Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Thursday, January 17 2002? No. 464
Visit our website at: http://www.enerfaxgold.com/, 

PETROLEUM PRICES ???
| Bonny Light      |  $18.68
| Brent            |  $18.55
| Butane           |  $ 0.34 
| Fuel Oil #2      |  $ 0.53   
| Louisiana        |  $19.05  
| Medit.           |  $17.55  
| Propane Non-tet  |  $ 0.29   
| Propane Wet-tet  |  $ 0.29  
| W. Tx Int Cush   |  $18.88 
| W. Tx Sour       |  $17.34 

| Euro in US equiv |  0.8830

-------------------------------------------------------------
Todays Petro Bulletins
 * GE Power Systems to Acquire PII Group, Formerly Pipeline Integrity 
International, from HgCapital
 * Kinder Morgan Las Vegas Terminal Down for Computer Repairs 
 * China National Offshore Oil Corp to Issue 80 Million Domestic A 
Shares to Raise Up to $93 Million
 * PanCanadian Boosts Oil Estimate at North Sea Prospect by at Least 
a Third
 * Canadian Energy Service Sector Expects 4th Quarter Profits to 
Plunge
 * Capco Energy to Acquire All Outstanding Shares of Energy Reserves 
Group
 * Judge Lifts Order Blocking 71-Well Oil and Natural Gas Drilling 
Project in Allegheny National Forest
 * Nigeria Strike to Continue Defying Court and Government
 * Oil Prices Hold Ground After New EIA Stock Build 
-------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
Feb 02 0.5350 0.5110 0.5321 +0.0114 
Mar 02 0.5375 0.5190 0.5356 +0.0088 
Apr 02 0.5370 0.5260 0.5366 +0.0073 
May 02 0.5366 0.5230 0.5366 +0.0063 
Jun 02 0.5450 0.5285 0.5411 +0.0063 
Jul 02 0.5510 0.5440 0.5466 +0.0063 
Aug 02 0.5540 0.5460 0.5536 +0.0063 
Sep 02 0.5625 0.5525 0.5621 +0.0063 
Oct 02 0.5711 0.5630 0.5711 +0.0063 
Nov 02 0.5791 0.5700 0.5791 +0.0063
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
Feb 02 18.30 18.99 18.30 18.86 -0.04 
Mar 02 18.96 19.60 18.94 19.48 +0.04 
Apr 02 19.30 19.90 19.30 19.84 +0.10 
May 02 19.50 20.05 19.50 20.05 +0.14 
Jun 02 19.70 20.20 19.65 20.20 +0.17 
Jul 02 19.80 20.24 19.80 20.24 +0.19 
Aug 02 19.80 20.27 19.80 20.27 +0.20 
Sep 02 20.12 20.35 20.12 20.31 +0.21 
Oct 02 20.15 20.35 20.15 20.35 +0.22 
Nov 02 20.00 20.39 19.95 20.39 +0.24
-------------------------------------------------------------
Crude Oil Futures Mixed on Supply Data

    Crude oil futures for February delivery on the NYMEX slipped 
$0.04 to $18.82 per barrel and March crude oil futures gained $0.04 
to $19.48 per barrel yesterday after the EIA reported a much smaller 
increase in crude supplies of 1 million barrels than did the API, who 
showed a 4.1 million barrel build in stocks. Heating oil stocks are 
still 30% higher than a year ago, driving refiners to cut runs and 
lowering the demand for crude. Last week, demand for heating oil was 
10% below a year ago, according to the API, further lowering 
refiners' profits, which have fallen by about 65% in the last year. 
The margin from converting 2 barrels of WTI crude into one of 
gasoline and one of heating oil is now about $2.11 per barrel. Last 
week, refinery usage dropped 1.5% to 89.4% of capacity, the lowest in 
almost a year. Distillate stocks fell by 300,000 barrels in EIA data, 
while the API reported a more significant drop of 875,000 barrels. 
Gasoline inventories climbed by 2.8 million barrels, according to the 
EIA compared to APIs report of a 4.2 million barrel rise in supplies. 
Cold weather in Europe over the last few weeks has made Brent crude 
more expensive than the higher grade WTI, which usually averages 
$0.93 above its British counterpart. Heating oil futures for February 
delivery on the NYMEX gained $0.0114 to $0.5321 per gallon. February 
gasoline futures on the NYMEX climbed $0.0065 to $0.5585 per gallon. 
In London, Brent crude oil futures for February delivery on the IPE 
were down 0.34 to $19.36 per barrel as the contract expired. March 
Brent crude rose $0.03 to $19.03 per barrel.
-------------------------------------------------------------
??????????????????????
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.6170 +0.0709 ? ? ? 
18 Month Strip ?2.7174 +0.0608 ? ? 
| Month | High  |  Low  | Close | Change |
| FEB   | 2.406 | 2.380 | 2.394 | +0.103 |
| MAR   | 2.375 | 2.356 | 2.363 | +0.090 |
| APR   | 2.383 | 2.376 | 2.383 | +0.080 |
| MAY   | 2.470 | 2.380 | 2.446 | +0.078 |
| JUN   | 2.525 | 2.420 | 2.506 | +0.078 |
| JUL   | 2.585 | 2.570 | 2.566 | +0.073 |
| AUG   | 2.615 | 2.605 | 2.606 | +0.068 |
| SEP   | 2.606 | 2.600 | 2.599 | +0.063 |
| OCT   | 2.615 | 2.565 | 2.621 | +0.063 |
| NOV   | 2.800 | 2.770 | 2.816 | +0.053 |
| DEC   | 3.015 | 2.960 | 3.011 | +0.051 |
| JAN   | 3.105 | 3.040 | 3.093 | +0.051 |
-------------------------------------------------------------
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
-------------------------------------------------------------
NYMEX Sets Crude Oil Options Trading Records 

    The NYMEX set a record volumes Tuesday in exchange-wide options 
trading, Nymex Division options trading and crude oil options 
trading. The NYMEX says trading in crude oil options set a volume 
record for the second session in a row. Tuesday's total of 119,258 
contracts topped the 83,142 contracts traded Friday, which itself had 
topped the old record of 81,622 set in March 1998. In an apparent 
allusion to the collapse of Enron, NYMEX President Robert Collins 
attributed the sharp jump in volume to market participants' interest 
in liquid, transparent means of managing price risk without exposure 
to counter-party credit risk. On Enron's Internet-based trading 
platform EnronOnline, it acted as counter-party to every trade. On 
the NYMEX, all contracts are technically with the exchange's 
clearinghouse, which provides guarantees against default. Total 
exchange options volume was 176,983 contracts, topping the October 
2000 record of 160,913. NYMEX Division options trading volume totaled 
165,291 contracts, beating the October 2000 record of 142,761. 
-------------------------------------------------------------
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-------------------------------------------------------------
Canadian Energy Service Sector Expects 4th Quarter Profits to Plunge


    After reporting record high 2nd-quarter profits last year when 
drilling boomed in response to strong energy prices, Canadian energy 
service firms are expected to post sharply lower 4th quarter 
earnings. A plunge in oil and natural gas prices in the 2nd half of 
2001 caused producers to cut their drilling budgets. Mild 
temperatures in November and early December, which kept the ground 
from freezing in the winter-only drilling areas of Western Canada, 
only added to the problems. On average, total earnings per share in 
the 4th quarter for Canadian drilling companies is expected to be 42% 
lower than the 3rd quarter; compared to 2000, when 4th quarter 
earnings were 56% higher than the 3rd third quarter. Precision 
Drilling, Canada's largest energy service company, saw 4th quarter 
profits of C$1.17 per share in 2000, but analysts have forecast 4th 
quarter profits for 2001 of C$0.58 per share. Ensign Resources, which 
owns 149 rigs, is expected to post 4th quarter profits of C$0.21 per 
share for 2001 compared to C$1.54 in 2000. The Petroleum Services 
Association of Canada has predicted that 13,386 wells will be drilled 
in 2002, down from about 18,000 drilled in 2001. This years forecast 
is in line with most other years over the past decade. The Toronto 
Stock Exchange's energy services sub-index dropped 35% between May 
and the end of 2001, compared to the TSE's 300 composite index, which 
fell 15% over the same period. 
-------------------------------------------------------------
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-------------------------------------------------------------
Chinese Petrochemical Shares Rally

  
    Shares of China's Hong Kong-listed petrochemical business jumped 
by 5% - 10% yesterday as low prices spurred a buying binge, despite 
the still poor industry fundamentals. Even though the country has an 
inventory oversupply, the share prices of chemical companies have 
already reflected the drop in demand and are now seen by many as 
being a bargain. Most of the stocks slumped last summer after several 
international investment banks cut chemical companies' ratings and 
earnings forecasts because of contracting margins and a surplus of 
supplies. However, Salomon Smith Barney raised its rating on shares 
of Shanghai Petrochemical, a major ethylene producer, from neutral to 
buy. The company's long-term prospects are still sound and with its 
dominant domestic market share, Shanghai Petrochemical seems to be 
well positioned to take advantage of the expected growth in 
chemicals, the investment firm said. Nonetheless, others say that 
Chinese product prices have dropped since the second half of 2001. 
Earlier this month, Goldman Sachs sliced its estimates for 2001/2002 
profits for Chinese chemical companies due to a drop in chemical 
margins in the last 2 quarters of 2001 and recent tariff cuts on 
chemical products following China's entry to the World Trade 
Organization. 
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
MAR 02 18.57 19.10 18.30 19.03 +0.03 
APR 02 19.34 19.34 18.54 19.26 +0.08 
MAY 02 18.83 19.39 18.71 19.39 +0.19 
JUN 02 18.82 19.41 18.74 19.41 +0.11 
JUL 02 18.84 19.46 18.84 19.46 +0.04 
AUG 02 18.87 19.51 18.87 19.51 +0.20 
SEP 02 18.90 19.56 18.90 19.56 +0.26
OCT 02 19.11 19.61 19.04 19.61 +0.26
NOV 02 19.65 19.65 19.65 19.65 +0.31
DEC 02 19.68 19.68 19.00 19.68 +0.27
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Feb 02 0.0000 0.0000 0.2775 -0.0050 
Mar 02 0.0000 0.0000 0.2760 -0.0065
Apr 02 0.0000 0.0000 0.2800 -0.0040
May 02 0.0000 0.0000 0.2825 -0.0040
Jun 02 0.0000 0.0000 0.2900 -0.0040
Jul 02 0.0000 0.0000 0.3000 -0.0025
Aug 02 0.0000 0.0000 0.3050 -0.0025
Sep 02 0.0000 0.0000 0.3050 -0.0025
Oct 02 0.0000 0.0000 0.3150 -0.0025
Nov 02 0.0000 0.0000 0.3150 -0.0025      
-------------------------------------------------------------
Phillips Moving to Texas


    Oklahoma's governor plans to travel to Houston next week to plead 
his case for keeping the headquarters of the merged ConocoPhillips 
oil company in Oklahoma rather than Texas. Phillips plans to acquire 
Conoco in a stock deal worth some $17 billion, creating the world's 
6th largest investor-owned oil company. Phillips is currently based 
in Bartlesville where it was founded in 1917. But Chief Executive 
Mulva has said the merged company will be based in Houston. 
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
FEB 02 160.50 155.50 160.25 - 0.75 
MAR 02 162.50 157.50 162.50 - 0.25 
APR 02 164.25 159.50 164.25 + 0.00 
MAY 02 166.50 164.00 165.50 - 0.50 
JUN 02 167.25 164.00 167.25 - 0.50 
JUL 02 169.00 169.00 169.00 - 0.75 
AUG 02 170.75 170.75 170.75 - 0.75
SEP 02 172.50 170.00 172.50 - 0.75
OCT 02 174.25 171.50 174.25 - 0.75
NOV 02 175.25 172.50 175.25 - 0.75
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Feb 02 0.5610 0.5370 0.5585 +0.0065 
Mar 02 0.5740 0.5530 0.5721 +0.0056 
Apr 02 0.6406 0.6225 0.6406 +0.0056 
May 02 0.6478 0.6280 0.6478 +0.0061 
Jun 02 0.6498 0.6310 0.6498 +0.0063 
Jul 02 0.6448 0.6370 0.6448 +0.0065 
Aug 02 0.6333 0.6200 0.6333 +0.0065 
Sep 02 0.6158 0.6025 0.6158 +0.0065 
Oct 02 0.6180 0.5898 0.5898 +0.0062 
Nov 02 0.6120 0.5813 0.5813 +.00055
--------------------------------------------------------------
Plains All American to Expand Cushing Terminal 
  
    Plains All American Pipeline has said it will proceed with the 
Phase III expansion of its Cushing Terminal Facility. Under the 
expansion, Plains will add about 1.1 million barrels of additional 
tankage. The Phase III project will increase the total capacity of 
the facility to about 5.3 million barrels and is expected to cost 
about $11 million. The 1.1 million barrel Phase II expansion project 
is currently under way and scheduled to be completed next June. 
Construction on the Phase III tankage will begin immediately and is 
expected to be operational by next December. Construction of the 
original Cushing Terminal was completed in 1994 with an initial 
capacity of 2.0 million barrels. The Phase I expansion was completed 
in mid-1999 and added 1.1 million barrels of tank capacity. 
Collectively, the Phase II and Phase III expansions will increase the 
aggregate capacity of the Cushing Terminal by 70%. Upon completion of 
the Phase II and Phase III expansion projects, the Cushing Terminal 
will consist of fourteen 100,000 barrel tanks, four 150,000 barrel 
tanks, twelve 270,000 barrel tanks and a manifold and pumping system 
capable of handling up to 800,000 barrels of crude oil throughput per 
day. 
-------------------------------------------------------------
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-------------------------------------------------------------
PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce               | 2.24  |
| ANR SE                   | 2.32  |
| Carthage TG              | 2.30  |
| Chicago Citygate         | 2.38  |
| Columbia Gulf Onshore    | 2.36  |
| Dominion South Point     | 2.50  |
| Henry Hub                | 2.39  |
| Houston Ship Channel     | 2.37  |
| Katy Hub                 | 2.31  |
| NGPL LA Pool             | 2.31  |
| NGPL - Midcontinent      | 2.24  |
| NGPL STX                 | 2.26  |
| NGPL TX/OK               | 2.27  |
| NNG Demarc.              | 2.32  |
| Niagara                  | 2.58  |
| Sonat Tier 1             | 2.35  |
| TCO IPP Pool             | 2.49  |
| Tetco ELa                | 2.38  |
| Tetco M-3                | 2.84  |
| Tetco STX                | 2.26  |
| TGP Zone 0               | 2.27  |
| TGP Zone 1 (500 Leg)     | 2.32  |
| TGT Zone SL              | 2.37  |
| New York Citygate        | 2.98  |
| Transco Station 65       | 2.43  |
| Transco Zone 6 (NY)      | 2.99  |
| Trunk ELa                | 2.33  |
| Western Region          
| California Border        | 2.29  |
| El Paso Keystone         | 2.19  |
| El Paso San Juan-Blanco  | 2.18  |
| Waha Hub                 | 2.24  |
| Canadian/Rockies Region  
| Nova/Aeco (C$/gig)       | 3.02  |
| Dawn Hub/Union           | 2.39  |
| Northwest Stanfield      | 2.17  |
| Wyoming Pool             | 2.12  |
| Opal/Kern River          | 2.12  |
| PGT-Malin                | 2.26  |
| Sumas                    | 2.17  |
           Flow Date 1/17
-------------------------------------------------------------
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 dropped 59.88 points to 7584.02
The CRB Index added 1.32 points to 194.32
The US Dollar increased 0.16 points to 117.56
The Dow declined 211.46 points to 9712.27
The S&P 500 lost 18.62 points to 1127.57
The Nasdaq was down 56.47 points to 1944.44
February NYMEX Crude Oil fell 0.04 to 18.86
Canadian-US Exchange rose 0.0050 to 1.5947
-------------------------------------------------------------
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