Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Thursday, February 14 2002? No. 483
Visit our website at: http://www.enerfaxgold.com 

PETROLEUM PRICES ???
| Bonny Light      |  $20.86
| Brent            |  $20.76
| Butane           |  $ 0.41 
| Fuel Oil #2      |  $ 0.54   
| Louisiana        |  $21.75  
| Medit.           |  $19.76  
| Propane Non-tet  |  $ 0.32   
| Propane Wet-tet  |  $ 0.32  
| W. Tx Int Cush   |  $21.18 
| W. Tx Sour       |  $19.94 

| Euro in US equiv |  0.8706
-------------------------------------------------------------
Todays Petro Bulletins
 * DOE Says Crude Oil Imports Up 0.541 Million bpd Last Week 
 * DOE Says Gasoline Demand Down 0.106 Million bpd Last Week 
 * DOE Says East Coast Heating Oil Stocks Down 0.1 Million Barrels 
Last Week 
 * DOE Says Crude Oil Stocks 2.5 Million Barrels Higher Last Week 
 * DOE Says Heating Oil Stocks Down 0.4 Million Barrels Last Week 
 * DOE Says Gasoline Stocks Up 1.0 Million Barrels Last Week 
 * Vintage Petroleum Estimated Proved Reserves Up 9% at End of 2001 
 * BHP Billiton Says Its Share of Costs for Transporting Mad Dog Oil 
and Natural Gas More than $100 Million
 * Shell and Saudi Refining Complete Acquisition of Texaco Downstream
 * Apache Scores Another Oil Discovery Offshore Northwest Australia 
-------------------------------------------------------------
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
--------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
Mar 02 0.5670 0.5390 0.5540 +0.0080 
Apr 02 0.5700 0.5435 0.5582 +0.0083 
May 02 0.5695 0.5460 0.5592 +0.0078 
Jun 02 0.5725 0.5510 0.5622 +0.0073 
Jul 02 0.5667 0.5575 0.5667 +0.0068 
Aug 02 0.5830 0.5630 0.5737 +0.0063 
Sep 02 0.5879 0.5730 0.5822 +0.0063 
Oct 02 0.5907 0.5840 0.5907 +0.0063 
Nov 02 0.6075 0.5925 0.5982 +0.0058 
Dec 02 0.6150 0.5970 0.6052 +0.0058
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
Mar 02 20.65 21.75 20.55 21.18 +0.45 
Apr 02 20.95 22.10 20.90 21.52 +0.40 
May 02 21.20 22.15 21.05 21.62 +0.36 
Jun 02 21.15 22.05 21.10 21.62 +0.35 
Jul 02 21.15 21.90 21.15 21.58 +0.34 
Aug 02 21.13 21.70 21.13 21.54 +0.33 
Sep 02 21.15 21.60 21.15 21.50 +0.32 
Oct 02 21.43 21.52 21.43 21.47 +0.31 
Nov 02 21.40 21.50 21.20 21.44 +0.30 
Dec 02 21.15 21.55 21.00 21.41 +0.29
-------------------------------------------------------------
Crude Oil Futures Rally on Middle East Tensions

    Crude oil futures for March delivery on the NYMEX climbed $0.45 
to $21.18 per barrel yesterday after President Bush said the US would 
take whatever action it deemed necessary to defend itself against 
Saddam Hussein. The rally drove speculative funds to cover short 
positions in the event prices continue to rise. Some traders worried 
that any action against Iraq could further anti-American sentiment in 
the Arab world, which could affect oil exports. Fears were further 
exacerbated by increasing tensions between Israeli and Palestinian 
forces. Israeli troops raided 3 Palestinian towns in response to a 
recent rocket attack on Israel. The problems in the middle east 
overshadowed news of bulging inventories in the most current 
inventory reports. According to the API crude supplies rose 4.7 
million while the EIA reported a much lower 2.5 million barrel 
increase. Distillate inventories increased 604,000 barrels according 
to the API and by 200,000 in the EIA report after most had expected a 
sizable withdrawal because of colder weather across much of the 
nation last week. Gasoline stocks climbed by 1.7 million in API data 
and by 1 million according the EIA, while many had expected a draw of 
up to 2 million barrels. Heating oil futures for March delivery on 
the NYMEX added $0.008 to $0.554 per gallon. March gasoline futures 
on the NYMEX rose $0.0071 to $0.609 per gallon. In London, Brent 
crude oil futures for March delivery on the IPE were up$0.24 to 
$20.70 per barrel.
-------------------------------------------------------------
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.6528  -0.0344 ? ? ? 
18 Month Strip ?2.7484  -0.0194 ? ? 
| Month | High  |  Low  | Close | Change |
| MAR   | 2.410 | 2.240 | 2.245 | -0.060 |
| APR   | 2.460 | 2.300 | 2.310 | -0.059 |
| MAY   | 2.510 | 2.380 | 2.388 | -0.056 |
| JUN   | 2.580 | 2.458 | 2.458 | -0.049 |
| JUL   | 2.625 | 2.523 | 2.523 | -0.042 |
| AUG   | 2.670 | 2.570 | 2.580 | -0.035 |
| SEP   | 2.680 | 2.570 | 2.587 | -0.030 |
| OCT   | 2.705 | 2.618 | 2.618 | -0.026 |
| NOV   | 2.915 | 2.843 | 2.843 | -0.019 |
| DEC   | 3.140 | 3.054 | 3.054 | -0.012 |
| JAN   | 3.200 | 3.131 | 3.144 | -0.012 |
| FEB   | 3.140 | 3.084 | 3.084 | -0.012 |
-------------------------------------------------------------
ChevronTexaco Postpones Canadian Oil Project
  
    ChevronTexaco has postponed development of the proposed 414 
million barrel Hebron-Ben Nevis oil project off Newfoundland, saying 
that with oil prices at their current low levels, the project is not 
financially feasible. ChevronTexaco made the move after one of its 
partners in the project, ExxonMobil, decided to sell several of its 
exploration licenses in the area. Norsk Hydro and Petro-Canada are 
the other partners in the venture. ChevronTexaco says that since 
about 75% of the recoverable reserves in the field are heavy oil, 
current technology would require additional wells to be drilled, 
which would add significantly to the costs. Three fields, Hebron, Ben 
Nevis and West Ben Nevis make up the prospect. All were discovered in 
the early to mid 1980s. The oil field would have been the 4th major 
development on the Grand Banks off Canada's east coast. Hibernia, 
which was the 1st major oil project offshore Newfoundland came on 
line in 1997 and currently produces about 180,000 bpd. The 2nd, Terra 
Nova, ran $566 million over budget and began producing last month 
after a years delay. The 3rd field, White Rose, a joint venture of 
Husky Energy and Petro-Canada, has received regulatory approval, but 
no decision has been made to proceed with the project. ChevronTexaco 
says that when prices improve it may revisit the project. 
-------------------------------------------------------------
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-------------------------------------------------------------
US Companies to Renegotiate Libyan Contracts 

   The State Department has given Conoco, Marathon Oil and Amerada 
Hess permission to begin renegotiating dormant oil production 
contracts with Libya. Last September, Libya warned the  companies, 
which own stakes in Libyan oil through their Oasis Group venture, 
that they would lose the concessions in a year unless they returned. 
They were forced to leave in the mid-1980s after Libia was declared a 
terrorist state. The Oasis Group will begin discussing with Libya the 
terms under which it could return. However, this is not a change in 
US policy toward Libya, and does not give the Oasis Group the 
authority to return just yet. Marathon and Conocoeach own 16.33% of 
the group. Amerada Hess owns 8.16 % and the Libyan government owns 
the remainder. European rivals such as Austria's OMV, Spain's Repsol-
YPF and Total Fina Elf of France, produce oil in the country. The 
United Nations suspended economic sanctions on Libya in 1999.
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
APR 02 20.45 21.45 20.35 20.93 +0.32 
MAY 02 20.55 21.52 20.46 21.05 +0.31 
JUN 02 20.37 21.00 20.30 20.81 +0.28 
JUL 02 20.20 20.84 20.24 20.70 +0.27 
AUG 02 20.12 20.66 20.12 20.68 +0.27 
SEP 02 20.24 20.90 20.24 20.66 +0.26
OCT 02 20.38 20.63 20.38 20.63 +0.24
NOV 02 20.35 20.78 20.35 20.60 +0.22
DEC 02 20.25 20.75 20.20 20.57 +0.20
------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Mar 02 0.3175 0.3100 0.3125 -0.0025 
Apr 02 0.3165 0.3150 0.3150 -0.0025 
May 02 0.3150 0.3100 0.3150 -0.0025 
Jun 02 0.3175 0.3025 0.3175 -0.0025 
Jul 02 0.3175 0.3000 0.3175 -0.0025 
Aug 02 0.3200 0.3100 0.3200 -0.0025 
Sep 02 0.3350 0.3125 0.3350 -0.0025 
Oct 02 0.3350 0.3150 0.3350 -0.0025 
Nov 02 0.3375 0.3175 0.3375 -0.0025 
Dec 02 0.3375 0.3250 0.3375 -0.0025
-------------------------------------------------------------
Democrats Seek to Regulate OTC 
  

    Several Democratic senators plan to introduce legislation to 
regulate the OTC trading of derivatives. Derivatives are customized 
financial contracts whose values are connected to the price of 
underlying commodities and are traded privately among companies, not 
on regulated exchanges. The proposed legislation is an attempt to 
eliminate a Congressional exemption that allowed energy traders to 
avoid scrutiny by the CFTC when trading derivatives. The bill would 
give the CFTC regulatory oversight authority over futures trades 
without delivery of energy commodities in multilateral markets. The 
FERC has said that it will investigate EnronOnline and other 
transactions by the company to determine if it was guilty of price-
gouging during California's power crisis last year. Western 
politicians have accused Enron of intentionally inflating wholesale 
power and natural gas prices during that period. Some allege that the 
potential for market abuse has not disappeared with Enron's demise. 
EnronOnline offered real-time markets for a number of commodities, 
including OTC contracts for crude oil, natural gas, power, and 
bandwidth. Enron was either as a buyer or seller in all transactions. 
According to testimony before Congress, some have said that the 
combination of market information and market power gave Enron the 
opportunity to create self-serving price volatility and that UBS 
Warburg will now hold the same capability. Others say it adds 
liquidity to the market. Enron's former trading business began 
operating on Monday as UBSWenergy.com. The Democratic legislation may 
rekindle a debate over whether any federal oversight is necessary in 
the derivatives market. The former head of the CFTC proposed such 
regulatory oversight a couple of years ago, but the plan was rejected 
after pointed criticism from industries and Federal Reserve Chairman 
Alan Greenspan. The current head has told the House panel that the 
CFTC does not need additional regulatory authority because Enron's 
positions in the futures market were smoothly closed out after its 
bankruptcy.
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
MAR 02 169.75 166.50 169.25 - 4.25 
APR 02 170.75 168.00 170.50 - 4.75 
MAY 02 171.75 170.00 171.50 - 5.00 
JUN 02 175.50 172.00 173.25 - 4.75 
JUL 02 175.50 174.25 175.00 - 4.50 
AUG 02 175.75 177.50 176.75 - 4.50
SEP 02 179.00 178.50 178.50 - 4.50
OCT 02 181.00 178.75 180.25 - 4.50
NOV 02 181.25 179.75 181.25 - 4.50
DEC 02 181.75 180.25 181.50 - 4.75
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Mar 02 0.6225 0.5900 0.6090 +0.0071 
Apr 02 0.6920 0.6620 0.6794 +0.0051 
May 02 0.6960 0.6700 0.6854 +0.0051 
Jun 02 0.6975 0.6750 0.6864 +0.0051 
Jul 02 0.6900 0.6730 0.6806 +0.0051 
Aug 02 0.6710 0.6679 0.6679 +0.0049 
Sep 02 0.6530 0.6489 0.6489 +0.0049 
Oct 02 0.6204 0.5815 0.6204 +0.0044 
Nov 02 0.6104 0.5810 0.6104 +0.0044 
Dec 02 0.6120 0.6079 0.6079 +0.0044
-------------------------------------------------------------
Centennial Pipeline Scheduled to Open April 1st
  
    The opening of the Centennial Pipeline, scheduled for April 1st, 
may help solve wild regional price swings for gasoline and diesel 
fuel that have affected the Midwest in recent years. The pipeline 
will begin taking shipments March 1st for up to 200,000 bpd of 
refined oil in batches of at least 25,000 barrels from Texas and 
Louisiana to Illinois. Over the last 2 summers pump prices in the 
Midwest have spiked over $2 per gallon because of supply shortages. 
The price spikes usually happen after refinery outages or pipeline 
problems in the region, which relies heavily on imports from the Gulf 
Coast to meet summer demand. The Centennial line is owned equally by 
Marathon Ashland Petroleum, PEPL, and TEPPCO. The pipeline originates 
in Beaumont, TX with a new 24-inch diameter, 74-mile TEPPCO line to 
Longville, LA. From there it will use a 26-inch, 720-mile converted 
natural gas pipeline and ends in Bourbon, IL. Centennials only 
terminal is in Creal Springs, IL. The Centennial Pipeline is expected 
to relieve product price swings mainly in Chicago. While, the 
pipeline will not deliver products directly to the Group Three hub, 
but will free up crude from the Gulf to head there, alleviating some 
of that hub's instability. The Centennial can expand its capacity to 
320,000 bpd, but no date for expansion has been set.  About 2 million 
barrels of product will be required to fill the pipeline. The 
Centennial will tie into the TEPPCO system at Creal Springs and the 
Marathon Ashland pipeline system at Creal Springs and Martinsville, 
in east-central Illinois. The largest pipeline running to the Midwest 
from the Gulf Coast is the 500,000 bpd Explorer Pipeline, which 
supplies both the Group 3 and Chicago Midwestern hubs. 
-------------------------------------------------------------

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

PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.25  |
| ANR SE                  | 2.32  |
| Carthage TG             | 2.31  |
| Chicago Citygate        | 2.35  |
| Columbia Gulf Onshore   | 2.33  |
| Dominion South Point    | 2.61  |
| Henry Hub               | 2.37  |
| Houston Ship Channel    | 2.36  |
| Katy Hub                | 2.30  |
| NGPL LA Pool            | 2.31  |
| NGPL - Midcontinent     | 2.23  |
| NGPL STX                | 2.27  |
| NGPL TX/OK              | 2.28  |
| NNG Demarc.             | 2.26  |
| Niagara                 | 2.60  |
| Sonat Tier 1            | 2.31  |
| TCO IPP Pool            | 2.45  |
| Tetco ELa               | 2.31  |
| Tetco M-3               | 2.76  |
| Tetco STX               | 2.27  |
| TGP Zone 0              | 2.27  |
| TGP Zone 1 (500 Leg)    | 2.31  |
| TGT Zone SL             | 2.34  |
| New York Citygate       | 3.04  |
| Transco Station 65      | 2.37  |
| Transco Zone 6 (NY)     | 3.04  |
| Trunk ELa               | 2.30  |
| Western Region          
| California Border       | 2.35  |
| El Paso Keystone        | 2.22  |
| El Paso San Juan-Blanco | 2.23  |
| Waha Hub                | 2.26  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.09  |
| Dawn Hub/Union          | 2.42  |
| Northwest Stanfield     | 2.15  |
| Wyoming Pool            | 2.10  |
| Opal                    | 2.10  |
| PGT-Malin               | 2.25  |
| Sumas                   | 2.09  |
           Flow Date 2/14
-------------------------------------------------------------
Nymex Option Volatility   
Supplied by "The Daily Hedger"
http://www.energyinstitution.org

	WTI 		
	    Futures	  Days Left	   Implied
Month	Settlement	to Exp    	Volatility
Mar    $21.18        1        77.8% 
Apr    $21.52       30        46.9% 
May    $21.62       63        45.1% 
Jun    $21.62       92        43.2% 
Jul    $21.58      124        41.5% 
Aug    $21.54      154        40.1% 
Sep    $21.50      183        38.0% 
Oct    $21.47      216        37.3% 
Nov    $21.44      246        37.5% 
Dec    $21.41      275        35.2%

        Heating Oil    
      Futures     Days left   Implied 
Month Settlement  to Exp      Volatility 
Mar   $0.5540       12        44.7% 
Apr   $0.5582       40        42.3% 
May   $0.5592       71        40.5% 
Jun   $0.5622      104        38.6% 
Jul   $0.5667      132        38.7% 
Aug   $0.5737      163        35.6% 
Sep   $0.5822      195        34.1% 
Oct   $0.5907      224        33.1% 
Nov   $0.5982      257        32.3% 
Dec   $0.6052      282        32.1%

UNLEADED  
       Futures    Days left  Implied
Month Settlement   to Exp    Volatility
Mar   $0.6090       12       46.1% 
Apr   $0.6794       40       43.5% 
May   $0.6854       71       42.3% 
Jun   $0.6864      104       40.7% 
Jul   $0.6806      132       38.9% 
Aug   $0.6679      163       35.6% 
Sep   $0.6489      195       35.6%

 Natural Gas 
	       Futures	                Implied
Month	Settlement	Days Left    
Volatility                            
Mar    $2.245        12         66.2% 
Apr    $2.310        40         57.1% 
May    $2.388        71         50.0% 
Jun    $2.458       104         45.7% 
Jul    $2.523       132         45.9% 
Aug    $2.580       163         45.8% 
Sep    $2.587       195         43.0% 
Oct    $2.618       224         45.9% 
Nov    $2.843       257         46.2% 
Dec    $3.054       285         48.8%
-------------------------------------------------------------
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-------------------------------------------------------------
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--------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 climbed 17.62 points to 7561.38
The CRB Index added 0.29 points to 192.01
The US Dollar increased 0.26 points to 118.60
The Dow advanced 125.93 points to 9989.67
The S&P 500 gained 11.01 points to 1118.51
The Nasdaq was up 24.95 points to 1859.16
March NYMEX Crude Oil rose 0.45 to 21.18
Canadian-US Exchange lost 0.0012 to 1.5906
-------------------------------------------------------------
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