Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Thursday, December 27 2001? No. 451
Visit our website at: http://www.enerfaxgold.com/, 

PETROLEUM PRICES ???
| Bonny Light      |   n/a
| Brent            |   n/a
| Butane           |  $ 0.37 
| Fuel Oil #2      |  $ 0.59   
| Louisiana        |  $21.45  
| Medit.           |   n/a  
| Propane Non-tet  |  $ 0.33   
| Propane Wet-tet  |  $ 0.33  
| W. Tx Int Cush   |  $21.28 
| W. Tx Sour       |  $19.65 

| Euro in US equiv |  0.8801
-------------------------------------------------------------
Todays Petro Bulletins
 * OPEC to Cut Output by 1.5 Million Barrels per Day
 * LUKOIL Considering 7.5% Stake in Baku-Ceyhan Pipeline
 * Heating Oil Rises to Highest Price in More than a Month
 * Heating Oil Inventories 18% Higher than Year Ago
 * Penn Virginia Corporation Announces New Board Member
 * Japanese Retail Gasoline Prices Hit 19-Month Low in December
 * EOTT Boosts Credit Line to $300 Million.
 * Court Denies Maritrans' Claim for Damages from Oil Pollution Act 
of 1990
 * Qatar and  UAE Sign $3.5 Billion Natural Gas Transfer Deal
-------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
JAN 02 0.5980 0.5545 0.5946 +0.0462 
FEB 02 0.6000 0.5600 0.5968 +0.0462 
MAR 02 0.5930 0.5600 0.5913 +0.0432 
APR 02 0.5830 0.5530 0.5838 +0.0402 
MAY 02 0.5740 0.5690 0.5758 +0.0377 
JUN 02 0.5810 0.5500 0.5763 +0.0367 
JUL 02 0.5860 0.5540 0.5813 +0.0362 
AUG 02 0.5860 0.5620 0.5878 +0.0357 
SEP 02 0.5730 0.5675 0.5606 +0.0000 
OCT 02 0.5975 0.5785 0.6043 +0.0347 
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
FEB 02 19.80 21.43 19.70 21.27 +1.65 
MAR 02 20.00 21.60 19.98 21.45 +1.63 
APR 02 20.15 21.63 20.15 21.55 +1.56 
MAY 02 21.28 21.60 21.10 21.65 +1.52 
JUN 02 20.85 21.75 20.85 21.72 +1.48 
JUL 02 20.45 21.23 20.45 21.74 +1.44 
AUG 02 20.21 20.30 20.21 20.36 +0.00 
SEP 02 21.35 21.55 21.35 21.80 +1.38 
OCT 02 20.27 20.40 20.27 20.48 +0.00
-------------------------------------------------------------
Crude Oil Futures Rally on Anticipated OPEC Cut

Crude oil futures for February delivery on the NYMEX climbed $1.65 to 
$21.27 per barrel yesterday in its biggest gain in over a year amid 
signs that OPEC will proceed with plans to cut production by 1.5 
million bpd in a bid to lift sagging crude prices. To avoid losing 
market share, the cartel had demanded that non-OPEC producers 
contribute a cut of 500,000 bpd between them before it would make any 
further slices in its own production. So far, Russia, Mexico, Norway, 
Oman and Angola have committed to a combined 462,500 curb in exports, 
which appears to be enough to allow OPEC to go ahead with their 
plans. The ministers are scheduled to meet in Cairo on Friday and are 
expected to take that opportunity to announce their cut. The IEA 
projects that world demand will rise by 600,000 bpd next year, about 
30% below the average annual gain during the 1990's, as the largest 
oil consumers, the US and Japan are mired in a recession. The CFTC 
has reported that traders sold more crude oil futures contracts on 
the NYMEX than they bought in the week ended December 18th, producing 
the highest net short position levels since the contracts began 
trading in 1983. Heating oil futures for January delivery on the 
NYMEX jumped $0.0462, or 8.4%, to $0.5946 per gallon as colder 
weather arrived in most of the eastern portion of the US. The 
increase in heating oil was the biggest gain since last April. 
January gasoline futures on the NYMEX rose $0.0427 to $0.6013 per 
gallon. In London, the IPE was closed in observance of Boxing Day.
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NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?3.0302  +0.0483? ? ? ? 
18 Month Strip ?n/a? ? 
| Month | High  |  Low  | Close | Change |
| JAN   | 3.030 | 2.890 | 2.911 | +0.016 |
| FEB   | 3.020 | 2.900 | 2.937 | +0.048 |
| MAR   | 2.970 | 2.900 | 2.917 | +0.048 |
| APR   | 2.920 | 2.870 | 2.872 | +0.048 |
| MAY   | 2.950 | 2.910 | 2.914 | +0.053 |
| JUN   | 2.980 | 2.920 | 2.963 | +0.051 |
| JUL   | 3.020 | 3.000 | 3.003 | +0.051 |
| AUG   | 3.055 | 3.010 | 3.041 | +0.051 |
| SEP   | 3.055 | 3.050 | 3.046 | +0.051 |
| OCT   | 3.070 | 3.020 | 3.071 | +0.054 |
| NOV   | 3.250 | 3.250 | 3.256 | +0.054 |
| DEC   | 3.435 | 3.400 | 3.431 | +0.054 |
-------------------------------------------------------------
World Heating Fuel Projections 
 

    The eastern half of the US will continue to experience colder 
weather for the next several days resulting in strong heating fuel 
consumption. Temperatures are expected to be 8 to 16 degrees below 
average from the central Plains to the mid-Atlantic region southward 
to the Gulf of Mexico. New England, the upper Midwest and the 
northern Plains will be a little milder than normal, but heating fuel 
demand will remain higher than usual. Mild weather is expected 
throughout the western states decreasing demand for heating fuel. In 
Canada, above normal temperatures into early January will keep 
heating fuel consumption lower than normal. A cool-weather bias will 
remain in far southeastern Canada for the several days producing 
above normal demand for heating fuels. Milder weather in western 
Europe will significantly reduce heating fuel consumption during the 
next 7 to 10 days. In the UK and France, temperatures will be close 
to normal through January 5th. Germany and eastern Europe will 
experience colder temperatures, but some reduction in heating fuels 
demand will occur. Temperatures in Scandinavia will average from 4 to 
8 degrees Celsius below normal producing strong heating oil 
consumption through early January. China's weather will continue to 
be colder than usual, with temperatures expected to average from 4 to 
8 degrees Celsius below normal for the next 10 days. Japans usage of 
heating fuel is projected to higher than normal through January 5th. 
Most of the country will be 2 to 5 degrees Celsius below average.    
-------------------------------------------------------------
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-------------------------------------------------------------
Saudi Minister Says OPEC to Announce Cuts in Cairo

    Comments made by the Saudi oil minister seem to indicate that 
OPEC is ready to go ahead with a planned production cut of 1.5 
million bpd after receiving commitments from non-member producers to 
also reduce exports. The minister said that OPEC would announce the 
reductions at a meeting in Cairo on Friday. The remarks put an end to 
a threatened price war between the cartel and non-OPEC producers. The 
cartel had accused the non-aligned producers of taking advantage of 
curbs already implemented this year by OPEC to grab a larger share of 
the market. The cartel had demanded that the non-member producing 
countries trim 500,000 bpd from exports before it would once again 
slice production. To date Russia, Mexico, Norway, Oman and Angola 
have pledged cuts totaling 462,500 bpd, which appears to be enough to 
convince OPEC to proceed with its cut. The ministers also seem to be 
comfortable with the level of commitment by the non-members to stick 
to their quotas for the specified 6-month period. The new 
restrictions will lower exports for 10 OPEC producers to 21.7 million 
bpd, down 5 million bpd or 19% from a year ago, the lowest level in 
10 years. Iraq, the 11th member produces at will because of UN 
sanctions. The new supply limits are designed to lift prices back to 
$20-$25 per barrel for the basket of OPEC crude oils. 
-------------------------------------------------------------
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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 0.3350 0.3300 0.3425 +0.0000 
FEB 02 0.3350 0.3300 0.3425 +0.0000 
MAR 02 0.3500 0.3350 0.3425 +0.0000 
APR 02 0.3225 0.3225 0.3225 +0.0000 
MAY 02 0.3250 0.3250 0.3250 +0.0000 
JUN 02 0.3275 0.3275 0.3275 +0.0000 
JUL 02 0.3325 0.3325 0.3325 +0.0000
-------------------------------------------------------------
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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 0.6040 0.5610 0.6013 +0.0427 
FEB 02 0.6100 0.5645 0.6067 +0.0477 
MAR 02 0.6150 0.5780 0.6160 +0.0460 
APR 02 0.6750 0.6390 0.6750 +0.0445 
MAY 02 0.6800 0.6650 0.6780 +0.0435 
JUN 02 0.6750 0.6720 0.6765 +0.0420 
JUL 02 0.6700 0.6520 0.6705 +0.0400 
AUG 02 0.6285 0.6280 0.6225 +0.0000 
SEP 02 0.6500 0.6500 0.6475 +0.0375 
OCT 02 0.5875 0.5875 0.5875 +0.0000
-------------------------------------------------------------
Patterson-UTI Buys Cleere Drilling Rigs

    Patterson-UTI Energy has acquired 17 land-based drilling rigs 
from Cleere Drilling. Patterson-UTI is the 2nd largest operator of 
land based oil and natural gas drilling rigs in North America. It 
paid $13.5 million in cash, plus 45 0,000 Patterson-UTI common 
shares, worth $9.95 million and also 325,000 warrants convertible 
into common shares at a price of $26.75 per share. Patterson-UTI owns 
319 rigs operating in Texas, New Mexico, Oklahoma, Louisiana, 
Mississippi, Alabama and western Canada. The deal also included 28 
rig-moving trucks and other inventory and equipment. 
--------------------------------------------------------------
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-------------------------------------------------------------
Philadelphia Oil Service Index Climbs to August Levels
 
    The Philadelphia Oil Service Index climbed as high as 89.85, its 
highest level since August, closing at 89.41, up 3.8% yesterday. 
Shares of Rowan added $0.77 to $19.70 and Schlumberger stocks gained 
$2.85 to $55.95. Integrated oil stocks also gained, as the CBOE Oil 
Index was up 1.3% to 300.2. ChevronTexaco rose $0.65 to $89.20 and 
ExxonMobil advanced $0.60 cents to $39.60. On the NYMEX, February 
crude oil rose to session high at $21.43 per barrel, its highest 
level in 6 weeks. It closed at $21.27, up $1.65, or 8.6%. 
Expectations that OPEC will proceed with a planned production cut of 
1.5 million bpd at a meeting in Cairo on Friday likely gave the 
market a lift. Although non-OPEC producers are a little short of the 
500,000 bpd reduction that OPEC demanded, it appears that they came 
close enough, with a combined pledge to cut 462,500 bpd, to satisfy 
the cartel. 
-------------------------------------------------------------
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-------------------------------------------------------------
Egypt Increases Oil Reserves 

    Egypt's Oil Ministry says new oil and condensate finds with 
recoverable reserves of 178 million barrels, and natural gas reserves 
of 1.5 Tcf have been discovered. About 15 wells had been drilled, of 
which 7 were now producing at a total of 16,000 bpd.  The oil 
discoveries were made in the Gulf of Suez and the country's western 
and eastern deserts, and the natural gas discoveries were made in the 
Nile Delta area, western desert and in the Mediterranean sea. Egypt 
produced about 640,000 barrels of oil per day in November. It has 
proven natural gas reserves of 53.3 Tcf, and oil reserves of 3.8 
billion barrels. 
-------------------------------------------------------------
PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.80  |
| ANR SE                  | 2.88  |
| Carthage TG             | 2.84  |
| Chicago Citygate        | 2.98  |
| Columbia Gulf Onshore   | 2.92  |
| Dominion South Point    | 3.14  |
| Henry Hub               | 2.96  |
| Houston Ship Channel    | 2.96  |
| Katy Hub                | 2.90  |
| NGPL LA Pool            | 2.86  |
| NGPL - Midcontinent     | 2.79  |
| NGPL STX                | 2.83  |
| NGPL TX/OK              | 2.84  |
| NNG Demarc.             | 2.92  |
| Niagara                 | 3.17  |
| Sonat Tier 1            | 2.91  |
| TCO IPP Pool            | 3.09  |
| Tetco ELa               | 2.91  |
| Tetco M-3               | 3.65  |
| Tetco STX               | 2.85  |
| TGP Zone 0              | 2.83  |
| TGP Zone 1 (500 Leg)    | 2.90  |
| TGT Zone SL             | 2.94  |
| New York Citygate       | 3.81  |
| Transco Station 65      | 2.97  |
| Transco Zone 6 (NY)     | 3.91  |
| Trunk ELa               | 2.87  |
| Western Region          
| California Border       | 2.83  |
| El Paso Keystone        | 2.74  |
| El Paso San Juan-Blanco | 2.72  |
| Waha Hub                | 2.79  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.84  |
| Dawn Hub/Union          | 3.09  |
| Northwest Stanfield     | 2.69  |
| Wyoming Pool            | 2.68  |
| Opal/Kern River         | 2.68  |
| PGT-Malin               | 2.79  |
| Sumas                   | 2.55  |
         Flow Date 12/27 
-------------------------------------------------------------
UDS Refinery Restart Delayed

    Ultramar Diamond Shamrock has run into problems trying to restart 
the fluid catalytic cracker at its Golden Eagle refinery near San 
Francisco following scheduled maintenance work. The catalytic cracker 
and an alkylation unit had to be closed down, contributing to a rise 
in wholesale gasoline prices in the area. A new attempt to restart 
the FCC is expected today. UDS announced in November that it had 
shutdown the FCC at the 170,000 bpd refinery for scheduled 
maintenance work and that would be followed by maintenance work on 
the hydrocracker at the same refinery. Wholesale CARB gasoline prices 
in San Francisco rose by over $0.04 per gallon yesterday. 
-------------------------------------------------------------
?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 
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Phone: 281-362-7979
FAX: 281-296-9922
-------------------------------------------------------------
Taiwan Deregulates Oil Market

     Taiwan's economics ministry has announced the full opening of 
the oil market to foreign-refined products, heaping pressure on state-
run giant Chinese Petroleum Corp to speed up deregulation. The 
privatization of Taiwan's oil products came after passage of the oil 
management law in September, which would open the floodgates to 
imports of gasoline, diesel and kerosene, and expand the island 
nation's already crowded energy market. After the opening, any 
company, which has facilities to store 60 days of reserves or 50 
million liters of the oil products, is allowed to buy them from 
foreign refiners, said the Energy Commission. In 1999, the government 
cut restrictions on imports of jet fuel, fuel oil and LPG as part of 
its drive to meet requirements for entry into the WTO. The complete 
deregulation was set to further erode market share of dominant 
supplier CPC. CPC, faced with a saturated domestic market and 
increasing competition, will have to accelerate its privatization or 
see a further erosion of dominance in the local oil market. CPC says 
it plans to sell as much as a 50% stake overseas in the second half 
of 2002. 
-------------------------------------------------------------

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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 24.29 points to 7552.59
The CRB Index rose 1.90 points to 193.49
The US Dollar gained 0.80 points to 117.78
The Dow advanced 52.80 points to 10088.14
The S&P 500 climbed 4.72 points to 1149.37
The Nasdaq was up 16.22 points to 1960.70
February NYMEX Crude Oil rose 1.65 to 21.27
Canadian-US Exchange added 0.0160 to 1.5935
-------------------------------------------------------------
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