Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Wednesday, January 30 2002? No. 472
Visit our website at: http://www.enerfaxgold.com 

PETROLEUM PRICES ???
| Bonny Light      |  $19.52
| Brent            |  $19.39
| Butane           |  $ 0.36 
| Fuel Oil #2      |  $ 0.52   
| Louisiana        |  $20.00  
| Medit.           |  $17.59  
| Propane Non-tet  |  $ 0.29   
| Propane Wet-tet  |  $ 0.29  
| W. Tx Int Cush   |  $19.58 
| W. Tx Sour       |  $18.25 

| Euro in US equiv |  0.8655
-------------------------------------------------------------
Todays Petro Bulletins
 * Valero 4th Quarter Earnings Fall 45%
 * API Says Gulf Coast Gasoline Stocks Up 2.661 Million Barrels Last 
Week
 * API Says Crude Oil Stocks Up 0.027 Million Barrels Last Week 
 * Stock Build Cuts Down Recent Oil Price Rally
 * Unocal Posts 4th Quarter Loss of $29 Million After Charges
 * Petro-Canada Appoints Norman McIntyre New President; Ron Brenneman 
Continues as Chief Executive Officer
 * EOG Resources Has $27.6 Million 4th Quarter Loss, Including $19.2 
Million Enron Charge
-------------------------------------------------------------
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--------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
Feb 02 0.5270 0.5190 0.5205 -0.0108 
Mar 02 0.5290 0.5200 0.5221 -0.0099 
Apr 02 0.5305 0.5240 0.5251 -0.0089 
May 02 0.5340 0.5281 0.5281 -0.0089 
Jun 02 0.5380 0.5325 0.5326 -0.0089 
Jul 02 0.5445 0.5386 0.5386 -0.0084 
Aug 02 0.5510 0.5466 0.5466 -0.0079 
Sep 02 0.5580 0.5556 0.5556 -0.0079 
Oct 02 0.5700 0.5646 0.5646 -0.0079 
Nov 02 0.5780 0.5726 0.5726 -0.0079
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
Mar 02 19.75 19.80 19.48 19.58 -0.47 
Apr 02 20.07 20.12 19.81 19.91 -0.43 
May 02 20.20 20.28 20.00 20.08 -0.40 
Jun 02 20.35 20.40 20.15 20.19 -0.37 
Jul 02 20.38 20.38 20.20 20.22 -0.34 
Aug 02 20.40 20.40 20.20 20.24 -0.32 
Sep 02 20.50 20.50 20.23 20.25 -0.32 
Oct 02 20.45 20.45 20.27 20.27 -0.31 
Nov 02 20.30 20.45 20.29 20.29 -0.30 
Dec 02 20.57 20.57 20.31 20.31 -0.29 
-------------------------------------------------------------
Crude Oil Futures Slip After 6-Day Rally

    Crude oil futures for March delivery on the NYMEX slipped $0.47 
to $19.58 per barrel, ending a 6-day rally amid forecasts of another 
weekly build in crude oil inventories. Many expected the API to 
report that crude oil stocks increased by 1.3 million barrels for the 
week ended January 25th. In general, the expectations for inventory 
builds across the petroleum board were strong. Earlier in the week, 
some support for the market was found in a report by Petrologistics 
that the 10 OPEC countries with quotas trimmed output by 1.4 million 
bpd, not far from the cartel's pledge to lower production by 1.5 
million bpd. But prices were pressured downward yesterday after a 
survey by Dow Jones that contends the cartels production in January, 
excluding Iraq, will be 22.78 million barrels, more than 1 million 
barrels above its new quota of 21.7 million barrels. February heating 
oil and gasoline futures on the NYMEX, which are expire on Thursday, 
came under increased selling pressure. Heating oil for February 
delivery on the NYMEX dropped $0.0108 to $0.5205 per gallon. February 
gasoline futures on the NYMEX fell $0.0142 to $0.5669 per gallon. In 
London, Brent crude oil futures for March delivery on the IPE were 
down $0.41 to $19.24 per barrel

API Report for Week       Change from Week   Change from Week 
Ending 1/25/02              Ending 1/18/02     Ending 1/26/01 

CRUDE.........315.00 MLN    UP    0.03 MLN     UP   32.19 MLN 
DISTILLATE....141.44 MLN    DOWN  0.15 MLN     UP   28.45 MLN 
GASOLINE......216.10 MLN    UP    2.74 MLN     UP    9.36 MLN HEATING 
OIL... 60.75 MLN    UP    1.12 MLN     UP   14.36 MLN UTILIZATION... 
85.8%        DOWN  2.6%         DOWN  4.7%
-------------------------------------------------------------
????????????????????
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.4381 +0.0657 ? ? ? 
18 Month Strip ?2.5883 +0.0617 ? ? 
| Month | High  |  Low  | Close | Change |
| FEB   | 2.080 | 1.910 | 2.006 | +0.098 |
| MAR   | 2.090 | 2.010 | 2.067 | +0.083 |
| APR   | 2.180 | 2.100 | 2.150 | +0.071 |
| MAY   | 2.270 | 2.200 | 2.240 | +0.065 |
| JUN   | 2.350 | 2.280 | 2.320 | +0.065 |
| JUL   | 2.395 | 2.350 | 2.393 | +0.063 |
| AUG   | 2.445 | 2.390 | 2.453 | +0.063 |
| SEP   | 2.455 | 2.420 | 2.458 | +0.059 |
| OCT   | 2.480 | 2.450 | 2.488 | +0.059 |
| NOV   | 2.720 | 2.690 | 2.718 | +0.054 |
| DEC   | 2.930 | 2.900 | 2.933 | +0.054 |
| JAN   | 3.025 | 3.000 | 3.031 | +0.054 |
-------------------------------------------------------------
Allegheny Energy Supply Company, Salt River Project (SRP) and Sempra 
Energy
Resources announce Open Season for proposed Desert Crossing Gas 
Storage and
Transportation System. Open Season for customers interested in 
capacity
begins Jan. 10, 2002 and extends through Feb. 8, 2002.  For 
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-------------------------------------------------------------
Refinery Earnings Tumble


    Economic recession, high product inventories and mild weather 
have cut 4th quarter profits at oil refineries, despite lower crude 
oil prices. Valero Energy says January's profit margins were even 
weaker than those posted in the 4th quarter, when margins declined 
40% from last year. Valero reported net income fell 45% to $51.6 
million, or $0.82 per share, compared with $93.3 million, or $1.47 
per share. in the prior year's 4th quarter. Marathon Oil also says 
profits from its 62% stake in MAP, a joint downstream venture with 
Ashland, fell on lower refining and wholesale marketing gross profit 
margins. Last Friday, Ashland reported earnings from refining and 
marketing fell about 32% on lower profit margins. Marathon says 4th 
quarter refining, marketing and transportation income was $221 
million, compared with the $305 million a year ago. Including all 
operations, Marathon posted a loss before special items of $898 
million, or $2.90 per share, compared with a loss of $310 million, or 
$1 per share, in the year-ago period. After adjustments for special 
items, Marathon's net income was $98 million, or $0.32 per share, 
compared with $386 million, or $1.25 per share, a year ago. 
-------------------------------------------------------------
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-------------------------------------------------------------
Petro-Canada Buys Veba Assets from BP


    Petro-Canada is buying the exploration and production assets of 
Germany's Veba Oil & Gas from BP in a C$3.2 billion deal that will be 
funded by debt. The cash deal brings Petro-Canada assets in the North 
Sea, North Africa and South America. It opens the door to a host of 
new international prospects in concentrated areas. The transaction is 
expected to increase Petro-Canada's earnings and cash flow per share 
immediately, allowing it to fund growth and pay down the debt it is 
taking on. It is Canada's 4th largest oil producer, refiner and 
gasoline marketer by stock market value. Last year it bought Lundin 
Oil's Libyan assets to complement its Algerian holdings. It is best 
known for natural gas and oil sands assets in Western Canada, stakes 
in offshore projects on the East Coast and a national chain of 
gasoline stations. Petro-Canada beat out Australia's Woodside 
Petroleum for the assets. Veba produces 175,000 barrels of oil 
equivalent per day and has proved reserves of 600 million barrels. 
The addition will increase Petro-Canada's reserves by 71% to 1.4 
billion barrels of oil equivalent, and output 78% to 400,000 barrels 
of oil equivalent per day. In North Africa, Veba has production in 
Libya and Syria and a small position in Egypt. 
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
MAR 02 19.40 19.40 19.08 19.24 -0.41 
APR 02 19.51 19.54 19.26 19.45 -0.35 
MAY 02 19.65 19.66 19.40 19.54 -0.36 
JUN 02 19.48 19.57 19.34 19.45 -0.36 
JUL 02 19.46 19.57 19.34 19.46 -0.33 
AUG 02 19.45 19.58 19.45 19.49 -0.33 
SEP 02 19.44 19.60 19.44 19.52 -0.32
OCT 02 19.55 19.55 19.55 19.55 -0.31
NOV 02 19.58 19.58 19.58 19.58 -0.29
DEC 02 19.62 19.65 19.51 19.61 -0.27
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Feb 02 0.0000 0.0000 0.2915 -0.0035 
Mar 02 0.0000 0.0000 0.2890 -0.0035
Apr 02 0.0000 0.0000 0.2910 -0.0015
May 02 0.0000 0.0000 0.2935 -0.0015
Jun 02 0.0000 0.0000 0.3000 +0.0000
Jul 02 0.0000 0.0000 0.3100 +0.0000
Aug 02 0.0000 0.0000 0.3150 +0.0000
Sep 02 0.0000 0.0000 0.3200 +0.0000
Oct 02 0.0000 0.0000 0.3240 +0.0000
Nov 02 0.0000 0.0000 0.3250 +0.0000
-------------------------------------------------------------
ChevronTexaco Posts 4th Quarter Loss 


    ChevronTexaco has posted a 4th quarter loss, mainly due to write-
offs of $1.85 billion in assets because of lower oil and natural gas 
prices and $1.17 billion for merger costs. ChevronTexaco had a loss 
of $2.52 billion, or $2.36 per share, compared to net income of $2.04 
billion, or $1.92, a year ago, based on the combined pre-merger 
reports of Chevron and Texaco. Revenue fell by 33% to $21.5 billion 
from $32.3 billion. Earnings from oil and natural gas production 
tumbled 73% to $544 million from $2.05 billion. Refining profit 
margins dropped 45%. Merger expenses, estimated to be about $1.5 
billion through 2003, climbed because of higher costs associated with 
workforce reductions. ChevronTexaco has cut about 2,000 jobs out of 
the 4,500 it has planned. Merger expenses of $1.17 billion included 
about $700 million for the workforce reduction, $300 million for the 
relocation and closing of offices, and $150 million from the sale of 
assets. It now expects its total costs from the $45.8 billion merger 
to rise by a third to $2 billion. ChevronTexaco also wrote-off the 
$100 million cost of a computer program. In the 4th quarter, 
ChevronTexaco's oil and natural gas production climbed to 1.8 million 
barrels of oil equivalent per day from 1.74 million. Income from 
refining, marketing and transportation business slid 57% to $215 
million from $498 million. The price ChevronTexaco received for its 
oil was down 39% to $16.95 in the 4th-quarter and natural gas fell to 
$2.27 per MMcf from $5.62. Sales of gasoline and refined products 
slipped 3% to 1.65 million bpd. Operating losses from ChevronTexaco's 
chemical joint venture with Phillips Petroleum increased to $17 
million last quarter from $13 million a year ago, due to a drop in 
chemical profit margins. The company wrote down the value of oil and 
natural gas producing properties by $1.4 billion because of a price 
drop in the quarter. It also lowered the value of assets in its 
chemical unit and properties that were deemed as unprofitable to 
develop by $452 million. Excluding special items, ChevronTexaco's 4th 
quarter earnings would have been $498 million, or $0.47 per share, 
almost half of analysts average estimates of $0.90 per share. 
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
FEB 02 163.75 160.75 161.50 - 2.50 
MAR 02 163.25 161.25 162.00 - 2.25 
APR 02 165.00 163.00 163.50 - 1.25 
MAY 02 165.75 165.00 165.50 - 0.50 
JUN 02 168.25 166.50 167.25 - 0.25 
JUL 02 169.00 169.00 169.00 - 0.25 
AUG 02 171.00 170.50 171.00 + 0.00
SEP 02 173.00 172.75 173.00 + 0.25
OCT 02 175.00 175.00 175.00 + 0.75
NOV 02 176.25 176.25 176.25 + 1.00
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Feb 02 0.5730 0.5610 0.5669 -0.0142 
Mar 02 0.5820 0.5690 0.5757 -0.0133 
Apr 02 0.6495 0.6390 0.6440 -0.0123 
May 02 0.6540 0.6460 0.6508 -0.0117 
Jun 02 0.6560 0.6500 0.6526 -0.0112 
Jul 02 0.6480 0.6460 0.6480 -0.0106 
Aug 02 0.6375 0.6368 0.6368 -0.0098 
Sep 02 0.6200 0.6186 0.6186 -0.0095 
Oct 02 0.5921 0.5815 0.5921 +0.0106 
Nov 02 0.5836 0.5810 0.5836 +0.0000
--------------------------------------------------------------
Marathon Posts $898 Million Loss 

    Marathon Oil has reported a 4th quarter loss of $898 million, or 
$2.90 per share, from $310 million or $1 per share a year ago, as a 
weak economy and mild temperatures sliced demand for oil and natural 
gas. Revenue fell to $6.85 billion from $8.05 billion, or 15%. 
Marathon, was split into a separate company after parent USX spun off 
its steel business. USX changed its name to Marathon and will focus 
on oil and natural gas production and refining. It took charges of 
$996 million in the 4th quarter, mainly due to its split from USX's 
steel business. Excluding the charges, profit would have been $98 
million, or $0.32 per share. The average estimate of analysts was 
$0.41. Profit from oil and natural gas production plunged 71% to $117 
million. Earnings from refining crude oil, transportation and 
marketing dropped 28%, to $221 million.
-------------------------------------------------------------

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PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce               | 1.90  |
| ANR SE                   | 1.96  |
| Carthage TG              | 1.95  |
| Chicago Citygate         | 2.01  |
| Columbia Gulf Onshore    | 1.97  |
| Dominion South Point     | 2.10  |
| Henry Hub                | 1.97  |
| Houston Ship Channel     | 2.01  |
| Katy Hub                 | 1.95  |
| NGPL LA Pool             | 1.92  |
| NGPL - Midcontinent      | 1.90  |
| NGPL STX                 | 1.92  |
| NGPL TX/OK               | 1.91  |
| NNG Demarc.              | 1.99  |
| Niagara                  | 2.17  |
| Sonat Tier 1             | 1.96  |
| TCO IPP Pool             | 2.08  |
| Tetco ELa                | 1.96  |
| Tetco M-3                | 2.27  |
| Tetco STX                | 1.92  |
| TGP Zone 0               | 1.92  |
| TGP Zone 1 (500 Leg)     | 1.95  |
| TGT Zone SL              | 1.97  |
| New York Citygate        | 2.32  |
| Transco Station 65       | 2.05  |
| Transco Zone 6 (NY)      | 2.32  |
| Trunk ELa                | 1.95  |
| Western Region          
| California Border        | 2.07  |
| El Paso Keystone         | 1.94  |
| El Paso San Juan-Blanco  | 1.95  |
| Waha Hub                 | 1.93  |
| Canadian/Rockies Region  
| Nova/Aeco (C$/gig)       | 2.73  |
| Dawn Hub/Union           | 2.12  |
| Northwest Stanfield      | 2.00  |
| Wyoming Pool             | 1.84  |
| Opal                     | 1.86  |
| PGT-Malin                | 2.05  |
| Sumas                    | 2.00  |
           Flow Date 1/30
-------------------------------------------------------------
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 
MASTER
LEVEL.
REGISTER NOW, CLASS SIZES ARE LIMITED.
SEE COMPLETE DETAILS CLICK HERE :http://www.energyinstitution.org
-------------------------------------------------------------
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-------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 lost 76.59 points to 7567.14
The CRB Index fell 0.56 points to 187.31
The US Dollar decreased 0.49 points to 119.38
The Dow declined 247.51 points to 9618.24
The S&P 500 dipped 32.42 points to 1100.64
The Nasdaq was down 50.92 points to 1892.99
March NYMEX Crude Oil dropped 0.47 to 19.58
Canadian-US Exchange slid 0.0221 to 1.5904
-------------------------------------------------------------
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