.25 19.00 19.25 -0.27
OCT 02 19.30 19.30 19.30 19.30 -0.25
NOV 02 19.34 19.34 19.34 19.34 -0.24
DEC 02 19.48 19.48 19.08 19.38 -0.23
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Feb 02 0.0000 0.0000 0.2850 -0.0065 
Mar 02 0.0000 0.0000 0.2850 -0.0040
Apr 02 0.0000 0.0000 0.2875 -0.0035
May 02 0.0000 0.0000 0.2900 -0.0035
Jun 02 0.0000 0.0000 0.2975 -0.0025
Jul 02 0.0000 0.0000 0.3000 -0.0100
Aug 02 0.0000 0.0000 0.3100 -0.0050
Sep 02 0.0000 0.0000 0.3150 -0.0050
Oct 02 0.0000 0.0000 0.3150 -0.0090
Nov 02 0.0000 0.0000 0.3175 -0.0075
-------------------------------------------------------------
World Heating Fuel Outlook


    Bitterly cold weather in the eastern half of Canada and the 
western half of the US over the next week will result in a 
substantial boost to heating fuel usage. Mild weather will persist 
throughout much of Europe and China's weather will be cold over the 
next week or so. A big increase in the heating fuel demand will 
continue to be seen through the week across the western portions of 
the US as a cold air mass from Canada moves southeastward. The 
eastern part of the nation will see warmer than usual weather causing 
the heating demand to remain lower than normal. Canada's coldest air 
mass of the season will shift from the western provinces into Ontario 
and Quebec this week. The demand for heating oil will jump as the 
frigid temperatures replace mild weather in the east. Chilly 
temperatures will continue in the west maintaining steady heating 
demand usage, but warmer weather is expected for northern British 
Columbia and Alberta. In Europe, temperatures 5? - 9? above normal 
continue through next week resulting in below normal heating fuel 
demand across much of the continent. The warmer temperatures will 
shift into the far eastern countries of the region allowing near-
normal temperatures to return to the western countries by the end of 
next week. In China, wintry weather will continue to track across 
much of the country as relatively cold temperatures persist in the 
west central regions of the continent, boosting heating fuel 
consumption. Japanese temperatures are expected to average 2? - 4 ? 
degrees below normal during the next 10 days with heating fuel 
consumption expected to be slightly above normal. 
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
FEB 02 160.00 155.00 155.75 - 5.75 
MAR 02 160.50 155.50 156.50 - 5.50 
APR 02 162.00 157.50 158.25 - 5.25 
MAY 02 162.75 159.75 159.75 - 5.75 
JUN 02 165.25 161.75 162.00 - 5.25 
JUL 02 164.00 164.00 164.00 - 5.00 
AUG 02 169.25 166.00 166.00 - 5.00
SEP 02 170.50 167.50 168.00 - 5.00
OCT 02 173.00 170.00 170.00 - 5.00
NOV 02 174.25 171.25 171.25 - 5.00
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Feb 02 0.5550 0.5390 0.5531 -0.0138 
Mar 02 0.5630 0.5450 0.5614 -0.0143 
Apr 02 0.6319 0.6170 0.6319 -0.0121 
May 02 0.6389 0.6280 0.6389 -0.0119 
Jun 02 0.6409 0.6280 0.6409 -0.0117 
Jul 02 0.6369 0.6340 0.6369 -0.0111 
Aug 02 0.6264 0.6220 0.6264 -0.0104 
Sep 02 0.6082 0.6050 0.6082 -0.0104 
Oct 02 0.5860 0.5815 0.5822 -0.0099 
Nov 02 0.5810 0.5742 0.5742 -0.0094
--------------------------------------------------------------
Investors Wary of Petro-Canada's Veba Deal 


    Investors gave Petro-Canada's $2 billion acquisition of Veba Oil 
& Gas' energy assets a tough reception yesterdayday, driving the 
stock price down to a 6-month low on concerns about rising debt as 
oil prices drop. Petro-Canada aims to vastly expand its international 
exploration and production profile by buying the assets of Germany's 
Veba from BP. The assets are located in the North Sea, North Africa 
and South America. The cash deal will boost Petro-Canada's reserves 
and production by more than 70% and add to earnings and cash flow per 
share. But it will also increase debt to 2.1 times last year's cash 
flow. Weakening commodity prices mean cash flow this year could be 
lower, exasperating the problem. Shares in Petro-Canada sank C$1.58, 
or more than 4%, to C$35.30 yesterday. Veba's assets are located in a 
dozen countries. 
-------------------------------------------------------------

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-------------------------------------------------------------

PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 1.97  |
| ANR SE                  | 2.06  |
| Carthage TG             | 2.05  |
| Chicago Citygate        | 2.12  |
| Columbia Gulf Onshore   | 2.06  |
| Dominion South Point    | 2.20  |
| Henry Hub               | 2.07  |
| Houston Ship Channel    | 2.12  |
| Katy Hub                | 2.06  |
| NGPL LA Pool            | 2.03  |
| NGPL - Midcontinent     | 2.01  |
| NGPL STX                | 2.00  |
| NGPL TX/OK              | 2.03  |
| NNG Demarc.             | 2.09  |
| Niagara                 | 2.30  |
| Sonat Tier 1            | 2.05  |
| TCO IPP Pool            | 2.15  |
| Tetco ELa               | 2.05  |
| Tetco M-3               | 2.38  |
| Tetco STX               | 1.98  |
| TGP Zone 0              | 2.01  |
| TGP Zone 1 (500 Leg)    | 2.05  |
| TGT Zone SL             | 2.06  |
| New York Citygate       | 2.39  |
| Transco Station 65      | 2.13  |
| Transco Zone 6 (NY)     | 2.40  |
| Trunk ELa               | 2.07  |
| Western Region          
| California Border       | 2.17  |
| El Paso Keystone        | 2.05  |
| El Paso San Juan-Blanco | 2.05  |
| Waha Hub                | 2.05  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 2.93  |
| Dawn Hub/Union          | 2.24  |
| Northwest Stanfield     | 2.06  |
| Wyoming Pool            | 1.95  |
| Opal                    | 1.97  |
| PGT-Malin               | 2.13  |
| Sumas                   | 2.06  |
          Flow Date 1/31
-------------------------------------------------------------
ENERGY MANAGEMENT INSTITUTE
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NOW ENROLLING RISK MANAGEMENT COURSES: PROFESSIONAL GASOLINE AND 
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REGISTER NOW, CLASS SIZES ARE LIMITED.
SEE COMPLETE DETAILS CLICK HERE :http://www.energyinstitution.org
-------------------------------------------------------------
Iran's Petroleum Minister Says Cut Unnecessary

    Iran sees no reason for OPEC to cut oil production at its meeting 
in March, according to its petroleum minister. His comments came as 
OPEC's general secretary forecast that oil producing nations would 
again begin cooperating on pricing. Several OPEC members were Athens 
attending an energy sector conference. Russia says it will apply the 
same criteria it used when it last decided to cut oil production, 
including an appraisal of the international oil situation. Russia 
disappointed OPEC last year when asked it to cut output to keep up 
prices. Russia initially offered a cut of just 30,000 bpd, and only 
after intensive lobbying by OPEC officials offered to increase its 
cut to 150,000 bpd. OPEC says the economic fallout from the September 
11th attacks would only have short to medium term effect on oil 
prices. It forecasts world oil demand reaching around 106 million bpd 
by 2020 compared with 76 million bpd now. By 2020, OPEC says it will 
be producing 53 million bpd, or a market share of about 50%. 
-------------------------------------------------------------
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-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 lost 18.31 points to 7548.83
The CRB Index fell 0.38 points to 186.93
The US Dollar increased 0.24 points to 119.62
The Dow advanced 144.99 points to 9618.24
The S&P 500 rose 12.93 points to 1113.57
The Nasdaq was up 20.45 points to 1913.44
March NYMEX Crude Oil dropped 0.50 to 19.08
Canadian-US Exchange climbed 0.0008 to 1.5912
-------------------------------------------------------------
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