Enerfax GOLD
NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES 
INFORMATION SOURCE
   Friday, March 01 2002? No. 493
Visit our website at: http://www.enerfaxgold.com 

PETROLEUM PRICES ???
| Bonny Light      |  $20.77
| Brent            |  $20.69
| Butane           |  $ 0.38 
| Fuel Oil #2      |  $ 0.56   
| Louisiana        |  $21.84  
| Medit.           |  $19.42  
| Propane Non-tet  |  $ 0.34   
| Propane Wet-tet  |  $ 0.34  
| W. Tx Int Cush   |  $21.73 
| W. Tx Sour       |  $20.52 

| Euro in US equiv |  0.8690
-------------------------------------------------------------
Todays Petro Bulletins
 * Moody's Revises Petrobras Outlook to `Positive' from `Stable'
 * Defense Department Says Equilon Wins $408 Million Military Fuel 
Contract
 * Nexen Presents at FirstEnergy East Coast Canadian Energy 
Conference March 5th in New York
 * Kaneb Closes Acquisition of Statia Terminaling Subsidiaries
 * Nigerian Liquefied Natural Gas Ltd to Proceed with $2.7 Billion 
Expansion of Bonny Island LNG Plant
 * Premcor to Close Hartford, Illinois Refinery in October
 * Council for Citizens Against Government Waste Opposes New CAFE 
Standards
 * Plains All American Pipeline Closes Acquisition of Crude Oil 
Assets from 
CornerStone Propane Partners
 * Phillips Announces 1st Oil and Natural Gas Production from Jade 
Field 
-------------------------------------------------------------
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 0.5710 0.5530 0.5628 +0.0089 
Apr 02 0.5740 0.5540 0.5715 +0.0170 
May 02 0.5730 0.5570 0.5725 +0.0170 
Jun 02 0.5760 0.5615 0.5750 +0.0170 
Jul 02 0.5795 0.5700 0.5795 +0.0170 
Aug 02 0.5865 0.5750 0.5865 +0.0170 
Sep 02 0.5950 0.5820 0.5950 +0.0170 
Oct 02 0.6035 0.5900 0.6035 +0.0170 
Nov 02 0.6115 0.5990 0.6115 +0.0165 
Dec 02 0.6185 0.6050 0.6185 +0.0160
-------------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel) 
Month ?Open ?High ??Low ?Last  Change
Apr 02 21.50 21.80 21.08 21.74 +0.45 
May 02 21.70 22.00 21.36 21.96 +0.45 
Jun 02 21.80 22.10 21.50 22.04 +0.45 
Jul 02 21.73 21.99 21.62 21.99 +0.45 
Aug 02 21.70 21.93 21.65 21.93 +0.44 
Sep 02 21.62 21.95 21.38 21.87 +0.43 
Oct 02 21.55 21.83 21.55 21.83 +0.43 
Nov 02 21.53 21.79 21.53 21.79 +0.42 
Dec 02 21.48 21.76 21.25 21.76 +0.42 
Jan 03 21.50 21.73 21.50 21.73 +0.42
-------------------------------------------------------------
Crude Oil Futures Rise as Economy Brightens


    Crude oil futures for April delivery on the NYMEX gained $0.45 to 
$21.74 per barrel yesterday as the government released figures 
showing that the economy grew by 1.4% in the last quarter of 2001. 
The upward revision reinforced Federal Reserve Chairman Greenspan's 
contention that the recession was ending and supported recent signs 
that fuel demand is picking up steam. In the past month, gasoline 
demand has grown 2.5% from a year ago, averaging 8.4 million bpd, 
helped out by increased sales of SUVs, warmer than usual winter 
temperatures and lower retail prices. Recently, total fuel demand has 
been about 2% below last year, after remaining about 4% below for 
most of the winter due to unseasonably warm temperatures, which 
lowered heating oil demand, and a sharp drop in airline flights after 
September 11th. An agreement between OPEC and other producing nations 
to trim output by almost 2 million bpd appear to be finally taking 
hold. Refiners have also cut runs because of poor profit margins, 
which could add to the total oil in inventories but lowers products 
supply. According to EIA data, oil inventories dropped by 1 million 
barrels, or 0.6%, last week, marking the 2nd consecutive week 
supplies have fallen. Heating oil futures for March delivery rose 
$0.0089 to $0.5628 per gallon in pre-expiry trading. April heating 
oil futures gained $0.017 to $0.5715 per gallon. Gasoline futures for 
March delivery on the NYMEX, which also expired yesterday, lost 
$0.003 to $0.581 per gallon. April gasoline futures climbed $0.0135 
$0.6778 per gallon. In London, Brent crude oil futures on the IPE was 
up $0.48 to $21.33 per barrel.
-------------------------------------------------------------
NYMEX Henry Hub Natural Gas Futures
12 Month Strip ?2.7883 -0.0395 ? ? ? 
18 Month Strip ?2.8977 -0.0322 ? ? 
| Month | High  |  Low  | Close | Change |
| APR   | 2.465 | 2.340 | 2.357 | -0.070 |
| MAY   | 2.515 | 2.410 | 2.415 | -0.064 |
| JUN   | 2.570 | 2.470 | 2.478 | -0.058 |
| JUL   | 2.620 | 2.530 | 2.536 | -0.055 |
| AUG   | 2.670 | 2.585 | 2.591 | -0.050 |
| SEP   | 2.680 | 2.605 | 2.606 | -0.046 |
| OCT   | 2.715 | 2.651 | 2.651 | -0.040 |
| NOV   | 2.990 | 2.921 | 2.921 | -0.032 |
| DEC   | 3.250 | 3.186 | 3.186 | -0.019 |
| JAN   | 3.365 | 3.300 | 3.306 | -0.013 |
| FEB   | 3.320 | 3.220 | 3.251 | -0.014 |
| MAR   | 3.250 | 3.125 | 3.161 | -0.014 |
-------------------------------------------------------------
OPEC Production to Stay Unchanged

    OPEC is will not to adjust production in its March meeting, 
according to its secretary general. OPEC expects oil prices to remain 
at current levels through the first half of this year. The cartel cut 
its production by 1.5 million bpd in January in an effort to bolster 
prices. OPEC may consider adjusting production at its September 
meeting or call an emergency meeting before then if necessary. Prices 
have rallied recently amid rumors of a possible attack on Iraq and 
expectations of a decline in inventories. 
-------------------------------------------------------------
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-------------------------------------------------------------
Kinder Morgan Stock Price Tumbles

    Kinder Morgan shares fell over 11% yesterday, down $5.20 to 
$41.00 per share, and shares of Kinder Morgan Energy Partners dropped 
$3.30, over 10%, to $28.60, even after its CEO denied speculation 
that it may have trouble accessing cash. Kinder Morgan, which depends 
on limited partnerships to provide tax relief, also said that those 
limited partnerships were not being investigated by the SEC and its 
accounting practices are not being questioned. Kinder Morgan Energy 
said it plans to cut its $3.5 billion debt and will make a public 
offering in May. After its $750 million purchase of Tejas Gas, Kinder 
Morgan Energy has about $1.28 billion in commercial paper 
outstanding. It said that bank credit lines will cover the commercial 
paper loans. Tejas operates 3400-mile natural gas pipeline in Texas 
with a 3.5 Bcf  per day capacity. Kinder Morgan Energy said that its 
EPS for the 1st quarter remains at $0. 44 and it expects to earn 
$1.81 per share this year. 
-------------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month ?First ?High ?Low ??Sett ?Chg
APR 02 21.11 21.40 20.85 21.33 +0.48 
MAY 02 21.02 21.35 20.84 21.30 +0.55 
JUN 02 20.86 21.12 20.69 21.12 +0.52 
JUL 02 20.80 21.01 20.70 21.01 +0.50 
AUG 02 20.77 20.96 20.67 20.96 +0.49 
SEP 02 20.75 20.91 20.75 20.91 +0.46
OCT 02 20.75 20.87 20.60 20.87 +0.45
NOV 02 20.75 20.83 20.66 20.83 +0.45
DEC 02 20.63 20.79 20.40 20.79 +0.45
JAN 02 20.72 20.72 20.72 20.72 +0.44
-------------------------------------------------------------
NYMEX-Mont Belvieu Propane 
Gas Futures($ / Gallon)
Month ? ?High ??Low ??Last ? Change
Mar 02 0.3400 0.3350 0.3350 +0.0075 
Apr 02 0.3475 0.3330 0.3350 +0.0075 
May 02 0.3450 0.3350 0.3350 +0.0075 
Jun 02 0.3450 0.3375 0.3375 +0.0075 
Jul 02 0.3375 0.3000 0.3375 +0.0075 
Aug 02 0.3400 0.3100 0.3400 +0.0075 
Sep 02 0.3400 0.3125 0.3400 +0.0075 
Oct 02 0.3475 0.3400 0.3475 +0.0075 
Nov 02 0.3475 0.3175 0.3475 +0.0075 
Dec 02 0.3500 0.3450 0.3500 +0.0075
-------------------------------------------------------------
Canadian Producers Receive C$85 Million to Drop Oil Sands Dispute 


    A group of seven Canadian producers will receive C$85 million 
from the Alberta government to end a dispute that threatened to block 
further development of Alberta's massive northern oil sands. The 
agreement with the government and Conoco will settle a complex 
dispute that has dragged on for years. Conoco became involved after 
buying Gulf Canada last year. The companies claimed they were 
deprived of their rights after provincial regulators told them in 
1999 to shutdown about 150 natural gas wells located at Surmont, near 
Fort McMurray. The wells produced natural gas from reservoirs 
overlying the oil sands deposits. The regulators ruled gas production 
would deplete underground pressures, jeopardizing plans by Gulf 
Canada to develop a C$1.3 billion oil sands project. Alberta has 
decided not to pay compensation to the producers which claim C$200 
million annually in lost revenues. Alberta's oil sands, with total 
reserves of 300 billion barrels, are expected to attract at least 
C$25 billion in spending as energy companies proceed with numerous 
projects. 
-------------------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month ??High ??Low ???Sett ?Change 
MAR 02 171.50 167.00 168.75 - 1.00 
APR 02 173.50 170.00 171.50 - 0.75 
MAY 02 174.50 172.50 172.75 - 1.00 
JUN 02 176.50 173.75 174.75 - 1.00 
JUL 02 178.00 176.50 176.50 - 1.00 
AUG 02 178.50 178.25 178.25 - 1.00
SEP 02 180.00 180.00 180.00 - 1.00
OCT 02 181.75 181.75 181.75 - 1.00
NOV 02 182.75 182.75 182.75 - 1.00
DEC 02 183.50 183.25 183.25 - 0.75
-------------------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month? ?High ? Low ???Last ??Change
Mar 02 0.5945 0.5760 0.5810 -0.0030 
Apr 02 0.6790 0.6630 0.6778 +0.0135 
May 02 0.6850 0.6710 0.6848 +0.0130 
Jun 02 0.6900 0.6760 0.6880 +0.0130 
Jul 02 0.6830 0.6730 0.6830 +0.0130 
Aug 02 0.6710 0.6620 0.6710 +0.0126 
Sep 02 0.6540 0.6480 0.6540 +0.0126 
Oct 02 0.6260 0.6240 0.6260 +0.0121 
Nov 02 0.6165 0.6070 0.6165 +0.0121 
Dec 02 0.6140 0.6070 0.6140 +0.0121
-------------------------------------------------------------
Marathon Holds First Investor Meeting

    At its first investor meeting since its split from US Steel, 
Marathon Oil revealed plans for 2 natural gas projects, a North Sea 
natural gas pipeline and a LNG facility in Mexico. The LNG facility 
would have the capacity to convert 750 MMcf per day of LNG back into 
natural gas to be sold in Mexico and California. Marathon could face 
some stiff competition as there are more than a dozen plans to build 
LNG facilities in or near the US. The project which includes a LNG 
terminal, pipelines and a power plant could start up in 2005. The 
other project is a North Sea pipeline, with a 900 MMcf per day 
capacity, that would run 675 kilometers to a terminal in England. 
Marathon and US Steel traded under a tracking stock structure over 
the last 10 years or so, which restricted the performance of 
Marathons stock. In the past few years, Marathon has been revamping 
its exploration and production business, which was having trouble 
replacing it oil and natural gas reserves. Marathon has cut nearly 
25% of the jobs in its exploration and production unit since 1999 and 
sold most of its Canadian oil assets. It is now focusing on projects 
in Russia, North America, North Africa, Indonesia and the North Sea. 
Marathon was also awarded a stake in one of Saudi Arabia's highly 
valued natural gas projects and has a strong refining and marketing 
partnership with Ashland. In January, Marathon reported a 4th quarter 
loss of $898 million and has about $900 million of debt from the 
breakup with US Steel. 
-------------------------------------------------------------

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-------------------------------------------------------------
PHYSICAL GAS PRICES? ? ?
Gulf/Eastern Region     
| Agua Dulce              | 2.38  |
| ANR SE                  | 2.45  |
| Carthage (E.Tex)        | 2.45  |
| Chicago Citygate        | 2.53  |
| Columbia Gulf Onshore   | 2.47  |
| Dominion South Point    | 2.70  |
| Henry Hub               | 2.49  |
| Houston Ship Channel    | 2.48  |
| Katy Tailgate/Exxon     | 2.45  |
| NGPL LA Pool            | 2.44  |
| NGPL - Midcontinent     | 2.39  |
| NGPL STX                | 2.39  |
| NGPL TX/OK              | 2.43  |
| NNG Demarc.             | 2.49  |
| Niagara                 | 2.61  |
| Sonat Tier 1            | 2.45  |
| TCO IPP Pool            | 2.60  |
| Tetco ELa               | 2.43  |
| Tetco M-3               | 2.84  |
| Tetco STX               | 2.42  |
| TGP Zone 0              | 2.43  |
| TGP Zone 1 (500 Leg)    | 2.46  |
| TGT Zone SL             | 2.48  |
| New York Citygate       | 3.22  |
| Transco Station 65      | 2.51  |
| Transco Zone 6 (NY)     | 3.23  |
| Trunk ELa               | 2.44  |
| Western Region          
| California Border       | 2.38  |
| El Paso Keystone        | 2.30  |
| El Paso San Juan-Blanco | 2.28  |
| Waha Hub                | 2.38  |
| Canadian/Rockies Region 
| Nova/Aeco (C$/gig)      | 3.30  |
| Dawn Hub/Union          | 2.56  |
| Northwest Stanfield     | 2.30  |
| Wyoming Pool            | 2.15  |
| Opal                    | 2.16  |
| PGT-Malin               | 2.35  |
| Sumas                   | 2.24  |
          Flow Date 3/01
-------------------------------------------------------------
Nymex Option Volatility   
Supplied by "The Daily Hedger"
http://www.energyinstitution.org

West Texas Intermediate   
                  Days Left   Implied
Month Settlement to Expire   Volatility
Apr	 $21.96	       14	    47.8%
May	 $22.04	       47	    46.2%
Jun	 $21.99	       76	    47.5%
Jul	 $21.93	      108	    44.9%
Aug	 $21.87	      138	    43.1%
Sep	 $21.83	      167	    41.5%
Oct	 $21.79	      200	    39.6%
Nov	 $21.76	      230	    37.9%
Dec	 $21.73	      259	    36.3%
Jan	 $21.70	      290	    40.9%

Heating Oil    
      Futures     Days left Implied 
Month Settlement  to Expire Volatility 
Apr	$0.5725	       24	   43.3%
May	$0.5750	       55	   41.7%
Jun	$0.5795	       88	   39.8%
Jul	$0.5865	      116	   37.7%
Aug	$0.5950	      147	   35.8%
Sep	$0.6035	      179	   35.0%
Oct	$0.6115	      208	   34.4%
Nov	$0.6185	      241	   36.3%
Dec	$0.6235	      266	   34.0%
Jan	$0.6235	      300	   34.4%

Unleaded  
       Futures    Days left   Implied
Month Settlement  to Expire  Volatility
Apr	$0.6848	       24	    44.3%
May	$0.6880	       55	    44.4%
Jun	$0.6830	       88	    46.4%
Jul	$0.6710	      116	    46.9%
Aug	$0.6540	      147	    46.5%
Sep	$0.6260	      179	    48.2%
Oct	$0.6165	      208	    40.9%
 Natural Gas 
	   
	   Futures	                    Implied
Month	Settlement	  Days Left     
Volatility                            Apr	$2.415	          24
	      43.7%
May	$2.478	          55	      40.8%
Jun	$2.536	          88	      38.4%
Jul	$2.591	         116	      39.2%
Aug	$2.606	         147	      42.7%
Sep	$2.651	         179	      41.2%
Oct	$2.921	         208	      30.0%
Nov	$3.186	         241	      32.8%
Dec	$3.306	         269	      40.1%
Jan	$3.251	         300	      51.0%
-------------------------------------------------------------
Oil Shares Climb on Rating Upgrade


    Shares of oil companies traded mostly higher yesterday after 
Deutsche Banc Alex Brown upgraded its rating on integrated oil 
companies, citing better prospects for prices ahead. The integrated 
oil group was upgraded to `overweight' from `neutral'. Despite the 
near-term risks to prices and equities, the fundamentals are 
improving, eroding the fear of a price war. As a result, the oil 
price forecast has been increased by $1 to $20.50 per barrel for 
2002. It also upgraded ExxonMobil to `buy' from `market perform' and 
raised its price target on its stock to $46 from $41 to reflect an 
improved outlook for earnings, returns, upstream volume growth and 
the potential for significant multiple expansion during 2002.
-------------------------------------------------------------
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-------------------------------------------------------------
BP to End Political Donations 

  
    BP, which operates in over 90 countries, says that as a global 
policy from now on it will make no political contributions from 
corporate funds anywhere in the world. The move comes as US lawmakers 
consider restrictions on corporate donations to politicians and 
political parties. The downfall of Enron has added pressure to revamp 
political campaign finance laws. Enron donated about $6 million to 
politicians since 1989 and had close ties to a range of lawmakers and 
government officials. BP says that it will engage in policy debate, 
stating its views and encouraging the development of ideas, but it 
will not fund any political activity or any political party. BP 
conducts about 40% of its business in the US and is one of the 
largest foreign firms operating in the nation. Most of BP's $840,000 
in US political donations made last year were tied to Amoco and Arco, 
which are now merged with BP. At a federal level, BP's $250,000 of 
donations were split about 60-40 in favor of Republicans, while the 
$590,000 donated at state level was split about 60-40 in favor 
Democrats. In the US, BP has received criticism from environmental 
groups opposed to drilling in protected areas in Alaska. Outside the 
US it has been targeted by human rights groups for its relationships 
with Chinese firms. 
-------------------------------------------------------------
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--------------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 decreased 9.39 points to 7637.50
The CRB Index gained 0.89 points to 192.33
The US Dollar dropped 0.40 points to 119.17
The Dow declined 21.45 points to 10106.13
The S&P 500 lost 3.16 points to 1106.73
The Nasdaq was down 20.39 points to 1731.49
April NYMEX Crude Oil rose 0.45 to 21.74
Canadian-US Exchange fell 0.0036 to 1.6047
-------------------------------------------------------------
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