Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Friday, February 1 2002? No. 474
Visit our website at: http://www.enerfaxgold.com 

PETROLEUM PRICES ???
| Bonny Light      |  $19.26
| Brent            |  $19.13
| Butane           |  $ 0.35 
| Fuel Oil #2      |  $ 0.54   
| Louisiana        |  $19.85  
| Medit.           |  $17.33  
| Propane Non-tet  |  $ 0.29   
| Propane Wet-tet  |  $ 0.29  
| W. Tx Int Cush   |  $19.48 
| W. Tx Sour       |  $18.40 

| Euro in US equiv |  0.8584
-------------------------------------------------------------
Todays Petro Bulletins
 * Oil Workers Union Rescinds Strike Notice, Awaits New Offer by Oil 
Companies
 * Pemex December Crude Output 3.27 Million bpd Vs 3.04 Million bpd 
Year Ago
 * Chevron Man Convicted of LA Refinery Threat, Faces Up to 7 Years 
in Prison
 * Marathon Oil Approves $1.8 Billion 2002 Budget
 * Noble Drilling to Move Domicile to Cayman Islands
 * Apache 4th Quarter Earnings Drop 70%
 * ChevronTexaco Makes No Move on Phillips or Conoco Yet
-------------------------------------------------------------
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--------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
Feb 02 0.5350 0.5080 0.5229 +0.0138 
Mar 02 0.5340 0.5120 0.5316 +0.0185 
Apr 02 0.5340 0.5170 0.5331 +0.0160 
May 02 0.5360 0.5225 0.5356 +0.0140 
Jun 02 0.5396 0.5285 0.5396 +0.0125 
Jul 02 0.5456 0.5350 0.5456 +0.0120 
Aug 02 0.5536 0.5435 0.5536 +0.0115 
Sep 02 0.5626 0.5540 0.5626 +0.0115 
Oct 02 0.5716 0.5625 0.5716 +0.0110 
Nov 02 0.5796 0.5730 0.5796 +0.0105
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
Mar 02 19.20 19.50 18.95 19.48 +0.40 
Apr 02 19.55 19.84 19.33 19.81 +0.37 
May 02 19.83 20.08 19.60 20.07 +0.38 
Jun 02 20.00 20.23 19.80 20.23 +0.37 
Jul 02 19.90 20.32 19.90 20.30 +0.36 
Aug 02 19.96 20.35 19.95 20.35 +0.36 
Sep 02 20.18 20.45 20.18 20.39 +0.35 
Oct 02 20.33 20.43 20.21 20.43 +0.35 
Nov 02 20.33 20.47 20.33 20.47 +0.35 
Dec 02 20.15 20.51 20.10 20.51 +0.35
-------------------------------------------------------------
Crude Oil Futures Climb After Strike Threatened

    Crude oil futures for March delivery on the NYMEX climbed $0.40 
to $19.48 per barrel after a labor union threatened a strike at 6 US 
oil refineries. The Paper, Allied-Industrial, Chemical and Energy 
Workers International union has notified major oil companies that it 
may order a strike as early as today, unless progress was made in 
contract negotiations involving almost 30,000 of its members. The 
March crude oil contract moved between $18.95 and $19.50, with gains 
of about $0.29 coming in after reports of the strike. The market 
continues to look for proof that production cuts from OPEC and non-
OPEC exporters will be effective. Heating oil and gasoline prices 
crept higher on a pre-expiry short-covering rally. Refinery run cuts 
and planned maintenance also helped to support product prices. 
Heating oil futures for February delivery on the NYMEX gained $0.0138 
to $0.5229 per gallon. March heating oil futures rose $0.0185 to 
$0.5316 per gallon. Gasoline futures for February delivery on the 
NYMEX increased $0.0061 to $0.5592 per gallon. March gasoline futures 
climbed $0.0128 to $0.5742 per gallon. In London, Brent crude oil 
futures for March delivery on the IPE were up $0.39 to $19.18 per 
barrel. 
-------------------------------------------------------------
????????????????????
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.5179  +0.0122 ? ? ? 
18 Month Strip ?2.6173  -0.0024 ? ? 
| Month | High  |  Low  | Close | Change |
| MAR   | 2.150 | 2.095 | 2.138 | +0.058 |
| APR   | 2.205 | 2.150 | 2.190 | +0.043 |
| MAY   | 2.280 | 2.230 | 2.258 | +0.028 |
| JUN   | 2.345 | 2.310 | 2.326 | +0.016 |
| JUL   | 2.425 | 2.380 | 2.391 | +0.011 |
| AUG   | 2.485 | 2.430 | 2.448 | +0.008 |
| SEP   | 2.475 | 2.430 | 2.448 | +0.008 |
| OCT   | 2.495 | 2.455 | 2.472 | +0.006 |
| NOV   | 2.735 | 2.685 | 2.699 | +0.005 |
| DEC   | 2.945 | 2.904 | 2.904 | -0.005 |
| JAN   | 3.030 | 2.985 | 2.994 | -0.013 |
| FEB   | 2.980 | 2.940 | 2.947 | -0.018 |
-------------------------------------------------------------
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-------------------------------------------------------------
Refinery Releases Chemicals Into Air Near San Francisco

     A chemical release at the ChevronTexaco refinery in Richmond, 
California sent toxins spewing into the air yesterday, causing county 
health officials to warn residents to remain indoors. The refinery is 
located in Richmond, about 10 miles from San Francisco. Chevron 
officials say the situation is now under control. The chemicals, 
hydrogen sulfide, sulfur dioxide and sulfur trioxide, can cause a 
burning and irritating sensation to the eyes, nose, throat and 
airways upon exposure at certain levels, prompting officials to warn 
residents to stay indoors and keep their windows closed. Part of the 
plant is shutdown for maintenance, although some units are still 
operating. 
-------------------------------------------------------------
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-------------------------------------------------------------
Occidental Acquires 21% of Lyondell
  
    Occidental Petroleum will acquire 21% of Lyondell Chemicals and 
Lyondell is buying Occidental's 29.5% interest in a joint venture, 
Equistar Chemicals. Occidental will become Lyondell's largest 
stockholder and will assume 2 seats on the Lyondell board. The deal 
will boost Lyondell's stake in Equistar to 70.5%. Millennium 
Chemicals owns the remaining 29.5%. Occidentals initial equity 
investment in Lyondell includes a purchase of about 34 million new 
Series B Lyondell shares that can be converted into common shares 
after 3 years. Lyondell will use the proceeds of that sale to buy 
Occidental's portion of Equistar. Occidental gained the stake upon 
adding its petrochemical business to the venture in 1998. Lyondell 
said the transactions would conserve cash and provide for 
acceleration of its debt repayment program. The financial details of 
the transactions were not disclosed. Lyondell said that while the 
deals will be cash-flow neutral and will dilute its earnings 
initially, they will be accretive to cash flow and earnings as the 
cyclical chemical business improves. With the additional cash, 
Lyondell is looking to pay off its $5.6 billion purchase of Arco 
Chemical in 1998. 
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
MAR 02 18.95 19.22 18.75 19.18 +0.39 
APR 02 19.15 19.42 18.96 19.41 +0.39 
MAY 02 19.23 19.54 19.08 19.54 +0.41 
JUN 02 19.17 19.48 19.03 19.48 +0.40 
JUL 02 19.24 19.51 19.06 19.51 +0.39 
AUG 02 19.29 19.56 19.17 19.56 +0.37 
SEP 02 19.15 19.61 19.15 19.61 +0.36
OCT 02 19.65 19.65 19.65 19.65 +0.35
NOV 02 19.68 19.68 19.68 19.68 +0.34
DEC 02 19.71 19.71 19.20 19.71 +0.33
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Feb 02 0.0000 0.0000 0.2850 +0.0000 
Mar 02 0.0000 0.0000 0.2850 +0.0000
Apr 02 0.0000 0.0000 0.2875 +0.0000
May 02 0.0000 0.0000 0.2900 +0.0000
Jun 02 0.0000 0.0000 0.2975 +0.0000
Jul 02 0.0000 0.0000 0.3000 +0.0000
Aug 02 0.0000 0.0000 0.3100 +0.0000
Sep 02 0.0000 0.0000 0.3150 +0.0000
Oct 02 0.0000 0.0000 0.3150 +0.0000
Nov 02 0.0000 0.0000 0.3175 +0.0000
-------------------------------------------------------------
Noble Posts 22% Raise in 4th Quarter Profits

    Noble Drilling has reported a 22% increase in 4th quarter 
earnings, with profits of $63.5 million or $0.48 per share, up from 
$51.9 million or $0.38 per share a year earlier. The 4th quarter 
average estimate of analysts was $0.47 per share. It also had 
operating revenue of $272.8 million compared to $225.9 million a year 
ago. Nobles international rigs fetched an average of $62,088 per day 
in the last quarter, 38% above year ago levels. Its Gulf of Mexico 
rig utilization fell to 65% from 100% a year ago, but Noble received 
$44,900 per rig on average during the quarter, a 1% increase over a 
year earlier. In addition, Noble said it would change its 
jurisdiction of incorporation to the Cayman Islands from Delaware as 
part of a corporate restructuring. The company will form Noble Corp, 
a subsidiary of Noble Drilling and the holding company of all the 
companies in the Noble group. Due to its significant exposure to the 
international markets, Noble said the new structure will give it 
greater flexibility operationally and financially. Stockholders must 
approve the move at the annual meeting in April. Nobles shares closed 
at $31.97, up $1.17.
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
FEB 02 162.75 157.75 160.75 + 5.00 
MAR 02 162.25 159.00 160.75 + 4.25 
APR 02 162.25 160.75 161.75 + 3.50 
MAY 02 164.50 162.25 163.75 + 4.00 
JUN 02 166.00 164.50 165.50 + 3.50 
JUL 02 167.75 166.50 167.25 + 3.25 
AUG 02 170.00 168.25 169.25 + 3.25
SEP 02 172.00 171.00 171.25 + 3.25
OCT 02 173.25 171.00 173.25 + 3.25
NOV 02 175.25 173.25 174.50 + 3.25
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Feb 02 0.5660 0.5500 0.5592 +0.0061 
Mar 02 0.5750 0.5580 0.5742 +0.0128 
Apr 02 0.6440 0.6290 0.6437 +0.0118 
May 02 0.6502 0.6390 0.6502 +0.0113 
Jun 02 0.6519 0.6420 0.6519 +0.0110 
Jul 02 0.6474 0.6385 0.6474 +0.0105 
Aug 02 0.6366 0.6240 0.6366 +0.0102 
Sep 02 0.6181 0.6135 0.6181 +0.0099 
Oct 02 0.5916 0.5815 0.5916 +0.0094 
Nov 02 0.5826 0.5810 0.5826 +0.0084
--------------------------------------------------------------
Union Threaten Strike at 6 US Refineries
  

   The Paper, Allied-Industrial, Chemical and Energy Workers 
International union has notified major oil companies that it may 
order a strike as early as today, unless progress was made in 
contract negotiations involving almost 30,000 members. The union said 
it would strike at 6 refineries, 2 in Texas and 4 in California, 
owned by ExxonMobil, ChevronTexaco, BP and Phillips. Combined, the 
plants have a production capacity of 1.2 million bpd, or about 9% of 
the nations oil refinery output. The refinery workers have been 
instructed to proceed with an orderly shutdown if no agreement or 
contract extension was in place by midnight last night, when the 
current contract expires. It would be the 1st strike at any US 
refineries since 1980. The union says that both parties are far apart 
on major issues and that picketing was a likelihood unless an 
agreement could be reached. Shell is the lead company negotiating 
with PACE officials and said it hoped for an agreement before the 
deadline. The oil companies are expected to keep the refineries 
running if a strike occurs, but would not say if production might be 
reduced. In the event of a strike, managers at the companies will run 
the refineries. Phillips said it would continue operating its 
California refineries with non-union personnel. Shell has offered a 
pay raise of $0.60 per hour for the contracts 1st year and annual 
raises of 3% and 3.5% after that. Shell's offer also called for a 
$0.75 per hour differential for the evening shift and $1.25 per hour 
for overnight shifts, $0.25 above the current contract in both cases. 
The union is bargaining for a pay hike of $1.40 per hour in the 1st 
year of the contract and subsequent annual raises of 6%. The union is 
also seeking an evening shift differential of 5% of the top pay grade 
at the worker's plant and 10% for overnight shifts. If the sides 
reach agreement, unions and oil companies will likely use it as a 
benchmark for oil workers contracts around the nation. US oil workers 
average earnings are about $23 per hour, or about $48,000 per year, 
excluding overtime. Under the union's proposal the 1st year average 
of the contract would rise to $25.79 an hour.  
-------------------------------------------------------------

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

PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.00  |
| ANR SE                  | 2.10  |
| Carthage TG             | 2.09  |
| Chicago Citygate        | 2.17  |
| Columbia Gulf Onshore   | 2.10  |
| Dominion South Point    | 2.31  |
| Henry Hub               | 2.14  |
| Houston Ship Channel    | 2.17  |
| Katy Hub                | 2.11  |
| NGPL LA Pool            | 2.10  |
| NGPL - Midcontinent     | 2.06  |
| NGPL STX                | 2.06  |
| NGPL TX/OK              | 2.07  |
| NNG Demarc.             | 2.15  |
| Niagara                 | 2.29  |
| Sonat Tier 1            | 2.12  |
| TCO IPP Pool            | 2.25  |
| Tetco ELa               | 2.07  |
| Tetco M-3               | 2.37  |
| Tetco STX               | 2.01  |
| TGP Zone 0              | 2.04  |
| TGP Zone 1 (500 Leg)    | 2.08  |
| TGT Zone SL             | 2.10  |
| New York Citygate       | 2.40  |
| Transco Station 65      | 2.13  |
| Transco Zone 6 (NY)     | 2.41  |
| Trunk ELa               | 2.11  |
| Western Region          
| California Border       | 2.18  |
| El Paso Keystone        | 2.06  |
| El Paso San Juan-Blanco | 2.07  |
| Waha Hub                | 2.08  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 2.91  |
| Dawn Hub/Union          | 2.26  |
| Northwest Stanfield     | 2.06  |
| Wyoming Pool            | 1.94  |
| Opal                    | 1.94  |
| PGT-Malin               | 2.12  |
| Sumas                   | 2.02  |
           Flow Date 2/1
-------------------------------------------------------------
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-------------------------------------------------------------
EIA Says Refinery Run Cuts Build Crude Oil Stocks 

    Crude oil stocks built sharply last week as poor profit margins 
and ample supply of refined products forced refiners to slash runs, 
according to the EIA. The nation's refineries have slowed by 5.4% in 
the past two weeks, dropping to just 86.8% last week. Last week's 
refinery use figure is the lowest reported by the EIA since February 
2000. Crude stocks built 2.1 million barrels last week as big 
refiners reduced runs to battle weak demand and poor margins. 
Earlier, the API showed crude supplies of 32.2 million barrels, or 
11%, above last year. The EIA reported a 2.6 million barrel gasoline 
build, boosted by a 120,000 bpd increase in gasoline imports as 
supplies flowed in from Europe. Refinery run cuts are not decreasing 
gasoline supplies as much as other products, with gasoline production 
holding strong last week at 8.15 million bpd. Total US product demand 
is down 4.5% from a year ago, even though gasoline demand is 0.8% 
higher. Distillate fuel stocks dropped 200,000 barrels, a small fall 
at a time when winter heating demand normally draws down inventories 
rapidly. Mild temperatures in the Northeast meant that heating oil 
stocks actually rose 1.5 million barrels. Diesel fuel stocks fell 1.7 
million barrels. 
-------------------------------------------------------------
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Exxon Denies Baton Rouge Refinery Maintenance
  
    Exxon Mobil is not planning February maintenance on a crude 
distillation unit at its 488,000 bpd Baton Rouge refinery, correcting 
earlier reports to the contrary. Industry sources had said Exxon 
Mobil planned to shutdown a crude distillation unit at the plant 
today for 4 weeks. The plant has shut a portion of its 35,000 bpd 
alkylation unit for work, but that the work has little effect on the 
refinery's output. 
----------------------------------------------------------------------
----------------------------------------------------

EIA REPORT for           CHANGE from WEEK   CHANGE from WEEK WEEK 
ENDED 1/25/02         ENDED 1/18/02   ]  ENDED 1/25/01 

CRUDE........ 316.9 MLN     UP   2.1 MLN      UP   24.7 MLN 
DISTILLATE... 138.8 MLN     DOWN 0.2 MLN      UP   20.6 MLN 
GASOLINE..... 216.7 MLN     UP   2.6 MLN      UP   13.3 MLN HEATING 
OIL..  59.5 MLN     UP   1.5 MLN      UP   10.2 MLN UTILIZATION..  
86.8%        DOWN 2.9%         DOWN  5.1% PRODUCT DEMAND 19.1 MLN bpd 
DOWN 0.2 MLN bpd  DOWN  4.5% 
4-WEEK AVERAGE 
--------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 gained 99.66 points to 7648.49
The CRB Index climbed 0.36 points to 187.29
The US Dollar increased 0.54 points to 120.16
The Dow advanced 157.00 points to 9920.00
The S&P 500 climbed 16.63 points to 1130.20
The Nasdaq was up 20.59 points to 1934.03
March NYMEX Crude Oil added 0.40 to 19.48
Canadian-US Exchange rose 0.0009 to 1.5923
-------------------------------------------------------------
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