Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Tuesday, January 29 2002? No. 471
Visit our website at: http://www.enerfaxgold.com 

PETROLEUM PRICES ???
| Bonny Light      |  $19.84
| Brent            |  $19.71
| Butane           |  $ 0.37 
| Fuel Oil #2      |  $ 0.53   
| Louisiana        |  $20.45  
| Medit.           |  $17.91  
| Propane Non-tet  |  $ 0.29   
| Propane Wet-tet  |  $ 0.29  
| W. Tx Int Cush   |  $20.03 
| W. Tx Sour       |  $18.60 

| Euro in US equiv |  0.8623
-------------------------------------------------------------
Todays Petro Bulletins
 * EIA Says Retail Regular Gasoline Drops to $1.101 per Gallon Last 
Week from $1.105 per Gallon 
 * Methanex Posts 4th Quarter Loss of $13 Million on Slumping 
Methanol Prices
 * Valero Says Commerce City, Colorado Refinery Back Up After Fire
 * Enbridge Stock rises on C$1 Billion Asset Sale
 * EOTT Energy Partners Rises Sharply After Last Week's 40% Losses
 * Morgan Stanley to Buy Ex-Texaco World Headquarters in Northern 
Suburb of New York City for Undisclosed Amount
 * Fitch Assigns `BBB+' Senior Unsecured Debt Rating to Transocean's 
Notes
 * Michigan Attorney General Files Lawsuit Against Stations Accused 
of Gasoline Price Gouging
-------------------------------------------------------------
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--------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
Feb 02 0.5425 0.5270 0.5313 -0.0060 
Mar 02 0.5420 0.5280 0.5320 -0.0056 
Apr 02 0.5435 0.5315 0.5340 -0.0051 
May 02 0.5420 0.5370 0.5370 -0.0041 
Jun 02 0.5490 0.5380 0.5415 -0.0041 
Jul 02 0.5520 0.5460 0.5470 -0.0041 
Aug 02 0.5600 0.5545 0.5545 -0.0041 
Sep 02 0.5650 0.5635 0.5635 -0.0041 
Oct 02 0.5750 0.5725 0.5725 -0.0041 
Nov 02 0.5860 0.5800 0.5805 -0.0041
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
Mar 02 20.15 20.37 19.81 20.05 +0.06 
Apr 02 20.44 20.65 20.10 20.34 +0.11 
May 02 20.60 20.80 20.30 20.48 +0.12 
Jun 02 20.70 20.85 20.43 20.56 +0.10 
Jul 02 20.73 20.79 20.55 20.56 +0.07 
Aug 02 20.80 20.80 20.50 20.56 +0.04 
Sep 02 20.65 20.70 20.57 20.57 +0.02 
Oct 02 20.80 20.80 20.58 20.58 +0.01 
Nov 02 20.80 20.80 20.59 20.59 +0.00 
Dec 02 20.80 20.80 20.45 20.60 -0.01
-------------------------------------------------------------
Crude Oil Futures Gain on OPEC Compliance


    Crude oil futures for March delivery on the NYMEX gained $0.06 to 
$20.05 per barrel yesterday, after a estimate showed an 89% adherence 
by OPEC to its most recent set of quotas. The gain marked the 6th day 
in a row that crude futures have risen. A report from Petrologistics 
said that OPEC's January production, excluding Iraq, was 22.25 
million bpd, still above its monthly quota of 21.7 million bpd. 
However, it seems that OPEC's compliance with their quotas is much 
improved compared to previous output curbs. The 10 OPEC countries 
with quotas trimmed output by 1.4 million bpd, according to the 
report, not far from the cartels pledge to lower production by 1.5 
million bpd. A possible fly in the ointment is that the report only 
covers the 1st three weeks of the month and lower production could be 
due to a slow start after the beginning of the year. A sudden surge 
in production during the last week of the month would skew the 
figures. Forecasts for balmy weather in much of the Northeast kept 
the lid on crude prices ahead of the weekly inventory data. Heating 
oil futures for February delivery on the NYMEX lost $0.0006 to 
$0.5313 per gallon. February gasoline futures on the NYMEX fell 
$0.0017 to $0.5811 per gallon. In London, Brent crude oil futures for 
March delivery on the IPE were up $0.28 to $19.65 per barrel. 
-------------------------------------------------------------
????????????????????
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.3724 -0.0866 ? ? ? 
18 Month Strip ?2.5266 -0.0760 ? ? 
| Month | High  |  Low  | Close | Change |
| FEB   | 2.025 | 1.850 | 1.908 | -0.129 |
| MAR   | 2.090 | 1.960 | 1.984 | -0.120 |
| APR   | 2.180 | 2.060 | 2.079 | -0.101 |
| MAY   | 2.270 | 2.160 | 2.175 | -0.094 |
| JUN   | 2.340 | 2.255 | 2.255 | -0.087 |
| JUL   | 2.410 | 2.320 | 2.330 | -0.084 |
| AUG   | 2.465 | 2.380 | 2.390 | -0.077 |
| SEP   | 2.475 | 2.375 | 2.399 | -0.077 |
| OCT   | 2.500 | 2.410 | 2.429 | -0.074 |
| NOV   | 2.720 | 2.664 | 2.664 | -0.069 |
| DEC   | 2.955 | 2.879 | 2.879 | -0.066 |
| JAN   | 3.040 | 2.977 | 2.977 | -0.061 |
-------------------------------------------------------------
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Energy
Resources announce Open Season for proposed Desert Crossing Gas 
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-------------------------------------------------------------
Senate Considers Improved Fuel Efficiency 

    A provision to require improved fuel efficiency requirements for 
vehicles is expected to be approved by a Senate committee in the next 
few weeks. A draft copy of the energy bill circulated last month 
called for increasing the fuel efficiency of cars built between years 
2007 and 2010 to 36 mpg, and 27.5 mpg for light trucks. Those figures 
are much higher than the current Corporate Average Fuel Economy 
standards, which require cars to average 27.5 mpg and light trucks to 
get 20.7 mpg. US automakers say that higher fuel efficiency 
requirements would force them to make vehicles that are more 
expensive and lighter, and possibly less safe. But Honda disagrees, 
saying that fuel economy could be improved in an affordable way 
without affecting safety. 
-------------------------------------------------------------
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-------------------------------------------------------------
Centrica to Buy Enbridge Assets


    Centrica, the UK's largest natural gas supplier, has agreed to 
buy the building-services units of Canada's Enbridge for C$1 billion 
in cash to add to its customer base in the US and Canada. The 
purchase will give Centrica 1.3 million heating, ventilation and air-
conditioning clients to whom it also hopes to sell natural gas and 
power. It already has almost 2 million customers in North America. 
Centrica, which has estimated its exposure to Enron at up to $43 
million, has been diversifying abroad to reduce its concentration in 
the UK. The company is still about 6 million customers short of its 
2003 goal of 10 million users in North America by the end of 2003. 
Enbridge plans to spend C$5 billion over the next 5 years to expand 
its delivery systems. The company's credit rating was lowered by S&P 
last month after a $330 million bid for a stake in a Spanish 
pipeline. The asset sale was unrelated to the credit rating cut. 
Centrica, which was spun off from British Gas in 1997, plans to use 
existing debt to pay for the sale. Centrica has 900,000 natural gas 
customers, or about 25% of the Ontario market. It also has 600,000 
clients who have signed up to switch to the company when Ontario's 
power market is deregulated on May 1st. More than 50% of its North 
American customers are in Ontario and it is the 2nd largest natural 
gas supplier in the province. The company says it is expanding from 
just offering natural gas and power into a value-added businesses 
that include servicing, similar to British Gas in the UK. The 
companies that Centrica has agreed to buy had assets of C$676 million 
and pre-tax earnings of C$55 million at the end of the 3rd-quarter. 
Centrica expects to close the deal by June. The company agreed to buy 
Enron's British energy supply business and some assets for 96.4 
million pounds in cash last month. Centrica, which controls more than 
70% of the natural gas market in the UK, now offers credit card, 
insurance, telecommunications and in addition to energy. 
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
MAR 02 19.65 19.75 19.39 19.65 +0.28 
APR 02 19.80 19.93 19.56 19.80 +0.30 
MAY 02 19.89 20.02 19.75 19.90 +0.28 
JUN 02 19.80 19.87 19.60 19.81 +0.27 
JUL 02 19.80 19.80 19.60 19.79 +0.26 
AUG 02 19.82 19.82 19.82 19.82 +0.24 
SEP 02 19.83 19.84 19.74 19.84 +0.21
OCT 02 19.83 19.86 19.83 19.86 +0.18
NOV 02 19.87 19.87 19.87 19.87 +0.16
DEC 02 19.88 19.88 19.66 19.88 +0.14
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Feb 02 0.0000 0.0000 0.2950 +0.0025 
Mar 02 0.0000 0.0000 0.2925 +0.0025
Apr 02 0.0000 0.0000 0.2925 +0.0025
May 02 0.0000 0.0000 0.2950 +0.0025
Jun 02 0.0000 0.0000 0.3000 +0.0025
Jul 02 0.0000 0.0000 0.3100 +0.0025
Aug 02 0.0000 0.0000 0.3150 +0.0025
Sep 02 0.0000 0.0000 0.3200 +0.0025
Oct 02 0.0000 0.0000 0.3240 +0.0025
Nov 02 0.0000 0.0000 0.3250 +0.0025
-------------------------------------------------------------
Exxon Mobil Replaces 110% of Production

    Exxon Mobil has replaced 110% of the oil and natural gas it 
produced last year after raising its spending even as  prices 
dropped. Exxon Mobil also increased its capital spending 10% last 
year and expects to do the same this year. It added the equivalent of 
1.8 billion barrels of oil to its reserves in 2001. Last year marked 
the 8th consecutive year that reserve additions have exceeded 
production. Helped by projects in the deep-waters of the Gulf of 
Mexico and Alaska's North Slope, the company replaced 109% of its oil 
and natural gas of production in North America. Other additions came 
from projects in Qatar, Norway, Malaysia, Equatorial Guinea, 
Kazakhstan and Australia. Exxon Mobil had 21.6 billion barrels of 
proved oil and natural gas reserves at the end of last year. At 
current production rates, that is sufficient to last more than 13 
years. Exxon Mobil produced 1.6 billion oil-equivalent barrels in 
2001. 
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
FEB 02 166.25 163.75 164.00 + 3.75 
MAR 02 166.50 164.00 164.25 + 3.25 
APR 02 167.50 164.75 164.75 + 2.50 
MAY 02 168.25 166.00 166.00 + 2.50 
JUN 02 170.50 167.50 167.50 + 2.50 
JUL 02 171.75 169.25 169.25 + 2.50 
AUG 02 173.50 171.00 171.00 + 2.50
SEP 02 172.75 172.75 172.75 + 2.50
OCT 02 174.25 174.25 174.25 + 2.50
NOV 02 175.25 175.25 175.25 + 2.50
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Feb 02 0.5900 0.5695 0.5811 -0.0017 
Mar 02 0.5990 0.5800 0.5890 -0.0022 
Apr 02 0.6670 0.6510 0.6563 -0.0039 
May 02 0.6700 0.6575 0.6625 -0.0037 
Jun 02 0.6720 0.6580 0.6638 -0.0029 
Jul 02 0.6650 0.6586 0.6586 -0.0021 
Aug 02 0.6520 0.6440 0.6466 -0.0013 
Sep 02 0.6281 0.6125 0.6281 +0.0118 
Oct 02 0.5860 0.6011 0.5815 +0.0118 
--------------------------------------------------------------
Unocal Replaces 222% of Crude Oil and Natural Gas Production

    Unocal has replaced more than 222% of its worldwide crude oil and 
natural gas production during 2001 with new proved reserves. At the 
end of last year, Unocal's estimate of worldwide reserves was 1.81 
billion barrels of oil equivalent, up 15% from 1.58 billion BOE the 
year before. Unocal booked its 1st reserves from the Mad Dog field in 
the Gulf of Mexico, and added reserves in Azerbaijan, Thailand, 
Indonesia, the Gulf of Mexico region, onshore Texas and Alaska. 
During 2001, it added reserves of 241 million BOE from discoveries 
and extensions and improved recovery. Reserve acquisitions onshore 
Texas, in the Gulf of Mexico shelf, Brazil and Canada totaled 113 
million BOE. Unocal also made net upward revisions of 80 million BOE 
because of price effects and reservoir performance. Because of cost 
recovery provisions in certain production-sharing contracts, reserves 
increase when prices decline. Production of 193 million BOE and the 
sale of 5 million BOE in reserves partially offset the increases. For 
2001, initial worldwide finding and development costs were $5.39 per 
BOE. Unocal's preliminary estimated worldwide finding, development 
and acquisition costs for new reserves were $6.18 per BOE. 
-------------------------------------------------------------

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

PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 1.91  |
| ANR SE                  | 1.98  |
| Carthage TG             | 1.96  |
| Chicago Citygate        | 2.04  |
| Columbia Gulf Onshore   | 2.00  |
| Dominion South Point    | 2.10  |
| Henry Hub               | 2.02  |
| Houston Ship Channel    | 2.02  |
| Katy Hub                | 1.96  |
| NGPL LA Pool            | 1.95  |
| NGPL - Midcontinent     | 1.92  |
| NGPL STX                | 1.93  |
| NGPL TX/OK              | 1.94  |
| NNG Demarc.             | 2.02  |
| Niagara                 | 2.19  |
| Sonat Tier 1            | 1.99  |
| TCO IPP Pool            | 2.11  |
| Tetco ELa               | 1.99  |
| Tetco M-3               | 2.25  |
| Tetco STX               | 1.93  |
| TGP Zone 0              | 1.93  |
| TGP Zone 1 (500 Leg)    | 1.97  |
| TGT Zone SL             | 2.00  |
| New York Citygate       | 2.28  |
| Transco Station 65      | 2.05  |
| Transco Zone 6 (NY)     | 2.28  |
| Trunk ELa               | 1.99  |
| Western Region          
| California Border       | 2.08  |
| El Paso Keystone        | 1.94  |
| El Paso San Juan-Blanco | 1.95  |
| Waha Hub                | 1.94  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 2.83  |
| Dawn Hub/Union          | 2.15  |
| Northwest Stanfield     | 2.05  |
| Wyoming Pool            | 1.88  |
| Opal                    | 1.88  |
| PGT-Malin               | 2.09  |
| Sumas                   | 2.05  |
         Flow Date 1/29
-------------------------------------------------------------
ENERGY MANAGEMENT INSTITUTE
Higher Education for refined product professionals
NOW ENROLLING RISK MANAGEMENT COURSES: PROFESSIONAL GASOLINE AND 
DISTILLATE
MANAGEMENT, PETROLEUM MARKETER, and  ADVANCED GASOLINE AND DISTILLATE 
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LEVEL.
REGISTER NOW, CLASS SIZES ARE LIMITED.
SEE COMPLETE DETAILS CLICK HERE :http://www.energyinstitution.org
-------------------------------------------------------------
Residual Fuel Market Tumbles on Warm Weather

    The market for residual fuel on the East and Gulf coasts tumbled 
yesterday on the back of 60-degree weather in New York and 70-degree 
weather in Houston. A deal for 50,000 barrels of 1.0%-sulfur residual 
fuel was done in New York Harbor at $14.90 per barrel, down $0.35 per 
barrel. It is likely the market could be even lower today. The market 
for 0.3%-sulfur high pour material managed to hold around $16.50 per 
barrel, but 3.0%-sulfur fuel was down $0.25 per barrel and quoted 
around $14.00 per barrel. February swaps for 1.0%-material on the 
East Coast fell $0.40 per to $14.95, while March declined $0.35 to 
$15.05. Second quarter was quoted in the range of $15.40-$15.50, down 
$0.30 per barrel. The West Coast market was essentially unchanged 
despite unusually cold weather, which really isn't a factor since 
residual fuel is seldom used as a source of power by utilities there. 
-------------------------------------------------------------
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-------------------------------------------------------------
Senate Committee to Vote on Energy Tax Breaks and Incentives
    
    The Senate Finance Committee has scheduled a vote on energy tax 
breaks and incentives. The committee had been considering between $10 
billion - $15 billion in tax breaks, but the cost of the war on 
terrorism and the recession could affect the final amount. Both 
Republican and Democratic lawmakers are pushing for a tax credit for 
small, independent well operators that would go into effect when 
crude prices fall drastically. Supporters say that tax relief is 
needed because marginal wells account for 20% of US oil production. 
Even though both the higher fuel economy requirements and the tax 
breaks will be parts of the Senate's comprehensive energy bill, it is 
unclear when, or if, the full Senate will vote on the bill. Both 
sides of the aisle have threatened a filibuster if ANWR language is 
added to, or deleted from the final bill. The House has already 
passed an energy bill, which would permit drilling in ANWR and 
provide over $33 billion in energy tax breaks and incentives. If the 
Senate passes a bill, a compromise would have to be reached before 
the legislation could make its way to the presidents desk for his 
signature. 
-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 lost 15.56 points to 7643.73
The CRB Index fell 1.98 points to 187.87
The US Dollar increased 0.02 points to 119.87
The Dow advanced 25.67 points to 9865.75
The S&P 500 dipped 0.22 points to 1133.06
The Nasdaq was up 6.21 points to 1943.91
March NYMEX Crude Oil climbed 0.06 to 20.05
Canadian-US Exchange rose 0.0046 to 1.6125
-------------------------------------------------------------
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