Enerfax GOLD
NORTH AMERICA'S FREE  GAS, OIL, LIQUIDS & DERIVATIVES
INFORMATION SOURCE
   Wednesday, December 26 2001  No. 450
Visit our website at: http://www.enerfaxgold.com/,

PETROLEUM PRICES
| Bonny Light      |  $18.78
| Brent            |  $18.60
| Butane           |  $ 0.36
| Fuel Oil #2      |  $ 0.54
| Louisiana        |  $18.55
| Medit.           |  $18.23
| Propane Non-tet  |  $ 0.32
| Propane Wet-tet  |  $ 0.32
| W. Tx Int Cush   |  $19.18
| W. Tx Sour       |  $17.63

| Euro in US equiv |  0.8878
-------------------------------------------------------------
Todays Petro Bulletins
 * CFTC Data Shows Speculative Net Crude Shorts Rose Last Week
 * EIA Says World Oil Demand to Rise 56% by 2020
 * AltaGas to Invest C$25 Million in Joffre Ethane Extraction Plant
 * EOTT's Credit Facility Increased to $300 Million
 * Conoco to Spend Up to $110 Million for Pollution Controls at Oil
Refineries
 * IRS  Issues Favorable Tax Ruling on Canadian Pacific Breakup
 * Anadarko Retains Oil & Gas Journal Property Exchange for South
Louisiana Property Divestment
 * Phillips Announces Agreement with East Timor on Bayu-Undan Gas
Development.
Mexico Refinery Blast Kills One, Injures 17
 * Saudi Arabia and Energy Majors to Sign Natural Gas Deals in March
-------------------------------------------------------------
NYMEX - NY Harbor Heating Oil
Month   High   Low    Last   Change
JAN 02 0.5600 0.5460 0.5484 +0.0035
FEB 02 0.5625 0.5490 0.5506 -0.0010
MAR 02 0.5580 0.5470 0.5481 -0.0020
APR 02 0.5525 0.5440 0.5436 -0.0030
MAY 02 0.5525 0.5440 0.5381 -0.0040
JUN 02 0.5525 0.5455 0.5396 -0.0059
JUL 02 0.5570 0.5525 0.5451 -0.0035
AUG 02 0.5640 0.5590 0.5521 -0.0030
SEP 02 0.5730 0.5675 0.5606 -0.0030
OCT 02 0.5810 0.5790 0.5696 -0.0025
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel)
Month  Open  High   Low  Last  Change
JAN 02 19.25 19.45 19.07 19.36 +0.14
FEB 02 19.43 19.75 19.25 19.62 +0.34
MAR 02 19.60 19.93 19.55 19.82 +0.25
APR 02 19.75 20.10 19.75 19.99 +0.28
MAY 02 19.88 20.12 19.88 20.13 +0.30
JUN 02 19.95 20.23 19.95 20.24 +0.30
JUL 02 20.21 20.21 20.15 20.30 +0.29
AUG 02 20.21 20.30 20.21 20.36 +0.28
SEP 02 20.24 20.28 20.24 20.42 +0.26
OCT 02 20.27 20.40 20.27 20.48 +0.24
-------------------------------------------------------------
Crude Oil Futures Rise Ahead of Extended Holiday Weekend

    Crude oil futures for February delivery on the NYMEX gained $0.34
to $19.62 per barrel on Friday as the market traded on short-term
technicals. Traders were squaring their books before the long
Christmas hokiday. Expectations that OPEC would finally move ahead
with a plan to remove 2 million bpd from the world market likely gave
the pre-holiday market a boost. The cartel has agreed to chop 1.5
million bpd from production if non-OPEC producers remove an
additional 500,000 bpd between them. Last week, Omans raised its
pledge to trim output from 25,000 to 40,000 bpd, which leaves the
cartel only 37,500 bpd short of its goal. OPEC ministers plan to meet
in Cairo on December 28th to weigh their options, but insiders say
the cartel will move ahead with their plans, despite the relatively
small shortfall. Petroleum inventories are 50 million barrels higher
than a year ago, after a slumping economy whittled away at demand.
But gasoline and heating oil stockpiles unexpectedly fell for the
week ended December 14th and crude inventories rose less than
predicted. The EIA said that the national average retail price for
gasoline has fallen $0.036 to $1.06 per gallon, down $0.36 from a
year ago. Gasoline futures for January delivery on the NYMEX climbed
$0.0083 to $0.5586 per gallon. January heating oil futures on the
NYMEX rose $0.0035 to $0.5484 per gallon after forecasts that
temperatures in the Northeast would be near or below normal over the
Christmas season. In London, Brent crude oil futures for February
delivery on the IPE were up $0.23 to $19.36 per barrel.
-------------------------------------------------------------
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NYMEX Henry Hub Natural Gas Futures
12 Month Strip  2.9819  +0.1286
18 Month Strip  3.0817  +0.1223
| Month | High  |  Low  | Close | Change  |
| JAN   | 2.910 | 2.690 | 2.895 | +0.209  |
| FEB   | 2.920 | 2.754 | 2.889 | +0.181  |
| MAR   | 2.880 | 2.750 | 2.869 | +0.158  |
| APR   | 2.830 | 2.725 | 2.824 | +0.133  |
| MAY   | 2.860 | 2.775 | 2.861 | +0.120  |
| JUN   | 2.900 | 2.835 | 2.912 | +0.113  |
| JUL   | 2.930 | 2.880 | 2.952 | +0.110  |
| AUG   | 2.970 | 2.925 | 2.990 | +0.103  |
| SEP   | 2.965 | 2.875 | 2.995 | +0.103  |
| OCT   | 3.010 | 2.945 | 3.017 | +0.103  |
| NOV   | 3.175 | 3.140 | 3.202 | +0.103  |
| DEC   | 3.350 | 3.300 | 3.377 | +0.108  |
-------------------------------------------------------------
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-------------------------------------------------------------
Bad Weather in Russia Lowers Oil Exports


    Russia is set to announce crude exports in the 4th quarter were
almost 150,000 bpd below what was planned due to bad weather. The
fall, equal to what OPEC asked Russia to cut in exports in the 1st
quarter of 2002, would be down from an initial 4th quarter schedule
of 2.88 million bpd for Russian and transit oil. The 4th quarter
figures will be released in early January. Predictions are that
Russia will be short by 145,000  160,000 bpd if the weather does not
take a turn for the worse. Third quarter exports came in around 3
million bpd. Russia committed to trim exports by 150,000 bpd as part
of OPEC's plan to have non-members contribute 500,000 bpd in export
reductions before the cartel would lower its production by 1.5
million bpd. Removal of the oil from the global market is aimed at
lifting prices which have tumbled as an economic downturn has eaten
away at demand. But, Russian oil exports were already hard hit by
inclement weather in November when the key ports of Novorossiisk and
Tuapse in Russia, Odessa in Ukraine and Ventspils in Latvia were
closed for a total of 25 days. In December, Novorossiisk was shut-
down for over 10 days, while Lithuanian terminal Butinge was closed
the entire month because of an oil leak. Russian crude output and
export schedules are established every quarter and spread among the
country's oil firms. OPEC has asked Russia to explain the statistics
of its promised 1st quarter cut before the cartel meets on December
28 in Cairo to set its own final reduction. Those close to the
situation have reported that Russia will set exports at 2.6 million
bpd, or about 144,000 bpd lower than the 4th quarter. Lukoil said
that Russia needed to reduce output to prevent an already overloaded
pipeline system from breaking down.
-------------------------------------------------------------
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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 0.3300 0.3175 0.3200 +0.0050
Feb 02 0.3225 0.3200 0.3200 +0.0050
Mar 02 0.3200 0.3200 0.3200 +0.0025
Apr 02 0.3225 0.2950 0.3225 +0.0000
May 02 0.3250 0.3250 0.3250 -0.0025
Jun 02 0.3275 0.3275 0.3275 +0.0000
Jul 02 0.3325 0.2950 0.3325 +0.0000
Aug 02 0.3400 0.3100 0.3400 +0.0000
Sep 02 0.3500 0.3275 0.3500 +0.0000
Oct 02 0.3500 0.3275 0.3500 +0.0000
-------------------------------------------------------------
Saudi Arabia and Oil Majors Negotiating Natural Gas Agreements

    Saudi Arabia and 8 international oil companies, which are
negotiating large natural gas investments in the country, have said
that they expect to sign executive agreements by next March. The
agreements center around 3 multi-billion dollar projects in the Saudi
natural gas sector. ExxonMobil and Royal Dutch/Shell will take the
lead in the kingdom's natural gas initiative. ExxonMobil has the lead
role in the $15 billion South Ghawar development, core venture one,
which includes Royal Dutch/Shell, BP and Phillips. ExxonMovil will
also lead the $5 billion Red Sea development, core venture 2, which
includes Occidental and Marathon. Royal Dutch/Shell has the leading
role in the $5 billion Shaybah development, core venture three, with
Conoco and TotalFinaElf. The natural gas initiative is expected to
boost the Saudi economy and create jobs. The kingdom's natural gas
upstream has been off-limits to foreign companies for the past 25
years.
-------------------------------------------------------------
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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 0.5620 0.5500 0.5586 +0.0083
FEB 02 0.5650 0.5560 0.5590 +0.0023
MAR 02 0.5760 0.5700 0.5700 +0.0003
APR 02 0.6370 0.6325 0.6305 +0.0005
MAY 02 0.6430 0.6375 0.6345 +0.0000
JUN 02 0.6440 0.6410 0.6345 +0.0000
JUL 02 0.6420 0.6420 0.6305 -0.0085
AUG 02 0.6285 0.6280 0.6225 +0.0000
SEP 02 0.6170 0.6170 0.6100 +0.0000
OCT 02 0.5875 0.5875 0.5875 -0.0085
------------------------------------------------------------
Get familiar with oil-gasoline.com, inc. This web site ranks
among the favorite sites for petroleum company executives.
In 2002, the corporation plans to run an interactive crude
oil model to provide the latest status of world-wide supply
and demand. You will want to bookmark this one!
-------------------------------------------------------------
EIA 2002 Energy Outlook

    Average world oil prices will gradually move higher from 2002
through the year 2020 as demand rises by 56%, according to the EIA in
its Annual Energy Outlook 2002 report, but natural gas and
electricity prices will likely fall. The EIA expects world oil demand
to rise to 118.9 million bpd in 2020. World demand stood at 76
million bpd seen in 2000. World oil prices will also average $22.48 a
barrel in 2001, down from $27.72 in 2000, before starting a gradual
increase after 2002, the report predicted. The price in 2020 will
reach $24.68 per barrel, largely due to higher projected world
demand. The EIA also forecasted that OPEC oil production will reach
57.5 million bpd in 2020, almost twice the 30.9 million bpd produced
last year. Average wellhead prices for natural gas will likely be at
$4 per Mcf in 2001, up from $3.60 in 2000, but then decline sharply
by 2020, the EIA report said. It predicted a price of $3.26 per Mcf
for 2020, even though demand that year will likely be 1 Tcf lower
than was projected in 2001, because of a less optimistic assessment
of natural gas reserves discovered by exploratory drilling.
Electricity prices are also predicted to decline to $0.065 per kWh in
2020, down from $0.069 in 2000. But the new 2020 price level is
higher than the $0.061 projected last year because of higher than
previously expected electricity demand. The accuracy of 20-year
forecast is not only severely limited but also does not account for
the volatility during the period. To see the full report, please go
to: www.eia.doe.gov/oiaf/aeo/index.html
-------------------------------------------------------------
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-------------------------------------------------------------
PHYSICAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 2.49  |
| ANR SE                  | 2.54  |
| Carthage TG             | 2.57  |
| Chicago Citygate        | 2.57  |
| Columbia Gulf Onshore   | 2.57  |
| Dominion South Point    | 2.70  |
| Henry Hub               | 2.63  |
| Houston Ship Channel    | 2.64  |
| Katy Hub                | 2.58  |
| NGPL LA Pool            | 2.53  |
| NGPL - Midcontinent     | 2.46  |
| NGPL STX                | 2.51  |
| NGPL TX/OK              | 2.55  |
| NNG Demarc.             | 2.51  |
| Niagara                 | 2.82  |
| Sonat Tier 1            | 2.56  |
| TCO IPP Pool            | 2.71  |
| Tetco ELa               | 2.54  |
| Tetco M-3               | 2.98  |
| Tetco STX               | 2.47  |
| TGP Zone 0              | 2.48  |
| TGP Zone 1 (500 Leg)    | 2.54  |
| TGT Zone SL             | 2.59  |
| New York Citygate       | 3.03  |
| Transco Station 65      | 2.64  |
| Transco Zone 6 (NY)     | 3.03  |
| Trunk ELa               | 2.51  |
| Western Region
| California Border       | 2.55  |
| El Paso Keystone        | 2.44  |
| El Paso San Juan-Blanco | 2.40  |
| Waha Hub                | 2.49  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 3.42  |
| Dawn Hub/Union          | 2.78  |
| Northwest Stanfield     | 2.46  |
| Wyoming Pool            | 2.31  |
| Opal/Kern River         | 2.31  |
| PGT-Malin               | 2.53  |
| Sumas                   | 2.46  |
       Flow Dates 12/22-26
-------------------------------------------------------------
Shell and Gazprom in Russian Arctic Natural Gas Deal

    Russia's Gazprom is set to conclude a joint venture agreement
with Shell that will allow Shell to invest in a huge Arctic natural
gas field operated by Gazprom. The deal is supported by both Vladimir
Putin and Tony Blair. Gazprom brought the field onstream last October
in the polar region of Yamal-Nenets. The field, Zapolyarnoye, is the
world's 5th largest natural gas field. It holds 3 trillion cubic
meters and a life of at least 42 years.
------------------------------------------------------------
 Energy Seminars, Inc. Announces Key Seminar Offerings for January:


Energy Seminars will be going to Florida and Calgary in 2002!

Click to www.energyseminars.com to see our 2002 schedule.


Register on-line at http://www.energyseminars.com or call Registrar
Gina Patrick

Phone: 281-362-7979
FAX: 281-296-9922
-------------------------------------------------------------
Antitrust Lawsuit Reinstated Against Major Oil Companies

    An appeals court has strengthened the claims of a 1997 lawsuit
that alleges oil and petrochemical companies used shared salary
information to unlawfully keep workers' pay at artificially low
levels. The 2nd Circuit Court of Appeals tossed out a lower court
ruling dismissing the lawsuit, brought against 14 major companies
that employ about 80% - 90% percent of the industry's work force. The
defendants previously denied the allegations. The case was sent back
to the lower court for further proceedings. The lawsuit was brought
by a former Exxon worker on behalf of herself and other Exxon
employees alleging the companies violated federal antitrust law by
regularly sharing detailed information about compensation paid to
nonunion managerial, professional and technical employees agreeing
that they would use the data to set salaries. In addition to Exxon,
the other defendants include: Mobil, Texaco and Chevron.
-------------------------------------------------------------

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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 73.33 points to 7528.30
The CRB Index rose 1.25 points to 191.40
The US Dollar gained 1.31 points to 116.98
The Dow advanced 50.16 points to 10035.34
The S&P 500 climbed 4.96 points to 1144.89
The Nasdaq was up 27.29 points to 1945.83
February NYMEX Crude Oil rose 0.34 to 19.62
Canadian-US Exchange added 0.0033 to 1.5775
-------------------------------------------------------------
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