Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Friday, January 11 2002? No. 460
Visit our website at: http://www.enerfaxgold.com/, 

PETROLEUM PRICES ???
| Bonny Light      |  $19.70
| Brent            |  $19.47
| Butane           |  $ 0.36 
| Fuel Oil #2      |  $ 0.55   
| Louisiana        |  $20.60  
| Medit.           |  $19.22  
| Propane Non-tet  |  $ 0.29   
| Propane Wet-tet  |  $ 0.29  
| W. Tx Int Cush   |  $20.38 
| W. Tx Sour       |  $18.85 

| Euro in US equiv |  0.8918
-------------------------------------------------------------
Todays Petro Bulletins
 * Dana Gibbs Elected New CEO for Enron Crude Oil Marketing Unit EOTT
 * Saskatchewan Government-Owned SaskPower International Acquired 30% 
Stake 
in Cogeneration Plant Being Built by Atco to Supply Power and Steam 
to Muskeg River Oil Sands Mine in Northern Alberta
 * talian Oil Company Eni Still in Hunt for Britain's Enterprise Oil 
 * Transocean Sedco Forex Announces Plans for Debt Exchange Offer
 * Crown Central Petroleum Completes Repairs and Turnaround; Restarts 
Pasadena Refining Operation
 * Shell Marine Habitat Program Grants $1.2 Million for Gulf of 
Mexico Conservation Projects
 * Compass Energy Completes Acquisition of $18 Million Revenue of 
South East Wholesale Gasoline and Fuel Distribution Subsidiary RDOC 
Inc 
-------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
FEB 02 0.5550 0.5380 0.5533 +0.0154 
MAR 02 0.5620 0.5450 0.5599 +0.0155 
APR 02 0.5630 0.5465 0.5609 +0.0140 
MAY 02 0.5620 0.5510 0.5589 +0.0130 
JUN 02 0.5600 0.5505 0.5619 +0.0125 
JUL 02 0.5650 0.5590 0.5669 +0.0120 
AUG 02 0.5685 0.5650 0.5734 +0.0115 
SEP 02 0.5765 0.5700 0.5814 +0.0115 
OCT 02 0.5825 0.5820 0.5899 +0.0115 
NOV 02 0.5950 0.5895 0.5974 +0.0115
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
FEB 02 20.20 20.45 19.85 20.38 +0.20 
MAR 02 20.65 20.95 20.35 20.90 +0.25 
APR 02 20.90 21.15 20.63 21.16 +0.28 
MAY 02 20.98 21.12 20.75 21.25 +0.32 
JUN 02 20.95 21.05 20.80 21.28 +0.34 
JUL 02 20.95 20.95 20.95 21.27 +0.36 
AUG 02 21.00 21.00 21.00 20.25 +0.36 
SEP 02 21.50 21.30 20.90 21.26 +0.38 
OCT 02 21.58 21.62 21.58 21.85 +0.38 
NOV 02 21.00 21.00 21.00 21.24 +0.38
-------------------------------------------------------------
Crude Oil Futures Regain Some Ground

    Crude oil futures for February delivery on the NYMEX rose $0.20 
to $20.38 per barrel yesterday, regaining some ground lost over the 
last 3 sessions. After hefty declines over the last 2 sessions, short-
covering was likely responsible for the lift in lieu of any 
significant market moving news. Traders are now closely watching OPEC 
and non-member producers compliance levels with their most recently 
announced production curbs. Although many are skeptical of strict 
compliance by either OPEC or non-aligned producing nations, the 
market is now waiting for early results in February. Inventory data 
earlier in the week suggested that demand continues to drop as oil 
and derivatives stockpiles grew, failing to give traders any 
reassurance that the demand versus supply equation will soon be 
balanced. Crude usage is 4% below a year ago. Unseasonably mild 
weather has allowed heating oil stocks to rise 16.2 million barrels, 
or about 35% above a year ago. Total crude and product stocks are now 
about 88 million barrels, or almost 10%t, above a year ago after 
climbing by more than 6 million barrels last week, according to EIA 
data. The EIA predicts that petroleum demand will remain sluggish 
through June, but recover along with the US economy during the second 
half of 2002. The supply cuts should raise crude oil prices to about 
$25-$26 per barrel by the end of 2002, the EIA said. Heating oil for 
February delivery on the NYMEX climbed $0.0154 to $0.5533 per gallon. 
February gasoline futures on the NYMEX added $0.009 to $0.5896 per 
gallon. In London, Brent crude oil futures for February delivery on 
the IPE were up $0.40 to $21.29 per barrel.             
-------------------------------------------------------------
????????????????????
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.5184 -0.0226 ? ? ? 
18 Month Strip ?2.6545 -0.0315 ? ? 
| Month | High  |  Low  | Close | Change |
| FEB   | 2.300 | 2.170 | 2.185 | -0.043 |
| MAR   | 2.300 | 2.190 | 2.195 | -0.037 |
| APR   | 2.320 | 2.250 | 2.245 | -0.021 |
| MAY   | 2.390 | 2.300 | 2.315 | -0.017 |
| JUN   | 2.470 | 2.390 | 2.390 | -0.012 |
| JUL   | 2.520 | 2.450 | 2.460 | -0.007 |
| AUG   | 2.570 | 2.510 | 2.508 | -0.009 |
| SEP   | 2.580 | 2.450 | 2.518 | -0.013 |
| OCT   | 2.600 | 2.560 | 2.550 | -0.016 |
| NOV   | 2.825 | 2.780 | 2.770 | -0.024 |
| DEC   | 3.040 | 3.000 | 2.990 | -0.031 |
| JAN   | 3.160 | 3.090 | 3.095 | -0.041 |
-------------------------------------------------------------
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 
information,
visit www.desert-crossing.com

-------------------------------------------------------------
Valero to Upgrade Texas City Refinery 

    Valero Energy plans a $300 million upgrade to its Texas City 
refinery that will expand its refining capacity to 260,000 bpd in 2 
years. Valero will add a 45,000 bpd coker unit, which will enable it 
to process heavier, high sulfur crude oil. It has entered into a long-
term supply contract with PMI Comercio Internacional for 90,000 bpd 
of Maya crude after the coker is installed. That will raise its total 
commitment with PMI to more than 170,000 bpd of crude oil. Valero has 
just completed a $4.2 billion acquisition of Ultramar Diamond 
Shamrock, making it the largest independent refiner in the nation. 
-------------------------------------------------------------
Energy Releases
Opt in Email has 9 times the response of regular mail and costs less 
than
the postage. Have your press or news releases sent to over 50,000 
energy
professionals. For More Information
Write Energyreleases@yahoo.com
-------------------------------------------------------------
MMS Appeals California Offshore Drilling Rulling
  

    The Interior Department is appealing a District Court ruling in 
June that the MMS improperly extended 36 offshore tracts leased by 
oil companies in southern California by not providing the state with 
an opportunity to review the leases. The MMS said it is not appealing 
the case to allow drilling to proceed, but instead wants to preserve 
its authority over drilling issues. The agency contends that the 
suspension of the leases have no effect on California's coastal uses 
or resources. The appeal is being heard in the Court of Appeals for 
the Ninth Circuit in San Francisco. Critics contend that 
administration is trying to make it easier to drill new oil wells off 
the state's coast. Oil companies spent more than $1 billion from the 
late 1960s to the mid-1980s for drilling rights on the leases, 
offshore of Ventura, Santa Barbara and San Luis Obispo counties. 
Leaseholders include Aera Energy, a joint venture between ExxonMobil 
and Shell; Conoco; Nuevo Energy and a subsidiary of Noble Affiliates. 
The leased tracts were exempted from the Clinton administration's ban 
on new oil drilling in southern California waters because the leases 
were so old. Drilling projects can proceed only if given clearance by 
the Interior Department. 
-------------------------------------------------------------
??GET REAL about energy risk management with KWI

In today's fast moving energy markets you need to be able to manage 
risk in real time.
That means knowing before you hit a risk problem, not afterwards when 
it may be too late to prevent big losses spreading right through your 
enterprise.

With kW3000(tm), our multi-commodity, integrated front to back office 
software, you can monitor your Profit At Risk(tm), counterparty risk 
and mark-to-market all in real time.

Keep alert to risk. Do it in real time. Call KWI -http://www.kwi.com/ 
Americas: +1-281-681-3301 / Europe: +44 (0) 20-7386-2700 / Asia 
Pacific: +61(0) 2-9976-6111 ????? 
-------------------------------------------------------------
BP Announces Lowered Tax Rate


    In a trading statement ahead of full results next month, BP said 
it expects to pay tax at a rate of 20% for the 4th quarter, compared 
to a 25% rate in the 3rd quarter. The lower tax rate could add an 
extra $150-200 million to the company's coffers. BP made over $3 
billion in net profit for the 3rd quarter. Tax on its oil supplies in 
some countries, including Britain, are levied at the price those 
stocks were worth at production. As a result, lower prices in the 
quarter equate to lower taxes relative to earnings, which are usually 
measured at current costs. However, the tax concessions BP earns in 
some countries, like the US, are made in absolute amounts, so as a 
percentage of lower earnings, they have a more significant impact. 
During the 4th quarter BP also earned an unusually high number of tax 
concessions linked to new capital investments. There were no other 
major surprises in the trading statement. The statement pointed to 
much tougher trading conditions than the oil industry experienced in 
2000 and early 2001. But the industry continues to be very profitable 
with oil prices still well above their mid-cycle assumptions of $16 
per barrel. Oil refining margins also fell by about $1.60 per barrel 
while US natural gas prices were hit by higher storage levels and a 
drop in demand. 
-------------------------------------------------------------

IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
FEB 02 21.48 21.30 20.45 21.29 +0.40 
MAR 02 19.85 20.30 19.71 20.27 +0.17 
APR 02 19.78 20.32 19.75 20.32 +0.22 
MAY 02 19.78 20.30 19.77 20.30 +0.23 
JUN 02 19.78 20.29 19.77 20.29 +0.23 
JUL 02 19.83 20.29 19.77 20.29 +0.23 
AUG 02 19.78 20.30 19.78 20.30 +0.24 
SEP 02 19.78 20.31 19.78 20.31 +0.25
OCT 02 19.90 20.32 19.90 20.32 +0.27
NOV 02 19.90 20.32 19.91 20.32 +0.28 
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Feb 02 0.0000 0.0000 0.2900 +0.0000 
Mar 02 0.0000 0.0000 0.2875 +0.0000
Apr 02 0.0000 0.0000 0.2875 +0.0000
May 02 0.0000 0.0000 0.2925 +0.0000
Jun 02 0.0000 0.0000 0.2950 +0.0000
Jul 02 0.0000 0.0000 0.3025 +0.0000
Aug 02 0.0000 0.0000 0.3075 +0.0000
Sep 02 0.0000 0.0000 0.3075 +0.0000
Oct 02 0.0000 0.0000 0.3175 +0.0000
Nov 02 0.0000 0.0000 0.3175 +0.0000    
-------------------------------------------------------------
Tarpon Pipeline Delays Restart 
  
    The 70,000 bpd Tarpon crude oil pipeline offshore in the Gulf of 
Mexico delayed a planned restart yesterday due to poor diving 
conditions. The pipeline carries mainly domestic sweet crude, Light 
Louisiana Sweet, to refiners and lifters. It has been down since 
December 29th, when workers doing routine maintenance discovered an 
problem. On Monday, about 40,000 bpd were diverted to the Auger 
pipeline, which normally carries Eugene Island crude. Prices for both 
Eugene Island and LLS have been supported by the pipeline outage. 
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
FEB 02 168.75 163.75 165.75 - 0.75 
MAR 02 170.00 166.00 168.25 - 1.00 
APR 02 170.50 167.75 169.75 - 1.00 
MAY 02 172.00 169.50 171.25 - 0.75 
JUN 02 174.00 171.25 172.75 - 1.00 
JUL 02 174.25 173.50 174.25 - 1.00 
AUG 02 175.00 175.00 175.00 - 1.00
SEP 02 177.25 177.25 177.25 - 1.00
OCT 02 179.50 178.25 179.00 - 0.75
Nov 02 179.75 179.75 179.75 ? 1.00
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
FEB 02 0.5920 0.5700 0.5896 +0.0090 
MAR 02 0.6040 0.5840 0.6014 +0.0074 
APR 02 0.6640 0.6550 0.6654 +0.0084 
MAY 02 0.6640 0.6615 0.6709 +0.0084 
JUN 02 0.6680 0.6610 0.6709 +0.0091 
JUL 02 0.6600 0.6500 0.6639 +0.0096 
AUG 02 0.6480 0.6430 0.6514 +0.0091 
SEP 02 0.6370 0.6360 0.6248 -0.0157 
OCT 02 0.6145 0.6145 0.6145 -0.0089 
NOV 02 0.6120 0.6100 0.6065 -0.0074
--------------------------------------------------------------
Energy Industry May See Substantial 4th-Quarter Write? Downs


    The rash of energy acquisitions earlier in the year could take a 
heavy toll on 4th quarter bottom lines of a number of companies. 
There are predictions that 4th quarter write-downs in the energy 
industry could total as much as $10 billion. According to accounting 
principles, companies are required to recalculate the value of their 
oil and natural gas reserves at end-of-quarter prices and take a 
charge if the value is less than that on their books. The lucrative 
natural gas market of the 2001's 1st and 2nd quarters led to 
increased  costs of acquisitions and drilling activity. Last winter 
and spring, many in the industry thought that natural gas prices 
would be in the $3 - $4 per Mcf range for the foreseeable future and 
many acquisitions were based on those numbers. But natural gas prices 
were at $2.57 per Mcf at year's end amid a wilting economy and 
unseasonably mild weather which ate away at demand for natural gas. 
At the end of the 3rd quarter, Anadarko took a pretax charge of $827 
million on its Canadian oil and gas assets. In addition, Burlington 
Resources has said it will take a pretax charge of up to $225 million 
due to the planned sale of assets worth about $500 million. Asset 
write-downs are not a cash loss and usually do not affect stock 
prices when they are announced. 
-------------------------------------------------------------
??ENERGY.
@ENERGY(r), FEA's Complete Suite of Energy Products,
BUILT FOR THE FUTURE.

*Manage all your energy risks.
*Build and Price deals.
*Value physical assets (generation, storage, etc.)
*Report and reduce your energy risks

FEA
FINANCIAL ENGINEERING ASSOCIATES Inc.
http://www.fea.com/?cId=17
main phone number:? 1 510-548-6200
email address: info@fea.com
-------------------------------------------------------------
PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.15  |
| ANR SE                  | 2.26  |
| Carthage TG             | 2.23  |
| Chicago Citygate        | 2.22  |
| Columbia Gulf Onshore   | 2.30  |
| Dominion South Point    | 2.38  |
| Henry Hub               | 2.32  |
| Houston Ship Channel    | 2.28  |
| Katy Hub                | 2.22  |
| NGPL LA Pool            | 2.19  |
| NGPL - Midcontinent     | 2.12  |
| NGPL STX                | 2.18  |
| NGPL TX/OK              | 2.18  |
| NNG Demarc.             | 2.14  |
| Niagara                 | 2.50  |
| Sonat Tier 1            | 2.26  |
| TCO IPP Pool            | 2.40  |
| Tetco ELa               | 2.30  |
| Tetco M-3               | 2.62  |
| Tetco STX               | 2.15  |
| TGP Zone 0              | 2.17  |
| TGP Zone 1 (500 Leg)    | 2.24  |
| TGT Zone SL             | 2.29  |
| New York Citygate       | 2.67  |
| Transco Station 65      | 2.36  |
| Transco Zone 6 (NY)     | 2.67  |
| Trunk ELa               | 2.23  |
| Western Region         
| California Border       | 2.13  |
| El Paso Keystone        | 2.05  |
| El Paso San Juan-Blanco | 2.04  |
| Waha Hub                | 2.11  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 2.97  |
| Dawn Hub/Union          | 2.29  |
| Northwest Stanfield     | 1.97  |
| Wyoming Pool            | 1.92  |
| Opal/Kern River         | 1.93  |
| PGT-Malin               | 2.06  |
| Sumas                   | 1.98  |
          Flow Date 1/11
-------------------------------------------------------------
OPEC Output Down in December, But Still Above Ceiling

     OPEC produced 25.83 million bpd of crude in December, down 
970,000 bpd from November, but still 599,000 bpd above its self-
imposed ceiling, according to Platts. The relatively large month-to-
month drop was due largely to Iraq, whose exports fell considerably 
amid uncertainty over official Iraqi selling prices. Excluding Iraq, 
which does not have an OPEC quota, production from the remaining 10 
members fell by just 190,000 bpd to 23.81 million bpd, 599,000 bpd 
above the 23.20 million bpd ceiling. A new, lower ceiling of 21.701 
million bpd came into effect January 1st, following OPEC's meeting in 
Cairo. It is widely believed that OPEC is unlikely to achieve 
anything close to the 2.1 million bpd cut it would have to make this 
month in order to comply fully with its new ceiling. Indonesia, whose 
oil production has been steadily falling, was the only country to 
produce within quota in December. Other countries exceeded their 
quotas by volumes ranging from a few thousand barrels in the case of 
the UAE to as much as 239,000 bpd in the case of Nigeria. Apart from 
Libya, which maintained output at November levels, and Kuwait, whose 
production rose slightly, most countries decreased output. Iraq 
accounted for the single biggest drop, 780,000 bpd, while other 
decreases ranged between 10,000 bpd and 70,000 bpd. 

Country  Dec    Nov    Oct   Sept   Quota 

Algeria 0.810  0.810  0.800  0.810  0.741 
Indones 1.160  1.190  1.190  1.200  1.203 
Iran    3.470  3.500  3.500  3.650  3.406 
Iraq    2.020  2.800  2.870  2.600    N/A 
Kuwait  1.950  1.940  1.950  1.970  1.861 
Libya   1.310  1.310  1.320  1.350  1.242 
Nigeria 2.150  2.170  2.190  2.220  1.911 
Qatar   0.630  0.640  0.650  0.660  0.601 
Saudi A 7.600  7.670  7.680  7.800  7.541 
UAE     2.030  2.040  2.040  2.070  2.025 
Venez   2.700  2.730  2.700  2.700  2.670 

Total  25.830 26.800 26.890 27.030 

OPEC10 23.810 24.000 24.020 24.430  3.201 
-------------------------------------------------------------
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 dipped 53.40 points to 7722.38
The CRB Index slid 0.10 points to 195.03
The US Dollar decreased 0.19 points to 116.75
The Dow declined 26.16 points to 10067.86
The S&P 500 climbed 1.41 points to 1156.55
The Nasdaq was up 2.35 points to 2047.24
February NYMEX Crude Oil rose 0.20 to 20.38
Canadian-US Exchange added 0.0061 to 1.3011
-------------------------------------------------------------
Please Welcome Our Advertisers by Visiting These Websites!
http://www.fea.com/
http://www.kwi.com/
http://www.desert-crossing.com

To subscribe write enerfaxgold-subscribe@egroups.com
To unsubscribe write enerfaxgold-unsubscribe@egroups.com
For information on advertising, please write advertising@enerfax.com 


 

Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/