Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Thursday, February 21 2002? No. 487
Visit our website at: http://www.enerfaxgold.com 

PETROLEUM PRICES ???
| Bonny Light      |  $19.57
| Brent            |  $19.47
| Butane           |  $ 0.39 
| Fuel Oil #2      |  $ 0.53   
| Louisiana        |  $20.70  
| Medit.           |  $18.22  
| Propane Non-tet  |  $ 0.31   
| Propane Wet-tet  |  $ 0.31  
| W. Tx Int Cush   |  $20.28 
| W. Tx Sour       |  $19.10 

| Euro in US equiv |  0.8692
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Todays Petro Bulletins
 
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OPEN SEASON

SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR 
Holdings, L.L.C., is conducting an open season for firm storage 
services at its new high-deliverability, salt cavern, natural gas 
storage facility, known as the Southern Pines Energy Center. The open 
season will begin at 9:00 a.m. CDT on February 4, 2002, and will 
continue until 5:00 p.m. CDT on March 4, 2002. The project is located 
at the border of Mississippi and Alabama with access to the major 
pipelines serving the Mid-Atlantic and the Southeastern United 
States. The facility is ideally located to serve as a transportation 
and storage hub for shippers on any one of nine major pipelines that 
will be interconnected directly or indirectly to the project. 
Information on the facility and the Open Season is available on our 
web site at 
http://www.sgr-holdings.com 
or contact us at 713-914-8188
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NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
Mar 02 0.5390 0.5290 0.5309 -0.0131 
Apr 02 0.5420 0.5330 0.5340 -0.0130 
May 02 0.5410 0.5340 0.5365 -0.0125 
Jun 02 0.5465 0.5410 0.5410 -0.0115 
Jul 02 0.5515 0.5445 0.5460 -0.0110 
Aug 02 0.5570 0.5535 0.5535 -0.0105 
Sep 02 0.5675 0.5625 0.5625 -0.0100 
Oct 02 0.5780 0.5715 0.5715 -0.0095 
Nov 02 0.5850 0.5795 0.5795 -0.0090 
Dec 02 0.5920 0.5870 0.5870 -0.0085
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NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
Mar 02 20.62 20.65 20.15 20.29 -0.59 
Apr 02 20.86 20.90 20.35 20.43 -0.69 
May 02 21.00 21.05 20.58 20.62 -0.65 
Jun 02 21.03 21.10 20.70 20.70 -0.59 
Jul 02 21.10 21.10 20.70 20.70 -0.55 
Aug 02 20.72 20.81 20.69 20.69 -0.52 
Sep 02 20.77 20.85 20.68 20.68 -0.50 
Oct 02 21.25 21.25 20.68 20.68 -0.48 
Nov 02 21.11 21.30 20.68 20.68 -0.46 
Dec 02 21.00 21.00 20.68 20.68 -0.44
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NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.7490  -0.0029 ? ? ? 
18 Month Strip ?2.8466  +0.0031 ? ? 
| Month | High  |  Low  | Close | Change |
| MAR   | 2.430 | 2.300 | 2.385 | -0.012 |
| APR   | 2.450 | 2.350 | 2.413 | -0.014 |
| MAY   | 2.515 | 2.440 | 2.480 | -0.012 |
| JUN   | 2.580 | 2.490 | 2.548 | -0.009 |
| JUL   | 2.640 | 2.560 | 2.613 | -0.009 |
| AUG   | 2.690 | 2.620 | 2.663 | -0.007 |
| SEP   | 2.690 | 2.620 | 2.668 | -0.006 |
| OCT   | 2.720 | 2.650 | 2.696 | -0.004 |
| NOV   | 2.940 | 2.890 | 2.930 | +0.005 |
| DEC   | 3.160 | 3.090 | 3.153 | +0.010 |
| JAN   | 3.250 | 3.210 | 3.248 | +0.010 |
| FEB   | 3.191 | 3.140 | 3.191 | +0.013 |
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IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
APR 02 20.25 20.28 19.80 19.86 -0.66 
MAY 02 20.28 20.35 19.85 19.85 -0.75 
JUN 02 20.10 20.25 19.74 19.74 -0.74 
JUL 02 20.10 20.15 19.67 19.67 -0.71 
AUG 02 20.08 20.15 19.68 19.68 -0.69 
SEP 02 20.05 20.08 19.69 19.69 -0.67
OCT 02 19.69 19.69 19.69 19.69 -0.64
NOV 02 20.10 20.10 19.69 19.69 -0.61
DEC 02 19.99 20.10 19.69 19.69 -0.59
JAN 02 19.80 19.80 19.65 19.65 -0.59
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NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Mar 02 0.3195 0.3125 0.3125 +0.0000 
Apr 02 0.3200 0.3150 0.3150 +0.0000 
May 02 0.3150 0.3100 0.3150 +0.0000 
Jun 02 0.3175 0.3025 0.3175 +0.0000 
Jul 02 0.3175 0.3000 0.3175 +0.0000 
Aug 02 0.3200 0.3100 0.3200 +0.0000 
Sep 02 0.3350 0.3125 0.3350 +0.0000 
Oct 02 0.3350 0.3150 0.3350 +0.0000 
Nov 02 0.3375 0.3175 0.3375 +0.0000 
Dec 02 0.3375 0.3250 0.3375 +0.0000
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IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
MAR 02 165.00 160.75 162.25 - 4.25 
APR 02 166.50 163.25 164.50 - 4.75 
MAY 02 168.50 165.50 166.50 - 4.75 
JUN 02 170.50 168.00 168.00 - 5.00 
JUL 02 171.75 170.00 170.00 - 5.00 
AUG 02 173.75 172.00 172.00 - 5.00
SEP 02 175.75 174.00 174.00 - 5.00
OCT 02 176.00 176.00 176.00 - 5.00
NOV 02 177.00 177.00 177.00 - 4.75
DEC 02 177.50 177.50 177.50 - 4.50
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NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Mar 02 0.5900 0.5680 0.5744 -0.0181 
Apr 02 0.6570 0.6400 0.6431 -0.0168 
May 02 0.6645 0.6485 0.6511 -0.0163 
Jun 02 0.6660 0.6544 0.6544 -0.0156 
Jul 02 0.6625 0.6504 0.6504 -0.0146 
Aug 02 0.6500 0.6397 0.6397 -0.0133 
Sep 02 0.6310 0.6224 0.6224 -0.0121 
Oct 02 0.6060 0.5959 0.5959 -0.0111 
Nov 02 0.5980 0.5869 0.5869 -0.0101 
Dec 02 0.5960 0.5849 0.5849 -0.0096
-------------------------------------------------------------

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

PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce               | 2.29  |
| ANR SE                   | 2.40  |
| Carthage TG              | 2.36  |
| Chicago Citygate         | 2.45  |
| Columbia Gulf Onshore    | 2.40  |
| Dominion South Point     | 2.66  |
| Henry Hub                | 2.43  |
| Houston Ship Channel     | 2.43  |
| Katy Hub                 | 2.39  |
| NGPL LA Pool             | 2.39  |
| NGPL - Midcontinent      | 2.34  |
| NGPL STX                 | 2.32  |
| NGPL TX/OK               | 2.34  |
| NNG Demarc.              | 2.39  |
| Niagara                  | 2.63  |
| Sonat Tier 1             | 2.40  |
| TCO IPP Pool             | 2.52  |
| Tetco ELa                | 2.36  |
| Tetco M-3                | 2.69  |
| Tetco STX                | 2.30  |
| TGP Zone 0               | 2.32  |
| TGP Zone 1 (500 Leg)     | 2.39  |
| TGT Zone SL              | 2.40  |
| New York Citygate        | 2.69  |
| Transco Station 65       | 2.42  |
| Transco Zone 6 (NY)      | 2.69  |
| Trunk ELa                | 2.38  |
| Western Region          
| California Border        | 2.42  |
| El Paso Keystone         | 2.30  |
| El Paso San Juan-Blanco  | 2.29  |
| Waha Hub                 | 2.36  |
| Canadian/Rockies Region  
| Nova/Aeco (C$/gig)       | 3.20  |
| Dawn Hub/Union           | 2.55  |
| Northwest Stanfield      | 2.26  |
| Wyoming Pool             | 2.16  |
| Opal                     | 2.16  |
| PGT-Malin                | 2.32  |
| Sumas                    | 2.19  |
           Flow Date 2/21
-------------------------------------------------------------
Nymex Option Volatility   
Supplied by "The Daily Hedger"
http://www.energyinstitution.org

	WTI  		
	   Futures	   Days Left	Implied
Month	Settlement	to Exp    	Volatility
Mar   $20.26        6          42.7% 
Apr   $20.62       35          44.3% 
May   $20.79       68          41.6% 
Jun   $20.85       97          41.9% 
Jul   $20.85      129          40.4% 
Aug   $20.85      159          41.2% 
Sep   $20.86      188          39.8% 
Oct   $20.87      221          37.8% 
Nov   $20.88      251          36.6% 
Dec   $20.88      280          35.1%
HEATING OIL		
	   Futures	  Days left Implied
Month	Settlement	to Exp  	Volatility
Mar   $0.5334      17       42.2% 
Apr   $0.5381      46       39.6% 
May   $0.5401      76       39.4% 
Jun   $0.5446     109       38.5% 
Jul   $0.5504     137       37.4% 
Aug   $0.5581     168       36.9% 
Sep   $0.5671     200       36.5% 
Oct   $0.5761     229       35.6% 
Nov   $0.5841     262       34.6% 
Dec   $0.5916     291       33.6%
 NY HARBOR UNLEADED  
       Futures    Days left  Implied
Month Settlement   to Exp    Volatility
Mar   $0.5877        17      43.2% 
Apr   $0.6576        45      41.5% 
May   $0.6649        76      41.5% 
Jun   $6.6671       109      40.9% 
Jul   $0.6624       137      38.7% 
Aug   $0.6516       168      38.4% 
Sep   $0.6341       200      37.6%
 Natural Gas 
	      Futures	                Implied
Month	Settlement	Days Left    Volatility                      
Mar    $2.191         17       59.9% 
Apr    $2.265         45       50.2% 
May    $2.338         76       51.6% 
Jun    $2.403        109       46.7% 
Jul    $2.460        137       42.9% 
Aug    $2.510        168       42.8% 
Sep    $2.512        200       43.7% 
Oct    $2.537        229       46.4% 
Nov    $2.750        262       44.5% 
Dec    $2.951        290       45.3%
-------------------------------------------------------------

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