Enerfax GOLD
NORTH AMERICA'S FREE  GAS, OIL, LIQUIDS & DERIVATIVES
INFORMATION SOURCE
   Thursday, December 27 2001  No. 451
Visit our website at: http://www.enerfaxgold.com/,

PETROLEUM PRICES
| Bonny Light      |   n/a
| Brent            |   n/a
| Butane           |  $ 0.37
| Fuel Oil #2      |  $ 0.59
| Louisiana        |  $21.45
| Medit.           |   n/a
| Propane Non-tet  |  $ 0.33
| Propane Wet-tet  |  $ 0.33
| W. Tx Int Cush   |  $21.28
| W. Tx Sour       |  $19.65

| Euro in US equiv |  0.8801
-------------------------------------------------------------
Todays Petro Bulletins
 * OPEC to Cut Output by 1.5 Million Barrels per Day
 * LUKOIL Considering 7.5% Stake in Baku-Ceyhan Pipeline
 * Heating Oil Rises to Highest Price in More than a Month
 * Heating Oil Inventories 18% Higher than Year Ago
 * Penn Virginia Corporation Announces New Board Member
 * Japanese Retail Gasoline Prices Hit 19-Month Low in December
 * EOTT Boosts Credit Line to $300 Million.
 * Court Denies Maritrans' Claim for Damages from Oil Pollution Act
of 1990
 * Qatar and  UAE Sign $3.5 Billion Natural Gas Transfer Deal
-------------------------------------------------------------
NYMEX - NY Harbor Heating Oil
Month   High   Low    Last   Change
JAN 02 0.5980 0.5545 0.5946 +0.0462
FEB 02 0.6000 0.5600 0.5968 +0.0462
MAR 02 0.5930 0.5600 0.5913 +0.0432
APR 02 0.5830 0.5530 0.5838 +0.0402
MAY 02 0.5740 0.5690 0.5758 +0.0377
JUN 02 0.5810 0.5500 0.5763 +0.0367
JUL 02 0.5860 0.5540 0.5813 +0.0362
AUG 02 0.5860 0.5620 0.5878 +0.0357
SEP 02 0.5730 0.5675 0.5606 +0.0000
OCT 02 0.5975 0.5785 0.6043 +0.0347
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel)
Month  Open  High   Low  Last  Change
FEB 02 19.80 21.43 19.70 21.27 +1.65
MAR 02 20.00 21.60 19.98 21.45 +1.63
APR 02 20.15 21.63 20.15 21.55 +1.56
MAY 02 21.28 21.60 21.10 21.65 +1.52
JUN 02 20.85 21.75 20.85 21.72 +1.48
JUL 02 20.45 21.23 20.45 21.74 +1.44
AUG 02 20.21 20.30 20.21 20.36 +0.00
SEP 02 21.35 21.55 21.35 21.80 +1.38
OCT 02 20.27 20.40 20.27 20.48 +0.00
-------------------------------------------------------------
Crude Oil Futures Rally on Anticipated OPEC Cut

Crude oil futures for February delivery on the NYMEX climbed $1.65 to
$21.27 per barrel yesterday in its biggest gain in over a year amid
signs that OPEC will proceed with plans to cut production by 1.5
million bpd in a bid to lift sagging crude prices. To avoid losing
market share, the cartel had demanded that non-OPEC producers
contribute a cut of 500,000 bpd between them before it would make any
further slices in its own production. So far, Russia, Mexico, Norway,
Oman and Angola have committed to a combined 462,500 curb in exports,
which appears to be enough to allow OPEC to go ahead with their
plans. The ministers are scheduled to meet in Cairo on Friday and are
expected to take that opportunity to announce their cut. The IEA
projects that world demand will rise by 600,000 bpd next year, about
30% below the average annual gain during the 1990's, as the largest
oil consumers, the US and Japan are mired in a recession. The CFTC
has reported that traders sold more crude oil futures contracts on
the NYMEX than they bought in the week ended December 18th, producing
the highest net short position levels since the contracts began
trading in 1983. Heating oil futures for January delivery on the
NYMEX jumped $0.0462, or 8.4%, to $0.5946 per gallon as colder
weather arrived in most of the eastern portion of the US. The
increase in heating oil was the biggest gain since last April.
January gasoline futures on the NYMEX rose $0.0427 to $0.6013 per
gallon. In London, the IPE was closed in observance of Boxing Day.
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NYMEX Henry Hub Natural Gas Futures
12 Month Strip  3.0302  +0.0483
18 Month Strip  n/a
| Month | High  |  Low  | Close | Change |
| JAN   | 3.030 | 2.890 | 2.911 | +0.016 |
| FEB   | 3.020 | 2.900 | 2.937 | +0.048 |
| MAR   | 2.970 | 2.900 | 2.917 | +0.048 |
| APR   | 2.920 | 2.870 | 2.872 | +0.048 |
| MAY   | 2.950 | 2.910 | 2.914 | +0.053 |
| JUN   | 2.980 | 2.920 | 2.963 | +0.051 |
| JUL   | 3.020 | 3.000 | 3.003 | +0.051 |
| AUG   | 3.055 | 3.010 | 3.041 | +0.051 |
| SEP   | 3.055 | 3.050 | 3.046 | +0.051 |
| OCT   | 3.070 | 3.020 | 3.071 | +0.054 |
| NOV   | 3.250 | 3.250 | 3.256 | +0.054 |
| DEC   | 3.435 | 3.400 | 3.431 | +0.054 |
-------------------------------------------------------------
World Heating Fuel Projections


    The eastern half of the US will continue to experience colder
weather for the next several days resulting in strong heating fuel
consumption. Temperatures are expected to be 8 to 16 degrees below
average from the central Plains to the mid-Atlantic region southward
to the Gulf of Mexico. New England, the upper Midwest and the
northern Plains will be a little milder than normal, but heating fuel
demand will remain higher than usual. Mild weather is expected
throughout the western states decreasing demand for heating fuel. In
Canada, above normal temperatures into early January will keep
heating fuel consumption lower than normal. A cool-weather bias will
remain in far southeastern Canada for the several days producing
above normal demand for heating fuels. Milder weather in western
Europe will significantly reduce heating fuel consumption during the
next 7 to 10 days. In the UK and France, temperatures will be close
to normal through January 5th. Germany and eastern Europe will
experience colder temperatures, but some reduction in heating fuels
demand will occur. Temperatures in Scandinavia will average from 4 to
8 degrees Celsius below normal producing strong heating oil
consumption through early January. China's weather will continue to
be colder than usual, with temperatures expected to average from 4 to
8 degrees Celsius below normal for the next 10 days. Japans usage of
heating fuel is projected to higher than normal through January 5th.
Most of the country will be 2 to 5 degrees Celsius below average.
-------------------------------------------------------------
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-------------------------------------------------------------
Saudi Minister Says OPEC to Announce Cuts in Cairo

    Comments made by the Saudi oil minister seem to indicate that
OPEC is ready to go ahead with a planned production cut of 1.5
million bpd after receiving commitments from non-member producers to
also reduce exports. The minister said that OPEC would announce the
reductions at a meeting in Cairo on Friday. The remarks put an end to
a threatened price war between the cartel and non-OPEC producers. The
cartel had accused the non-aligned producers of taking advantage of
curbs already implemented this year by OPEC to grab a larger share of
the market. The cartel had demanded that the non-member producing
countries trim 500,000 bpd from exports before it would once again
slice production. To date Russia, Mexico, Norway, Oman and Angola
have pledged cuts totaling 462,500 bpd, which appears to be enough to
convince OPEC to proceed with its cut. The ministers also seem to be
comfortable with the level of commitment by the non-members to stick
to their quotas for the specified 6-month period. The new
restrictions will lower exports for 10 OPEC producers to 21.7 million
bpd, down 5 million bpd or 19% from a year ago, the lowest level in
10 years. Iraq, the 11th member produces at will because of UN
sanctions. The new supply limits are designed to lift prices back to
$20-$25 per barrel for the basket of OPEC crude oils.
-------------------------------------------------------------
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-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month  First  High  Low   Sett  Chg
FEB 02 19.25 19.51 19.25 19.37 +0.24
MAR 02 19.00 19.20 18.91 19.07 +0.25
APR 02 19.11 19.25 18.93 19.25 +0.41
MAY 02 19.12 19.20 19.01 19.20 +0.31
JUN 02 19.24 19.36 19.20 19.36 +0.35
JUL 02 19.34 19.49 19.23 19.49 +0.38
AUG 02 19.42 19.42 19.42 19.42 +0.21
SEP 02 19.43 19.43 19.43 19.43 +0.12
OCT 02 19.46 19.46 19.46 19.46 +0.07
NOV 02 19.53 19.53 19.53 19.53 +0.07
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane
Gas Futures($ / Gallon)
Month    High   Low   Last   Change
JAN 02 0.3350 0.3300 0.3425 +0.0000
FEB 02 0.3350 0.3300 0.3425 +0.0000
MAR 02 0.3500 0.3350 0.3425 +0.0000
APR 02 0.3225 0.3225 0.3225 +0.0000
MAY 02 0.3250 0.3250 0.3250 +0.0000
JUN 02 0.3275 0.3275 0.3275 +0.0000
JUL 02 0.3325 0.3325 0.3325 +0.0000
-------------------------------------------------------------
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-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month   High   Low    Sett  Change
JAN 02 167.50 165.00 165.00 - 5.25
FEB 02 168.75 167.00 167.50 - 4.25
MAR 02 169.25 168.00 168.25 - 3.75
APR 02 169.75 168.75 168.75 - 4.00
MAY 02 173.00 173.00 173.00 + 0.00
JUN 02 171.50 170.25 170.50 - 3.50
JUL 02 172.00 172.00 172.00 - 3.50
AUG 02 173.50 173.50 173.50 - 3.50
SEP 02 178.50 178.50 178.50 + 0.00
OCT 02 180.00 180.00 180.00 + 0.00
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month   High   Low    Last   Change
JAN 02 0.6040 0.5610 0.6013 +0.0427
FEB 02 0.6100 0.5645 0.6067 +0.0477
MAR 02 0.6150 0.5780 0.6160 +0.0460
APR 02 0.6750 0.6390 0.6750 +0.0445
MAY 02 0.6800 0.6650 0.6780 +0.0435
JUN 02 0.6750 0.6720 0.6765 +0.0420
JUL 02 0.6700 0.6520 0.6705 +0.0400
AUG 02 0.6285 0.6280 0.6225 +0.0000
SEP 02 0.6500 0.6500 0.6475 +0.0375
OCT 02 0.5875 0.5875 0.5875 +0.0000
-------------------------------------------------------------
Patterson-UTI Buys Cleere Drilling Rigs

    Patterson-UTI Energy has acquired 17 land-based drilling rigs
from Cleere Drilling. Patterson-UTI is the 2nd largest operator of
land based oil and natural gas drilling rigs in North America. It
paid $13.5 million in cash, plus 45 0,000 Patterson-UTI common
shares, worth $9.95 million and also 325,000 warrants convertible
into common shares at a price of $26.75 per share. Patterson-UTI owns
319 rigs operating in Texas, New Mexico, Oklahoma, Louisiana,
Mississippi, Alabama and western Canada. The deal also included 28
rig-moving trucks and other inventory and equipment.
--------------------------------------------------------------
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-------------------------------------------------------------
Philadelphia Oil Service Index Climbs to August Levels

    The Philadelphia Oil Service Index climbed as high as 89.85, its
highest level since August, closing at 89.41, up 3.8% yesterday.
Shares of Rowan added $0.77 to $19.70 and Schlumberger stocks gained
$2.85 to $55.95. Integrated oil stocks also gained, as the CBOE Oil
Index was up 1.3% to 300.2. ChevronTexaco rose $0.65 to $89.20 and
ExxonMobil advanced $0.60 cents to $39.60. On the NYMEX, February
crude oil rose to session high at $21.43 per barrel, its highest
level in 6 weeks. It closed at $21.27, up $1.65, or 8.6%.
Expectations that OPEC will proceed with a planned production cut of
1.5 million bpd at a meeting in Cairo on Friday likely gave the
market a lift. Although non-OPEC producers are a little short of the
500,000 bpd reduction that OPEC demanded, it appears that they came
close enough, with a combined pledge to cut 462,500 bpd, to satisfy
the cartel.
-------------------------------------------------------------
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-------------------------------------------------------------
Egypt Increases Oil Reserves

    Egypt's Oil Ministry says new oil and condensate finds with
recoverable reserves of 178 million barrels, and natural gas reserves
of 1.5 Tcf have been discovered. About 15 wells had been drilled, of
which 7 were now producing at a total of 16,000 bpd.  The oil
discoveries were made in the Gulf of Suez and the country's western
and eastern deserts, and the natural gas discoveries were made in the
Nile Delta area, western desert and in the Mediterranean sea. Egypt
produced about 640,000 barrels of oil per day in November. It has
proven natural gas reserves of 53.3 Tcf, and oil reserves of 3.8
billion barrels.
-------------------------------------------------------------
PHYSICAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 2.80  |
| ANR SE                  | 2.88  |
| Carthage TG             | 2.84  |
| Chicago Citygate        | 2.98  |
| Columbia Gulf Onshore   | 2.92  |
| Dominion South Point    | 3.14  |
| Henry Hub               | 2.96  |
| Houston Ship Channel    | 2.96  |
| Katy Hub                | 2.90  |
| NGPL LA Pool            | 2.86  |
| NGPL - Midcontinent     | 2.79  |
| NGPL STX                | 2.83  |
| NGPL TX/OK              | 2.84  |
| NNG Demarc.             | 2.92  |
| Niagara                 | 3.17  |
| Sonat Tier 1            | 2.91  |
| TCO IPP Pool            | 3.09  |
| Tetco ELa               | 2.91  |
| Tetco M-3               | 3.65  |
| Tetco STX               | 2.85  |
| TGP Zone 0              | 2.83  |
| TGP Zone 1 (500 Leg)    | 2.90  |
| TGT Zone SL             | 2.94  |
| New York Citygate       | 3.81  |
| Transco Station 65      | 2.97  |
| Transco Zone 6 (NY)     | 3.91  |
| Trunk ELa               | 2.87  |
| Western Region
| California Border       | 2.83  |
| El Paso Keystone        | 2.74  |
| El Paso San Juan-Blanco | 2.72  |
| Waha Hub                | 2.79  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 3.84  |
| Dawn Hub/Union          | 3.09  |
| Northwest Stanfield     | 2.69  |
| Wyoming Pool            | 2.68  |
| Opal/Kern River         | 2.68  |
| PGT-Malin               | 2.79  |
| Sumas                   | 2.55  |
         Flow Date 12/27
-------------------------------------------------------------
UDS Refinery Restart Delayed

    Ultramar Diamond Shamrock has run into problems trying to restart
the fluid catalytic cracker at its Golden Eagle refinery near San
Francisco following scheduled maintenance work. The catalytic cracker
and an alkylation unit had to be closed down, contributing to a rise
in wholesale gasoline prices in the area. A new attempt to restart
the FCC is expected today. UDS announced in November that it had
shutdown the FCC at the 170,000 bpd refinery for scheduled
maintenance work and that would be followed by maintenance work on
the hydrocracker at the same refinery. Wholesale CARB gasoline prices
in San Francisco rose by over $0.04 per gallon yesterday.
-------------------------------------------------------------
 Energy Seminars, Inc. Announces Key Seminar Offerings for January:


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FAX: 281-296-9922
-------------------------------------------------------------
Taiwan Deregulates Oil Market

     Taiwan's economics ministry has announced the full opening of
the oil market to foreign-refined products, heaping pressure on state-
run giant Chinese Petroleum Corp to speed up deregulation. The
privatization of Taiwan's oil products came after passage of the oil
management law in September, which would open the floodgates to
imports of gasoline, diesel and kerosene, and expand the island
nation's already crowded energy market. After the opening, any
company, which has facilities to store 60 days of reserves or 50
million liters of the oil products, is allowed to buy them from
foreign refiners, said the Energy Commission. In 1999, the government
cut restrictions on imports of jet fuel, fuel oil and LPG as part of
its drive to meet requirements for entry into the WTO. The complete
deregulation was set to further erode market share of dominant
supplier CPC. CPC, faced with a saturated domestic market and
increasing competition, will have to accelerate its privatization or
see a further erosion of dominance in the local oil market. CPC says
it plans to sell as much as a 50% stake overseas in the second half
of 2002.
-------------------------------------------------------------

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-------------------------------------------------------------
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 added 24.29 points to 7552.59
The CRB Index rose 1.90 points to 193.49
The US Dollar gained 0.80 points to 117.78
The Dow advanced 52.80 points to 10088.14
The S&P 500 climbed 4.72 points to 1149.37
The Nasdaq was up 16.22 points to 1960.70
February NYMEX Crude Oil rose 1.65 to 21.27
Canadian-US Exchange added 0.0160 to 1.5935
-------------------------------------------------------------
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