Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Friday, February 8 2002? No. 479
Visit our website at: http://www.enerfaxgold.com 

PETROLEUM PRICES ???
| Bonny Light      |  $19.43
| Brent            |  $19.33
| Butane           |  $ 0.40 
| Fuel Oil #2      |  $ 0.52   
| Louisiana        |  $20.10  
| Medit.           |  $17.78  
| Propane Non-tet  |  $ 0.31   
| Propane Wet-tet  |  $ 0.31  
| W. Tx Int Cush   |  $19.63 
| W. Tx Sour       |  $18.40 

| Euro in US equiv |  0.8709
-------------------------------------------------------------
Todays Petro Bulletins
 * Frontier Oil Posts 4th Quarter Loss Vs Year Ago Profit
 * Chairman Says He's Glad Shell Is Different from Enron
 * S&P Affirms Husky Terra Nova Finance `BBB' Rating
 * Phillips Calls Shareholder Meeting March 12th to Approve Merger 
with Conoco
 * W-H Energy Slated to Present at UBS Warburg 2002 Energy and 
Utilities Conference February 12th in New York City
 * New York City Mayor and New York Governor Thank ExxonMobil for 
Company's 9/11 Disaster Relief Giving
 * Wyoming Oil & Mineral Completes Acquisition of New Frontier 
Energy; Appoints New Management Team
 * OPEC May Not Cut Output in March
-------------------------------------------------------------
OPEN SEASON

SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR 
Holdings, L.L.C., is conducting an open season for firm storage 
services at its new high-deliverability, salt cavern, natural gas 
storage facility, known as the Southern Pines Energy Center. The open 
season will begin at 9:00 a.m. CDT on February 4, 2002, and will 
continue until 5:00 p.m. CDT on March 4, 2002. The project is located 
at the border of Mississippi and Alabama with access to the major 
pipelines serving the Mid-Atlantic and the Southeastern United 
States. The facility is ideally located to serve as a transportation 
and storage hub for shippers on any one of nine major pipelines that 
will be interconnected directly or indirectly to the project. 
Information on the facility and the Open Season is available on our 
web site at 
http://www.sgr-holdings.com 
or contact us at 713-914-8188
--------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
Mar 02 0.5230 0.5100 0.5194 -0.0085 
Apr 02 0.5260 0.5140 0.5244 -0.0069 
May 02 0.5280 0.5210 0.5274 -0.0054 
Jun 02 0.5325 0.5240 0.5324 -0.0034 
Jul 02 0.5400 0.5345 0.5379 -0.0029 
Aug 02 0.5480 0.5410 0.5464 -0.0024 
Sep 02 0.5570 0.5500 0.5554 -0.0024 
Oct 02 0.5660 0.5610 0.5649 -0.0019 
Nov 02 0.5740 0.5690 0.5734 -0.0014 
Dec 02 0.5820 0.5740 0.5814 -0.0009
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
Mar 02 19.51 19.68 19.27 19.64 -0.14 
Apr 02 19.85 20.05 19.65 20.02 -0.12 
May 02 19.05 20.20 19.85 20.20 -0.09 
Jun 02 20.15 20.31 20.00 20.31 -0.07 
Jul 02 20.20 20.35 20.15 20.35 -0.05 
Aug 02 20.23 20.37 20.23 20.37 -0.04 
Sep 02 20.20 20.45 20.20 20.39 -0.03 
Oct 02 20.25 20.41 20.25 20.41 -0.02 
Nov 02 20.76 20.76 20.43 20.43 -0.01 
Dec 02 20.30 20.45 20.30 20.45 +0.00
-------------------------------------------------------------
 Crude Oil Futures Drift Downward

    Crude oil futures for March delivery on the NYMEX slipped $0.14 
to $19.64 per barrel yesterday after traders had time to digest the 
latest weekly inventory statistics. API and EIA figures raised 
concerns about tepid demand and overshadowed reports that OPEC is 
moving closer to compliance with its output reductions effective on 
January 1st. The latest data from the API says that crude inventories 
grew by 978,000 barrels while the EIA reported a much larger 2.4 
million barrel increase. Although distillate and gasoline inventories 
decreased from the previous week, they remain substantially larger 
than year ago levels as do crude supplies. News that more European 
gasoline cargoes are bound for the US kept the lid on buying, traders 
said. According to the EIA demand for refined petroleum products in 
the US was 3.5% lower than a year ago. Also pressuring prices was 
word from Kuwait that its 280,000 bpd refinery which caught fire last 
week is now back on line and no further interruptions in production 
are expected. Signs of increased OPEC compliance came from reports 
that exports for last month were 22.74 million bpd, down 1.06 million 
bpd from 23.8 million the previous month. Heating oil futures for 
March delivery on the NYMEX lost $0.0085 to $0.5194 per gallon. March 
gasoline futures on the NYMEX fell $0.0013 to $0.5697 per gallon. In 
London, Brent crude oil futures for March delivery on the IPE were 
down $0.10 to $19.21 per barrel.  
-------------------------------------------------------------
????????????????????
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.5414  +0.0471 ? ? ? 
18 Month Strip ?2.6402  +0.0433 ? ? 
| Month | High  |  Low  | Close | Change |
| MAR   | 2.155 | 2.085 | 2.150 | +0.049 |
| APR   | 2.225 | 2.160 | 2.222 | +0.054 |
| MAY   | 2.292 | 2.240 | 2.292 | +0.054 |
| JUN   | 2.360 | 2.305 | 2.360 | +0.052 |
| JUL   | 2.420 | 2.375 | 2.420 | +0.050 |
| AUG   | 2.473 | 2.425 | 2.473 | +0.049 |
| SEP   | 2.476 | 2.428 | 2.476 | +0.048 |
| OCT   | 2.502 | 2.455 | 2.502 | +0.047 |
| NOV   | 2.717 | 2.675 | 2.717 | +0.042 |
| DEC   | 2.920 | 2.870 | 2.920 | +0.042 |
| JAN   | 3.010 | 2.970 | 3.010 | +0.042 |
| FEB   | 2.960 | 2.915 | 2.955 | +0.037 |
-------------------------------------------------------------
Conoco Replaces 432% of Production in 2001
  
Conoco added more than 1.2 billion barrels of oil equivalent, 
including syncrude, to its proved global reserves in 2001, replacing 
432% of the oil and natural gas the company produced during the year. 
Conocos 2001 proved reserves were 3.58 billion BOE, including 
syncrude, up 35% from 2000. International proved reserves, which 
accounts for about 83% of Conoco's global reserves, were up 45% to 
2.98 billion BOE. Conoco's 2001 reserve additions mainly came from 
its purchase of Gulf Canada. Significant reserves also came from the 
UK, US, Vietnam and Indonesia. Conoco replaced 113% of production, 
excluding the Gulf Canada reserves and other acquisitions throughout 
the year. Conoco says that between 1997 and 2001, it replaced an 
average of 246% of production, among the best in the industry. 
Conoco's 2001 production of 281 million BOE reflects a 17% increase 
over 2000. Natural gas production was up 19% to 741 Bcf. Natural gas 
production rose from 35% of total production in 1997 to 44% in 2001. 
Conoco says that 7 out of 19 exploratory wells drilled during 2001 
resulted in discoveries, with a potential of about 100 million BOE 
from the Sutu Vang field in Vietnam. Conoco sanctioned 2 fields last 
year, the Gulf of Mexicos Magnolia field and the Sutu Den field 
offshore Vietnam. In the North Sea, Conoco made 5 discoveries close 
to existing processing and transportation facilities and is also 
drilling  at sites in the UK, Norway, the Netherlands, Western 
Canada, San Juan Basin and Indonesia that are close to processing 
facilities and pipelines. Conoco has more than 40 wells planned for 
exploration and appraisal in 2002 at an estimated cost of $500 
million.  
-------------------------------------------------------------
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-------------------------------------------------------------
Shells Earnings Tumble 47% in 4th Quarter


    Royal Dutch/Shell Group says 4th quarter profits tumbled by 47% 
from $3.58 billion a year ago to $1.91 billion, excluding special 
charges. Analysts had expected earnings in the $2 ? $2.4 billion 
range. Shell is still sticking by its annual growth target of 3%, 
which was lowered from 5% last year. Shell's target growth rate for 
oil and natural gas production is comparable to Exxon Mobil's, but 
much lower than TotalFinaElf's 6% projection. Over the past 3 years, 
Shell has cut costs by $5.1 billion. In the last quarter, oil 
production dropped by 1%, while natural gas climbed 6%, yielding an 
overall output rise of 2%. Exploration and production earnings fell 
by 52% in the 4th quarter from $2.58 billion a year ago to $1.24 
billion, excluding special items. However, Shell is still cash rich 
with $7 billion on hand, and has a debt to equity ratio of 10%, below 
target of 20% - 30%. Shell is looking to use the money to increase 
its natural gas holdings. It plans to complete acquisition of 
refineries from ChevronTexaco in the coming weeks and expects to 
eliminate 10% - 15% of jobs to cut costs. Chemical earnings nose-
dived 69% to $33 million, excluding one-time charges and fuel sales 
profits fell 38% to $585 million. Earnings from the natural gas and 
power unit climbed by 10% in the last quarter to $172 million from 
$157 million. Shell may spend up to $5 billion to repurchase shares 
for cancellation this year, after spending $4 billion last year.  
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
MAR 02 19.12 19.27 18.85 19.21 -0.10 
APR 02 19.33 19.58 19.16 19.52 -0.10 
MAY 02 19.53 19.75 19.38 19.72 -0.06 
JUN 02 19.43 19.60 19.26 19.58 -0.05 
JUL 02 19.43 19.58 19.33 19.58 -0.04 
AUG 02 19.48 19.62 19.40 19.62 -0.02 
SEP 02 19.53 19.67 19.46 19.67 +0.00
OCT 02 19.57 19.70 19.57 19.70 +0.01
NOV 02 19.73 19.73 19.73 19.73 +0.03
DEC 02 19.64 19.75 19.48 19.75 +0.02
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Mar 02 0.3065 0.3025 0.3050 -0.0010 
Apr 02 0.3075 0.3075 0.3075 -0.0010 
May 02 0.3075 0.2900 0.3075 -0.0010 
Jun 02 0.3100 0.3025 0.3100 -0.0010 
Jul 02 0.3100 0.3000 0.3100 -0.0010 
Aug 02 0.3125 0.3100 0.3125 -0.0010 
Sep 02 0.3275 0.3125 0.3275 -0.0010 
Oct 02 0.3275 0.3150 0.3275 -0.0010 
Nov 02 0.3300 0.3175 0.3300 -0.0010 
Dec 02 0.3375 0.3250 0.3375 -0.0010
-------------------------------------------------------------
Shell to Rename Texaco Stations

    Royal Dutch/Shell Group plans to spend hundreds of millions of 
dollars to put its name on thousands of Texaco stations it is 
receiving getting from ChevronTexaco as part of a $3.86 billion 
purchase. About 13,000 Texaco stations in US will be renamed, The 
company will also give its Shell stations a new look. Shell and Saudi 
Refining also bought ChevronTexaco stakes in two refining ventures. 
ChevronTexaco got the assets when Chevron purchased Texaco last 
October for $45.8 billion. The renaming is part of a larger plan to 
reinvigorate the Shell brand in the US and improve financial 
performance. 
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
MAR 02 163.50 158.75 160.00 - 6.00 
APR 02 165.00 160.75 162.00 - 6.00 
MAY 02 166.25 163.25 164.00 - 5.25 
JUN 02 167.25 164.50 166.00 - 5.00 
JUL 02 168.00 168.00 168.00 - 4.75 
AUG 02 170.00 170.00 170.00 - 4.50
SEP 02 172.00 172.00 172.00 - 4.25
OCT 02 176.00 173.75 174.00 - 4.00
NOV 02 175.00 175.00 175.00 - 4.25
DEC 02 177.50 175.00 175.75 - 4.00
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Mar 02 0.5715 0.5570 0.5697 -0.0013 
Apr 02 0.6440 0.6280 0.6428 +0.0019 
May 02 0.6508 0.6370 0.6508 +0.0026 
Jun 02 0.6538 0.6400 0.6538 +0.0036 
Jul 02 0.6502 0.6330 0.6502 +0.0041 
Aug 02 0.6402 0.6315 0.6402 +0.0041 
Sep 02 0.6232 0.6135 0.6232 +0.0041 
Oct 02 0.5977 0.5815 0.5977 +0.0041 
Nov 02 0.5892 0.5810 0.5892 +0.0041 
Dec 02 0.5877 0.5860 0.5877 +0.0041
-------------------------------------------------------------
Valero on Lookout for New Acquisitions


    After announcing that it would sell its 168,000 bpd Golden Eagle 
Refinery near San Francisco and 70 retail stations in Northern 
California to Tesoro for $1.08 billion, Valero now finds itself on 
the lookout for other properties to acquire with its proceeds. One 
asset that Valero may be considering is El Paso's 140,000 bpd Eagle 
Point, NJ refinery. El Paso has said that it will sell $2.5 billion 
in assets to shore up its balance sheet, with over half of the deals 
to be completed in the 1st quarter of this year. But Valero may hit a 
roadblock in gaining regulatory approval to buy the refinery. 
Pursuant to Valero's recent acquisition of  Ultramar Diamond 
Shamrock, the FTC required it to divest the Golden Eagle refinery. 
The FTC may balk at allowing Valero to purchase another refinery, 
even in a different part of the country, since it already has 12 
refineries in the US and Canada. Valero estimates its total refinery 
system throughput at 2 million bpd and it also has a 5,000-store 
retail network. Alternatively, Valero could spend its proceeds to 
repurchase $400 million in stock this year and to pay down debt, but 
has reiterated its interests in adding to its refining capacity. 
Valero's criteria for possible purchases is a capacity of more than 
100,000 bpd, easy access to waterborne transport and the potential 
for upgrades.  
-------------------------------------------------------------

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

PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.05  |
| ANR SE                  | 2.10  |
| Carthage TG             | 2.10  |
| Chicago Citygate        | 2.15  |
| Columbia Gulf Onshore   | 2.14  |
| Dominion South Point    | 2.35  |
| Henry Hub               | 2.17  |
| Houston Ship Channel    | 2.18  |
| Katy Hub                | 2.12  |
| NGPL LA Pool            | 2.10  |
| NGPL - Midcontinent     | 2.03  |
| NGPL STX                | 2.07  |
| NGPL TX/OK              | 2.08  |
| NNG Demarc.             | 2.09  |
| Niagara                 | 2.33  |
| Sonat Tier 1            | 2.14  |
| TCO IPP Pool            | 2.24  |
| Tetco ELa               | 2.14  |
| Tetco M-3               | 2.46  |
| Tetco STX               | 2.07  |
| TGP Zone 0              | 2.07  |
| TGP Zone 1 (500 Leg)    | 2.13  |
| TGT Zone SL             | 2.14  |
| New York Citygate       | 2.51  |
| Transco Station 65      | 2.18  |
| Transco Zone 6 (NY)     | 2.51  |
| Trunk ELa               | 2.12  |
| Western Region         
| California Border       | 2.16  |
| El Paso Keystone        | 2.03  |
| El Paso San Juan-Blanco | 2.04  |
| Waha Hub                | 2.06  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 2.85  |
| Dawn Hub/Union          | 2.25  |
| Northwest Stanfield     | 1.99  |
| Wyoming Pool            | 1.92  |
| Opal                    | 1.92  |
| PGT-Malin               | 2.07  |
| Sumas                   | 1.95  |
            Flow Date 2/8 
-------------------------------------------------------------

	    Nymex Option Volatility   
Supplied by "The Daily Hedger"
http://www.energyinstitution.org

WTI 		
	         Futures	 Days Left	         Implied
Month	Settlement	   to Exp    	        Volatility
Mar    $19.64      7         47.4% 
Apr    $20.02     36         46.1% 
May    $20.20     69         45.2% 
Jun    $20.31     98         43.2% 
Jul    $20.35    130         41.7% 
Aug    $20.37    160         41.7% 
Sep    $20.39    189         40.3% 
Oct    $20.41    222         38.3% 
Nov    $20.43    252         37.3% 
Dec    $20.45    281         35.3%
			
	HEATING OIL		
	       Futures	      Days left	  Implied
Month	Settlement	       to Exp  	 Volatility
Mar   $0.5194       18      43.1% 
Apr   $0.5244       47      42.1% 
May   $0.5274       77      38.7% 
Jun   $0.5324      110      39.7% 
Jul   $0.5379      138      38.6% 
Aug   $0.5464      169      39.4% 
Sep   $0.5554      201      36.5% 
Oct   $0.5649      230      35.6% 
Nov   $0.5734      263      34.8% 
Dec   $0.5814      292      33.6%

 UNLEADED  
             Futures         Days left        Implied
Month   Settlement       to Exp        Volatility
Mar   $0.5697      18      44.2% 
Apr   $0.6428      46      43.1% 
May   $0.6508      77      41.9% 
Jun   $0.6538     110      40.4% 
Jul   $0.6502     138      38.9% 
Aug   $0.6402     169      37.4% 
Sep   $0.6232     201      36.5%
-------------------------------------------------------------
Petrobras 2001 Output Rises 

    Brazil's state oil company, Petrobras,  says daily average oil 
output in 2001 rose to 1.38 million barrels from 1.32 million in 2000 
despite the loss of its biggest rig. Natural gas production rose to 
41.03 million cubic meters per day from 38.36 million in 2000. The 
2001 record crude output exceeded Petrobras' latest production target 
for the year of 1.34 million bpd even after the sinking of the huge 
rig in March and a 5-day oil workers strike in October. The P-36, a 
180,000 bpd rig sank after a series of explosions that killed 11 crew 
members. Petrobras last year also delayed introducing another rig by 
several months due to problems in obtaining an environmental license. 
In January, it set a new domestic monthly production record of an 
average of 1.47 million bpd, 1.4% higher than in December. 
-------------------------------------------------------------
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-------------------------------------------------------------
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--------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dropped 13.63 points to 7483.43
The CRB Index rose 1.00 points to 190.22
The US Dollar decreased 0.48 points to 119.07
The Dow declined 27.95 points to 9625.44
The S&P 500 dropped 3.34 points to 1080.17
The Nasdaq was down 30.60 points to 1782.11
March NYMEX Crude Oil fell 0.14 to 19.64
Canadian-US Exchange lost 0.0052 to 1.5988
-------------------------------------------------------------
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