Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Tuesday, January 15 2002? No. 462
Visit our website at: http://www.enerfaxgold.com/, 

PETROLEUM PRICES ???
| Bonny Light      |  $18.99
| Brent            |  $18.76
| Butane           |  $ 0.32 
| Fuel Oil #2      |  $ 0.51   
| Louisiana        |  $19.13  
| Medit.           |  $18.51  
| Propane Non-tet  |  $ 0.28   
| Propane Wet-tet  |  $ 0.28  
| W. Tx Int Cush   |  $18.88 
| W. Tx Sour       |  $17.40 

| Euro in US equiv |  0.8944
-------------------------------------------------------------
Todays Petro Bulletins
 * EIA Says Mexico Top Source of US Crude Oil Imports in November at 
1.626 Million bpd
 * ChevronTexaco Closes Crude Unit at 225,000 bpd Richmond Oil 
Refinery Near San Francisco for About a Month of Scheduled Maintenance
 * CONSOL Energy to Demonstrate Drilling Technology; Project to 
Sequester CO2 in Coal Seams, Enhance Methane Recovery
 * Continental Energy Gets Green Light for Its Bangkudulis Field 
Development in Indonesia
 * Ness Energy International Appoints David Boyce as Director of 
Domestic Oil and Gas Operations
 * Synergy to Acquire Controlling Interest in CPJ Heavy Oil Upgrading 
Technology from Texas T Petroleum Ltd
 * CNOOC and Shell Sign Production Sharing Contract for Bohai Bay 
-------------------------------------------------------------
NYMEX - NY Harbor Heating Oil? ? ? ? ? ? 
Month ??High ??Low? ? Last ? Change
FEB 02 0.5400 0.5090 0.5166 -0.0228 
MAR 02 0.5420 0.5150 0.5250 -0.0222 
APR 02 0.5420 0.5225 0.5290 -0.0137 
MAY 02 0.5390 0.5300 0.5305 -0.0167 
JUN 02 0.5415 0.5305 0.5355 -0.0152 
JUL 02 0.5470 0.5360 0.5415 -0.0147 
AUG 02 0.5600 0.5452 0.5490 -0.0142 
SEP 02 0.5657 0.5550 0.5575 -0.0137 
OCT 02 0.5740 0.5650 0.5665 -0.0132 
NOV 02 0.5840 0.5740 0.5745 -0.0127
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
FEB 02 19.35 19.45 18.65 18.89 -0.79 
MAR 02 20.00 20.10 19.30 19.41 -0.91 
APR 02 20.38 20.38 19.65 19.74 -0.87 
MAY 02 20.50 20.53 19.80 19.91 -0.82 
JUN 02 20.60 20.65 19.95 20.03 -0.76 
JUL 02 20.57 20.57 20.10 20.06 -0.73 
AUG 02 20.20 20.20 20.20 20.09 -0.71 
SEP 02 21.10 20.65 20.10 20.12 -0.69 
OCT 02 20.60 20.60 20.30 20.15 -0.67 
NOV 02 20.50 20.60 20.50 20.18 -0.65 
-------------------------------------------------------------
Crude Oil Futures Fall

    Crude oil futures for February delivery on the NYMEX fell $0.79 
to $18.89 per barrel yesterday as the market continues to focus on 
bulging inventories, driven higher by a sharp drop in demand as a 
result of the absence of sustained cold weather in the Northeast. 
Traders are continuing to look for signs of an actual decrease in 
exports by OPEC and non-cartel producers. Many question how 
stringently OPEC and non-aligned producers will comply with new 
production curbs aimed at removing nearly 2.0 million bpd from the 
worlds supplies. Reports that Saudi Arabia is notifying customers of 
cuts in February volumes have led some to speculate that compliance 
was not all that great in January. Traders are also looking at 
Russian refined-product exports which, if increased, would offset its 
pledge to cut crude exports by 150,000 bpd. With the API report due 
out later today, it is also likely that some are just taking a wait 
and see stance. However, there are predictions that distillate demand 
will improve somewhat after 3 consecutive weeks of huge inventory 
increases. A drop in gasoline and heating oil futures also pressured 
the market downward. Heating oil futures for February delivery on the 
NYMEX slid $0.0228 to $0.5166 per gallon. February gasoline futures 
on the NYMEX lost $0.0226 to $0.5505 per gallon. In London, Brent 
crude oil futures for February delivery on the IPE were down $1.08 to 
$19.78 per barrel as they are set to expire on Wednesday. March Brent 
crude futures dropped $0.99 to 18.93 per barrel. 
-------------------------------------------------------------
??????????????????????
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.5345 +0.0247 ? ? ? 
18 Month Strip ?2.6547 +0.0205 ? ? 
| Month | High  |  Low  | Close | Change |
| FEB   | 2.325 | 2.200 | 2.250 | +0.046 |
| MAR   | 2.300 | 2.190 | 2.240 | +0.037 |
| APR   | 2.330 | 2.230 | 2.277 | +0.027 |
| MAY   | 2.390 | 2.290 | 2.348 | +0.026 |
| JUN   | 2.450 | 2.380 | 2.413 | +0.023 |
| JUL   | 2.525 | 2.460 | 2.483 | +0.023 |
| AUG   | 2.570 | 2.510 | 2.528 | +0.023 |
| SEP   | 2.570 | 2.510 | 2.532 | +0.022 |
| OCT   | 2.585 | 2.525 | 2.557 | +0.022 |
| NOV   | 2.785 | 2.735 | 2.762 | +0.017 |
| DEC   | 3.000 | 2.925 | 2.967 | +0.017 |
| JAN   | 3.080 | 3.020 | 3.057 | +0.013 |
-------------------------------------------------------------
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
-------------------------------------------------------------
Retail Gasoline Price Slips Slightly

    Retail gasoline prices fell for the 1st time in 4 weeks last 
week, declining $0.001 to $1.111 per gallon , according to the DOE. 
Prices are down $0.36 from a year ago. The national average price for 
reformulated gasoline was $0.017 higher at $1.134 per gallon. West 
Coast prices gained $0.033 to $1.184 per gallon. The Gulf Coast 
states had the cheapest fuel with an average price pf $0.061 per 
gallon, up $0.006. The average retail price for diesel fuel dropped 
$0.009 to $1.159 per gallon, down $0.35 from a year ago. New England 
paid the most for diesel fuel at $1.295 per gallon, up $0.004, and 
the Gulf Coast states had the cheapest diesel at $1.127 per gallon, 
down $0.008. 
-------------------------------------------------------------
Energy Releases
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-------------------------------------------------------------
PFC 50

The PFC 50 serves as a guidepost for international energy companies 
competing in a changing and converging landscape. Visit 
www.pfcenergy.com for full details. PFC is a leading strategic 
advisory firm in global energy with clients worldwide, including 
major energy companies, financial institutions and governments. The 
top 23 are listed below.

Rank       Rank        Company               Market     Share         
12/31/01  12/29/00                           Value      Price       
                                            12/31/01    Change      
                                           ($US Bill)   (01/00)    

1          1     EXXONMOBIL (NYSE:XOM)        268.8     -10%        
0%   
2          2     RD/SHELL (NYSE:RD, SC)       174.7     -18%       -
3%   
3          3     BP (NYSE:BP)                 174.3      -4%       -
6%   
4          4     TOTALFINAELF (NYSE:TOT)      100.7      -4%        
6%   
5          6     CHEVRONTEXACO (NYSE:CVX)      95.6       6%        
6%   
6          7     ENI (NYSE:E)                  50.2      -2%        
1%   
7          9     E.ON (NYSE:EON)               39.7     -15%        
1%   
8          8     ENEL (NYSE:EN)                34.2     -25%       -
4%   
9         22     BHP BILLITON (NYSE:BHP)       31.7      14%       
26%   
10        10     SCHLUMBERGER (NYSE:SLB)       31.6     -31%       
20%   
11       N/A     PETROCHINA (NYSE:PTR)         31.1       6%       -
5%   
12        11     SUEZ (NYSE:SZE)               30.9     -17%       -
9%   
13        14     DUKE ENERGY (NYSE:DUK)        30.5      -8%        
4%   
14        13     TOKYO ELEC. PWR.              28.8     -14%      -
15%   
15        15     PETROBRAS (NYSE:PBR)          24.4      -7%       
15%   
16        35     PHILLIPS (NYSE:P)             23.0       6%       
12%   
17        28     EL PASO (NYSE:EP)             22.8     -38%        
7%   
18        16     RWE                           20.0     -15%       -
6%   
19        20     REPSOL YPF (NYSE:REP)         17.8      -9%        
1%   
20        25     CONOCO (NYSE:COC)             17.7      -2%       
12%   
21        19     SOUTHERN (NYSE:SO)            17.6      26%        
6%   
22        24     ENDESA (NYSE:ELE)             16.6      -8%        
1%   
23        18     EXELON (NYSE:EXC)             15.4     -32%        
7%   
-------------------------------------------------------------
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-------------------------------------------------------------
Conoco Attractive Prospect for Totalfina and Shell 


    The merger between Phillips and Conoco may face some stiff 
hurdles, namely TotalFina Elf and Royal Dutch/Shell. The two major 
European oil companies are both looking at the possibility of 
stealing Conoco from Phillips. Either company could appeal to 
Conoco's shareholders, some of whom are upset that they were not 
offered a takeover premium by Phillips. TotalFina Elf has long been 
looking to expand its presence in the North American market and was 
thought to be sizing up Conoco before the Phillips deal was 
announced. Shell has only made $6 billion worth of acquisitions over 
the past 3 years and finds itself with an abundance of cash that it 
needs to spend. Tax complications prevent it from repurchasing stock 
as other companies have done and due to the recent rash of mergers, 
there is a shortage of viable projects in which to invest. If Shell 
pursues less viable projects, returns on capital will suffer, but 
that will happen if it keeps storing up cash so a takeover of Conoco 
presents an attractive alternative for the company. However, 
Totalfina is seen as having a better chance than many of gaining US 
regulatory approval. Shell, BP, ExxonMobil and ChevronTexaco are 
constrained because of their already sizable presence in the US. One 
problem other bidders for Conoco could encounter is the hefty $550 
million breakup fee that Phillips and Conoco have written into their 
contract to discourage any attempts to kill the deal. 
-------------------------------------------------------------

IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
FEB 02 20.58 20.68 19.60 19.78 ?1.08 
MAR 02 19.60 19.75 18.92 18.93 -0.99 
APR 02 19.77 19.82 19.00 19.08 -0.95 
MAY 02 19.78 19.80 19.04 19.12 -0.90 
JUN 02 19.75 19.80 19.13 19.13 -0.87 
JUL 02 19.80 19.80 19.13 19.17 -0.82 
AUG 02 19.80 19.80 19.20 19.21 -0.79 
SEP 02 19.77 19.77 19.25 19.25 -0.76
OCT 02 19.56 19.56 19.29 19.29 -0.73
NOV 02 19.32 19.32 19.32 19.32 -0.71
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Feb 02 0.0000 0.0000 0.2750 -0.0150 
Mar 02 0.0000 0.0000 0.2750 -0.0150
Apr 02 0.0000 0.0000 0.2750 -0.0150
May 02 0.0000 0.0000 0.2775 -0.0150
Jun 02 0.0000 0.0000 0.2850 -0.0100
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        
-------------------------------------------------------------
Enterprise Considers Restructuring 

    Enterprise Oil Plc is considering pulling out of the Gulf of 
Mexico and Iran as part of a restructuring as it faces a potential 
bid from Italy's Eni. Enterprise plans a management and strategy 
change which it will present to investors next month. Last week, 
Enterprise rejected the unsolicited approach from Eni. Eni management 
is due to meet analysts next Monday for a strategy presentation when 
it could announce an increased bid. 
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
FEB 02 165.25 158.00 158.50 - 9.00 
MAR 02 167.00 160.75 160.75 - 8.50 
APR 02 168.25 162.75 162.75 - 8.00 
MAY 02 170.00 164.75 164.75 - 7.50 
JUN 02 171.25 166.75 166.75 - 7.25 
JUL 02 170.50 168.50 168.50 - 7.00 
AUG 02 173.00 170.25 170.25 - 6.75
SEP 02 172.00 172.00 172.00 - 6.50
OCT 02 176.50 173.75 173.75 - 6.25
NOV 02 178.75 174.75 174.75 - 6.25
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
FEB 02 0.5700 0.5370 0.5505 -0.0226 
MAR 02 0.5840 0.5530 0.5657 -0.0219 
APR 02 0.6475 0.6275 0.6345 -0.0176 
MAY 02 0.6525 0.6365 0.6420 -0.0161 
JUN 02 0.6535 0.6380 0.6445 -0.0141 
JUL 02 0.6620 0.6550 0.6516 -0.0123 
AUG 02 0.6535 0.6495 0.6391 -0.0123 
SEP 02 0.6330 0.6320 0.6216 -0.0123 
OCT 02 0.5961 0.5961 0.5961 -0.0123 
NOV 02 0.5886 0.5886 0.5886 -0.0123
--------------------------------------------------------------
ExxonMobil to Supply Kuwait with Qatar Natural Gas 

    ExxonMobil has reached an agreement to supply Kuwait with natural 
gas from Qatar's giant North Field. The agreement between ExxonMobil, 
Kuwait Petroleum and Qatar Petroleum calls for production from the 
Enhanced Gas Utilization project in Qatar's North Field to be 
supplied to Kuwait. Capacity of the project is about 1.75 Bcf per 
day. Qatar has the world's 3rd-largest natural gas reserves and is 
seeking to increase exports to the Gulf region after investing 
billions of dollars for drilling. Kuwait needs to secure a steady 
natural gas supply to meet power generation needs. 
-------------------------------------------------------------
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-------------------------------------------------------------
PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.15  |
| ANR SE                  | 2.25  |
| Carthage TG             | 2.20  |
| Chicago Citygate        | 2.25  |
| Columbia Gulf Onshore   | 2.30  |
| Dominion South Point    | 2.40  |
| Henry Hub               | 2.32  |
| Houston Ship Channel    | 2.28  |
| Katy Hub                | 2.22  |
| NGPL LA Pool            | 2.21  |
| NGPL - Midcontinent     | 2.18  |
| NGPL STX                | 2.16  |
| NGPL TX/OK              | 2.18  |
| NNG Demarc.             | 2.19  |
| Niagara                 | 2.47  |
| Sonat Tier 1            | 2.25  |
| TCO IPP Pool            | 2.39  |
| Tetco ELa               | 2.30  |
| Tetco M-3               | 2.70  |
| Tetco STX               | 2.17  |
| TGP Zone 0              | 2.18  |
| TGP Zone 1 (500 Leg)    | 2.25  |
| TGT Zone SL             | 2.31  |
| New York Citygate       | 2.71  |
| Transco Station 65      | 2.40  |
| Transco Zone 6 (NY)     | 2.72  |
| Trunk ELa               | 2.24  |
| Western Region          
| California Border       | 2.16  |
| El Paso Keystone        | 2.05  |
| El Paso San Juan-Blanco | 2.05  |
| Waha Hub                | 2.12  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 2.86  |
| Dawn Hub/Union          | 2.32  |
| Northwest Stanfield     | 2.04  |
| Wyoming Pool            | 1.97  |
| Opal/Kern River         | 1.97  |
| PGT-Malin               | 2.12  |
| Sumas                   | 2.04  |
          Flow Date 1/15
-------------------------------------------------------------
Canadian Energy Companies' Profits Tumble

   Canada's energy companies will have the weakest quarterly results 
in 2 years, due to slumping oil and natural gas prices. The recession 
has meant sharp drops in both commodity prices in the 4th quarter as 
demand fell. Suncor has warned will be a drop in net earnings of as 
much as 75% from the 3rd quarter. Analysts are forecasting almost 
every energy company in 2002 to have lower earnings and cash flow 
than in 2001, and then positive increments again in 2003. Suncor 
warned of weaker results on Friday, with numbers showing net income 
would fall into the C$18 million to C$22 million range, down from 
C$73 million in the 3rd quarter and C$111 million a year earlier. 
Besides the lower prices, Suncor had higher than expected costs for 
starting up the C$3.4 billion expansion of its northern Alberta oil 
sands operation, and squeezed profit margins in its refining segment, 
a situation expected to hit all the integrated companies. The impact 
of weaker prices has already caused drilling activity to fall below 
last year's record levels and recent predictions that overall 
spending in 2002 will 25% below 2001 levels. 
-------------------------------------------------------------
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 78.65 points to 7623.28
The CRB Index slid 1.89 points to 192.50
The US Dollar decreased 0.16 points to 116.48
The Dow declined 96.11 points to 9891.42
The S&P 500 dropped 7.19 points to 1138.41
The Nasdaq was down 31.72 points to 1990.74
February NYMEX Crude Oil fell 0.79 to 18.89
Canadian-US Exchange lost 0.0001 to 1.5971
-------------------------------------------------------------
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