Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Thursday, December 20 2001? No. 448
Visit our website at: http://www.enerfaxgold.com/, 

PETROLEUM PRICES ???
| Bonny Light      |  $19.01
| Brent            |  $18.87
| Butane           |  $ 0.36 
| Fuel Oil #2      |  $ 0.56   
| Louisiana        |  $19.60  
| Medit.           |  $18.22  
| Propane Non-tet  |  $ 0.32   
| Propane Wet-tet  |  $ 0.32  
| W. Tx Int Cush   |  $19.48 
| W. Tx Sour       |  $19.20 

| Euro in US equiv |  0.9006
-------------------------------------------------------------
Todays Petro Bulletins
 * US Trade Deficit Surges in October
 * Japan Considers Ethanol to Cut Greenhouse Gas Emissions
 * Canadian 88 Energy President and CEO Joseph Pritchett to Retire
 * Iran Says Oil Tanker Intercepted by US in Persian Gulf
 * ExxonMobil Awarded License for World's Largest SCANfining Unit
 * Canadian Natural Cuts Heavy Oil Output by 15,000 bpd
 * Valero Energy Corporation and Ultramar Diamond Shamrock 
Corporation Set Election Form Deadline of December 27th
 * EXCO Completes $33.8 Million Property Acquisition
 * Caminus Licenses Full Product Suite to Eni; Agreement with Largest 
Italian Energy Producer Extends Caminus' Leadership in Europe
-------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
Jan 02 0.5725 0.5600 0.5613 +0.0000 
Feb 02 0.5780 0.5670 0.5679 +0.0000 
Mar 02 0.5770 0.5645 0.5669 +0.0000 
Apr 02 0.5700 0.5620 0.5624 +0.0000 
May 02 0.5740 0.5559 0.5559 +0.0000 
Jun 02 0.5660 0.5564 0.5564 +0.0000 
Jul 02 0.5730 0.5619 0.5619 +0.0000 
Aug 02 0.5790 0.5684 0.5684 +0.0000 
Sep 02 0.5850 0.5764 0.5764 +0.0000 
Oct 02 0.5920 0.5849 0.5849 +0.0000
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
Feb 02 19.85 20.18 19.77 19.80 +0.20 
Mar 02 20.05 20.40 20.02 20.05 +0.26 
Apr 02 20.35 20.44 20.16 20.16 +0.24 
May 02 20.20 20.50 20.20 20.26 +0.21 
Jun 02 20.55 20.65 20.35 20.36 +0.21 
Jul 02 20.53 20.63 20.43 20.43 +0.18 
Aug 02 20.55 20.78 20.50 20.50 +0.24 
Sep 02 20.30 20.57 20.30 20.57 +0.17 
Oct 02 20.35 20.85 20.64 20.64 +0.17 
Nov 02 19.95 20.70 19.95 20.70 +0.17
-------------------------------------------------------------
Crude Oil Futures Continue to Rally

    Crude oil futures for February delivery on the NYMEX rose $0.20 
to $19.80 per barrel yesterday, rallying almost $2.00 over the past 3 
sessions. Colder weather in the Northeast and an expected production 
cut by the worlds largest oil producers combined to lift crude oil 
prices. The EIA and API both reported a decrease in inventories last 
week. However stockpiles of oil and products are still near 2-year 
highs after the September 11th tragedy plunged the US into a 
recession that sharply lowered petroleum demand. EIA data shows that 
distillate demand is 6.5% lower than a year ago. Meanwhile, the API 
says that total US oil demand in November dipped to the lowest level 
for the month in 3 years. The onset of winter weather in the 
Northeast helped to lower distillate stocks by 1.6 million barrels 
last week, for only the 2nd time since late September. US refiners 
have been shipping excess heating oil to Europe and cutting back 
refinery operations, which lowered surplus of refined products. The 
prospect that OPEC and non-cartel members would trim about 2 million 
bpd in exports also provided support for the market. Although a final 
decision on the amount of the production cut will not be made until 
the ministers meet on December 28th in Cairo. Heating oil futures for 
January delivery on the NYMEX climbed $0.0144 to $0.5613 per gallon. 
January gasoline futures on the NYMEX gained $0.0077 to $0.5581 per 
gallon. In London, Brent crude oil futures for February delivery on 
the IPE were up $0.29 to $19.47 per barrel.
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NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.8038  -0.0528? ? ? ? 
18 Month Strip ?2.9112  -0.0490? ? ? 
| Month | High  |  Low  | Close | Change |
| JAN   | 2.730 | 2.590 | 2.616 | -0.041 |
| FEB   | 2.760 | 2.630 | 2.650 | -0.062 |
| MAR   | 2.750 | 2.640 | 2.658 | -0.061 |
| APR   | 2.730 | 2.630 | 2.643 | -0.056 |
| MAY   | 2.770 | 2.700 | 2.695 | -0.056 |
| JUN   | 2.830 | 2.760 | 2.755 | -0.053 |
| JUL   | 2.865 | 2.810 | 2.798 | -0.054 |
| AUG   | 2.915 | 2.840 | 2.841 | -0.054 |
| SEP   | 2.905 | 2.860 | 2.846 | -0.049 |
| OCT   | 2.925 | 2.870 | 2.868 | -0.049 |
| NOV   | 3.120 | 3.060 | 3.053 | -0.049 |
| DEC   | 3.290 | 3.240 | 3.223 | -0.049 |
-------------------------------------------------------------
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-------------------------------------------------------------
Venezuela Seeks LNG Deal

    Venezuela hopes to sign a 4 million tonne per year LNG deal with 
a joint venture by Exxon Mobil, Shell, Mitsubishi and state-owned 
Petroleos de Venezuela, which was formed to capitalize on growing 
demand from the Atlantic Basin. The countrys 1st LNG exports could 
occur within the next 6 years if the project moves forward quickly 
enough. Venezuela has tried for over a decade to make a deal to 
export natural gas from its offshore Paria region near Trinidad. The 
Venezuelan project has languished because of rapidly growing LNG 
exports from countries such as Trinidad and Nigeria. Some say 
predictions of rising demand in Europe and US has given Venezuelan 
LNG exports a small window of opportunity. However, if Venezuela 
latches on to a partner with power generation capabilities, it would 
create an integrated project with a guaranteed market. The South 
American nation is also considering building a large industrial hub 
near Guiria to  link natural gas from the offshore Paria and nearby 
Deltana areas to a LNG plant, from which it could travel west for 
domestic use and fuel proposed petrochemical and chemical plants. 
-------------------------------------------------------------
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-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
FEB 02 19.28 19.76 19.25 19.47 +0.29 
MAR 02 19.15 19.56 19.15 19.30 +0.25 
APR 02 19.22 19.56 19.22 19.30 +0.23 
MAY 02 19.25 19.55 19.25 19.36 +0.22 
JUN 02 19.37 19.66 19.37 19.46 +0.20 
JUL 02 19.52 19.70 19.52 19.54 +0.18 
AUG 02 19.58 19.86 19.58 19.64 +0.18 
SEP 02 19.73 19.73 19.73 19.73 +0.17
OCT 02 19.81 19.81 19.81 19.81 +0.17
NOV 02 19.85 19.87 19.85 19.87 +0.17
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Jan 02 0.3250 0.3225 0.3250 +0.0060 
Feb 02 0.3250 0.3195 0.3250 +0.0060 
Mar 02 0.3275 0.3275 0.3275 +0.0075 
Apr 02 0.3325 0.2950 0.3325 +0.0050 
May 02 0.3375 0.3100 0.3375 +0.0025 
Jun 02 0.3375 0.2900 0.3375 +0.0025 
Jul 02 0.3425 0.2950 0.3425 +0.0025 
Aug 02 0.3475 0.3100 0.3475 +0.0025 
Sep 02 0.3600 0.3275 0.3600 +0.0025 
Oct 02 0.3600 0.3275 0.3600 +0.0025
-------------------------------------------------------------
Husky's White Rose Oil Project Gains Governmental Approval
  
    Husky Energy has gained governmental approval for the $1.5 
billion White Rose oil field off Newfoundland, making it the 
province's 3rd major offshore project. Husky said it would review 38 
conditions attached to the approval before making its own decision to 
proceed, probably within 3 months. The company is the operator and 
owns 72.5% of the 230 million barrel project, which is about 220 
miles east of  St. John's. Petro-Canada owns the remaining share of 
White Rose. If the companies decide to proceed, production would 
begin in late 2004. Output is expected to climb to 100,000 bpd. 
Current plans call for the field to be developed using a floating 
production, storage and offloading vessel. The project would follow 
the nearby Hibernia project, which began operation in 1997, and Terra 
Nova, scheduled to start soon following delays and cost overruns. As 
part of the 38 conditions, Husky must provide a more complete 
analysis of oil and natural gas reserves in sections of White Rose by 
2007. The floating production, storage and offloading vessel must 
also allow room for a possible natural gas processing plant, because 
the field contains major reserves of natural gas which are not part 
of the current development plan, regulators said. Husky estimates the 
natural gas reserves at 2 Tcf, while the Canada-Newfoundland Offshore 
Petroleum Board puts the number at 3.1 Tcf. 
-------------------------------------------------------------
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-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
JAN 02 173.75 168.50 172.50 + 4.25 
FEB 02 175.25 171.25 173.75 + 3.25 
MAR 02 175.00 172.00 174.00 + 3.50 
APR 02 174.75 172.75 174.75 + 3.75 
MAY 02 175.25 172.50 174.75 + 3.25 
JUN 02 176.00 173.25 175.25 + 2.75 
JUL 02 176.75 176.75 176.75 + 3.00 
AUG 02 178.25 178.25 178.25 + 3.00 
SEP 02 179.75 179.75 179.75 + 3.00
OCT 02 181.00 181.00 181.00 + 2.75
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Jan 02 0.5680 0.5560 0.5581 +0.0000 
Feb 02 0.5790 0.5660 0.5676 +0.0000 
Mar 02 0.5890 0.5760 0.5788 +0.0000 
Apr 02 0.6460 0.6388 0.6388 +0.0000 
May 02 0.6475 0.6430 0.6430 +0.0000 
Jun 02 0.6470 0.6430 0.6430 +0.0000 
Jul 02 0.6430 0.6390 0.6390 +0.0000 
Aug 02 0.6350 0.6310 0.6310 +0.0000 
Sep 02 0.6185 0.6175 0.6185 +0.0000 
Oct 02 0.5960 0.5840 0.5960 +0.0000
------------------------------------------------------------
JP Morgan Acknowledges Greater Secured Enron Exposure

    JP Morgan Chase says its stake in Enron that is secured by assets 
is $965 million, or more than twice the amount it previously 
disclosed. JP Morgan has filed lawsuits against several top insurance 
companies that issued contracts, or surety bonds, guaranteeing Enron 
assets. It has sued insurers including: Chubb Corp, CNA Financial and 
Citigroups Travelers Property Casualty unit. JP Morgan has also 
acknowledged about $600 million in unsecured exposure to Enron. The 
surety bonds at the heart of JP Morgan Chase's lawsuits against its 
insurers were issued to guarantee obligations of Enron North America 
and Enron Natural Gas Marketing under prepaid forward natural gas and 
crude oil contracts. In addition, JP Morgan says a European financial 
institution has failed to pay it on a $165 million letter of credit 
backing an Enron-related swap contract. 
------------------------------------------------------------
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-------------------------------------------------------------
Canadian Natural Delays Heavy Oil Production

    Canadian Natural Resources has said that low oil prices for heavy 
crude have led it to cut production and delay drilling. The company, 
which has operations in Canada, the North Sea and west Africa, said 
it had cut Alberta heavy oil production this month by 15,000 bpd, and 
that the cut would remain in place until prices improve. The company 
said that the reduction of the high cost heavy crude represents about 
4% of its current overall oil and natural gas production of 365,000 
bpd of oil equivalent. Canadian Natural will fund drilling in only 20 
heavy oil wells next year, compared with 91 this year. The slumping 
petroleum market has also led to the postponement of its Primrose, 
Alberta SAGD project until next spring. SAGD is a process which pumps 
steam into the earth to heat up the crude, allowing it to flow to the 
surface. Canadian heavy crude carries a big discount because it 
requires an extensive refining process to turn it into gasoline and 
other petroleum products. The company said if prices improve by the 
end of the first quarter, it will bring much of the idle production 
back on-line quickly. In the meantime, Canadian Natural has completed 
a 35 mile extension to its 95 mile ECHO heavy oil pipeline in 
Alberta, providing access to transportation for some of its 
production properties. The line, which transports heated heavy oil, 
allows the company to ship 57,000 bpd to an interconnection with an 
Enbridge pipeline to the Midwest and an Alberta Energy Express line 
to the Rocky Mountain region. 
-------------------------------------------------------------
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-------------------------------------------------------------
PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.48  |
| ANR SE                  | 2.57  |
| Carthage TG             | 2.57  |
| Chicago Citygate        | 2.57  |
| Columbia Gulf Onshore   | 2.59  |
| Dominion South Point    | 2.77  |
| Henry Hub               | 2.62  |
| Houston Ship Channel    | 2.61  |
| Katy Hub                | 2.55  |
| NGPL LA Pool            | 2.55  |
| NGPL - Midcontinent     | 2.44  |
| NGPL STX                | 2.50  |
| NGPL TX/OK              | 2.54  |
| NNG Demarc.             | 2.49  |
| Niagara                 | 2.84  |
| Sonat Tier 1            | 2.57  |
| TCO IPP Pool            | 2.75  |
| Tetco ELa               | 2.58  |
| Tetco M-3               | 3.05  |
| Tetco STX               | 2.50  |
| TGP Zone 0              | 2.50  |
| TGP Zone 1 (500 Leg)    | 2.57  |
| TGT Zone SL             | 2.59  |
| New York Citygate       | 3.09  |
| Transco Station 65      | 2.67  |
| Transco Zone 6 (NY)     | 3.09  |
| Trunk ELa               | 2.53  |
| Western Region          
| California Border       | 2.59  |
| El Paso Keystone        | 2.44  |
| El Paso San Juan-Blanco | 2.41  |
| Waha Hub                | 2.48  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.46  |
| Dawn Hub/Union          | 2.78  |
| Northwest Stanfield     | 2.46  |
| Wyoming Pool            | 2.31  |
| Opal/Kern River         | 2.32  |
| PGT-Malin               | 2.62  |
| Sumas                   | 2.49  |
         Flow Date 12/20
-------------------------------------------------------------
?Energy Seminars, Inc. Announces Key Seminar Offerings for January:


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-------------------------------------------------------------
ChevronTexaco Establishes Gulf Lubricants 

    ChevronTexaco has established a new lubricants company aimed at 
offering low price oils and greases directly to the customers. The 
new company will be known as Gulf Lubricants and will be 
headquartered in San Ramon, California. It has distribution 
facilities in Houston and Chicago. Financial details were not 
disclosed.  Gulf Lubricants products initially will be available to 
customers in the Midwest, with the company expanding its delivery 
capabilities across the nation in 2002. 
-------------------------------------------------------------

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--------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 dipped 35.38 points to 7501.09
The CRB Index dropped 0.66 points to 189.67
The US Dollar added 0.38 points to 115.75
The Dow advanced 71.34 points to 10070.49
The S&P 500 gained 6.64 points to 1149.56
The Nasdaq was down 17.31 points to 2004.76
February NYMEX Crude Oil rose 0.20 to 19.80
Canadian-US Exchange added 0.0012 to 1.5742
-------------------------------------------------------------
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