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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: enerfax@msn.com@ENRON X-To: EnerfaxGOLD@yahoogroups.com X-cc: X-bcc: X-Folder: \LBLAIR (Non-Privileged)\Blair, Lynn\Deleted Items X-Origin: Blair-L X-FileName: LBLAIR (Non-Privileged).pst Enerfax GOLD NORTH AMERICA'S FREE GAS, OIL, LIQUIDS & DERIVATIVES INFORMATION SOURCE Monday, November 19, 2001 No. 428 Visit our website at: http://www.enerfaxgold.com/, PETROLEUM PRICES | Bonny Light | $17.15 | Brent | $16.98 | Butane | $ 0.37 | Fuel Oil #2 | $ 0.51 | Louisiana | $18.10 | Medit. | $16.33 | Propane Non-tet | $ 0.31 | Propane Wet-tet | $ 0.31 | W. Tx Int Cush | $18.03 | W. Tx Sour | $16.10 | Euro in US equiv | 0.8843 -------------------------------------------------------- Todays Petro Bulletins * Kerr-Mcgee to Close Plant in Antwerp; Takes 4th Quarter After Tax Charge of $20 Million * Deutsche Banc Alex. Brown Cuts Ratings on Many Major Oil Producers as Prices Tumble * Petro-Canada Drills Well at Far East Terra Nova * Fitch Rates $500 Million PDVSA Finance Notes `A-' * Rowan Wins Against BP in Gorilla V Contract Dispute * NCE Petrofund Reports A 51% Increase in Daily Production in 3rd Quarter of 2001. Eni Sees Oil Back at $20 per Barrel; Opportunities in Russia * Iran Oil Minister Urges Non-OPEC Countries to Cut Production to Help Boost Prices * Heating Oil Prices May Decline More; Supply Now at 129.8 Million Barrels, 2-Year High and up 31% from Year Ago * Imperial Petroleum Signs Agreement to Acquire Oil and Natural Gas Properties * Weatherford Closes Acquisition of CiDRA's Optical Sensing Systems Business Unit -------------------------------------------------------- ENERGYMARKS: Offering depth and breadth of transactional data, and uniquely positioned to create leading market indicators for fast-developing competition within North American Gas and Power markets. Available only through FAME Energy, your one-stop shopping for Energy software, analytics and data management solutions. Go to http://www.fame.com/energyMarketing/energyMarks.html for details. -------------------------------------------------------- NYMEX - NY Harbor Heating Oil Month High Low Last Change DEC 01 0.5295 0.5080 0.5218 +0.0109 JAN 02 0.5390 0.5190 0.5316 +0.0104 FEB 02 0.5440 0.5240 0.5366 +0.0109 MAR 02 0.5390 0.5220 0.5321 +0.0119 APR 02 0.5350 0.5180 0.5281 +0.0129 MAY 02 0.5310 0.5185 0.5226 +0.0139 JUN 02 0.5350 0.5155 0.5256 +0.0144 JUL 02 0.5410 0.5239 0.5321 +0.0144 AUG 02 0.5500 0.5340 0.5396 +0.0144 SEP 02 0.5600 0.5390 0.5486 +0.0149 ------------------------------------------------------- NYMEX Crude Oil Futures ($ / Barrel) Month Open High Low Last Change DEC 01 17.55 18.20 17.30 18.03 +0.58 JAN 02 17.90 18.55 17.71 18.37 +0.53 FEB 02 18.20 18.75 18.00 18.59 +0.53 MAR 02 18.40 18.80 18.27 18.79 +0.52 APR 02 18.45 18.94 18.45 18.96 +0.52 MAY 02 18.55 19.02 18.60 19.12 +0.52 JUN 02 18.95 19.37 18.76 19.28 +0.52 JUL 02 19.25 19.40 19.05 19.42 +0.51 AUG 02 19.20 19.50 19.20 19.53 +0.49 SEP 02 19.55 19.55 19.40 19.64 +0.47 ---------------------------------------------------- Crude Oil Futures Regain Some of Last Weeks Losses Crude oil futures for December delivery on the NYMEX climbed $0.58 to $18.03 per barrel on Friday. After OPEC decided last week to the delay in its plan to trim 1.5 million bpd from its output, crude prices plunged 19%, likely in an overreaction to a looming price war. Traders may have realized that a price war will not happen until at least January 1st, and that meanwhile OPEC and non-member producers may reach an agreement. Only Mexico has indicated willingness to aid OPEC by saying it would cut production by 100,000 bpd if others outside of OPEC also make cuts. Norway says it will discuss possible cuts later this week. The IEA says that demand tumbled by 2.5% in September, the sharpest monthly drop in 2001. However, the drop in oil prices could help stimulate the US economy by puttig more spending money in consumers pockets. In addition, lower jet fuel costs could help the airline industry to recover from its meltdown in the wake of the September 11th terrorist attacks. December gasoline futures on the NYMEX rose $0.0138 to $0.5022 per gallon. Heating oil futures for December delivery on the NYMEX gained $0.0109 to $0.5218 per gallon. In London, Brent crude oil futures for January delivery on the IPE were up $0.42 to $17.75 per barrel. ---------------------------------------------------- Power Traders If you like tools, wouldn't it be nice to have one that makes you money? --Profit from Time2Trade(tm) Power Analysts If you like detail, wouldn't it be great to have it all? --AcuPower - Now with Trader & Analyst Consoles For a free trial go to http://www.capacitymap.com/ ------------------------------------------------------- NYMEX Henry Hub Natural Gas Futures 12 Month Strip 2.9649 +0.0680 18 Month Strip 3.1324 +0.0593 | Month | High | Low | Close | Change | | DEC | 2.650 | 2.500 | 2.637 | +0.086 | | JAN | 2.865 | 2.720 | 2.850 | +0.083 | | FEB | 2.925 | 2.790 | 2.903 | +0.078 | | MAR | 2.905 | 2.790 | 2.898 | +0.076 | | APR | 2.900 | 2.780 | 2.878 | +0.069 | | MAY | 2.940 | 2.830 | 2.921 | +0.069 | | JUN | 2.990 | 2.900 | 2.966 | +0.064 | | JUL | 3.010 | 2.930 | 3.009 | +0.062 | | AUG | 3.050 | 2.980 | 3.052 | +0.060 | | SEP | 3.080 | 2.980 | 3.064 | +0.057 | | OCT | 3.110 | 3.040 | 3.104 | +0.057 | | NOV | 3.300 | 3.240 | 3.297 | +0.055 | ---------------------------------------------------- Energy Releases Opt in Email has 9 times the response of regular mail and costs less than the postage. Have your press or news releases sent to over 50,000 energy professionals. For More Information Write Energyreleases@yahoo.com ---------------------------------------------------- Russia Defends Stand on Crude Oil Production Cuts Defending Russia's decision to not cooperate with OPEC on production cuts to lift oil prices, its prime minister said that no one could make demands of the country and that lower prices were not that much of a concern for Moscow. OPEC recently decided to delay a much anticipated 1.5 million bpd reduction in output until Russia agrees to join other non-OPEC members in production cuts of 500,000 bpd. Russia's prime minister contends that market fluctuations have happened in the past and will continue to happen and a calm attitude is needed. He said that a waiting period was needed in order to properly judge what was happening on the market. He also added that the country's policy was to balance its own interests and those of producers and consumers. Russia needs to keep pumping oil in order to meet repayments on $140 billion of foreign debt. Mexico's energy secretary has visited Moscow to urge them to consider bigger reductions in output. Mexico has said it would cut exports by 100,000 bpd if other non-OPEC producers would cut commensurately. Norway, the worlds 3rd largest producer, has not offered to slice output so far, but has said it will review its position next week. Venezuela's energy minister also said he would visit Russia in December to lobby for support. Russia's oil companies seem to have conflicting opinions on the wisdom of making a big production cut. YUKOS, the country's 2nd largest oil company, has said it would fight output cuts and that any reduction by Russia would simply lead other regional producers such as Kazakhstan supplying volumes instead. Meanwhile, LUKOIL, Russia's largest oil producer, said it could close some unprofitable wells and that there other ways for Russia to manage under low oil revenues. The company believes that the balance of the rouble and the dollar is the key. If oil prices stay at $15 per barrel and the government and the central bank decide to devalue the rouble to 33-35 per dollar, currently at 30, it would be equal to the price of $21-22 per barrel. ----------------------------------------------------- GET REAL about energy risk management with KWI In today's fast moving energy markets you need to be able to manage risk in real time. That means knowing before you hit a risk problem, not afterwards when it may be too late to prevent big losses spreading right through your enterprise. With kW3000(tm), our multi-commodity, integrated front to back office software, you can monitor your Profit At Risk(tm), counterparty risk and mark-to-market all in real time. Keep alert to risk. Do it in real time. Call KWI -http://www.kwi.com/ Americas: +1-281-681-3301 / Europe: +44 (0) 20-7386-2700 / Asia Pacific: +61(0) 2-9976-6111 ------------------------------------------------------- IPE-Brent Crude futures (US $/barrel) Month First High Low Sett Chg JAN 02 17.63 18.10 17.25 17.75 +0.42 FEB 02 17.97 18.17 17.36 17.88 +0.37 MAR 02 18.18 18.25 17.60 17.99 +0.38 APR 02 18.20 18.40 17.70 18.12 +0.39 MAY 02 18.34 18.34 17.96 18.28 +0.42 JUN 02 18.46 18.46 18.05 18.43 +0.45 JUL 02 18.58 18.58 18.13 18.54 +0.50 AUG 02 18.48 18.48 18.48 18.66 +0.55 SEP 02 00.00 18.86 18.60 18.78 +0.60 OCT 02 00.00 00.00 00.00 18.90 +0.65 ---------------------------------------------------------- NYMEX-Mont Belvieu Propane Gas Futures($ / Gallon) Month High Low Last Change Dec 01 0.3170 0.3100 0.3100 -0.0050 Jan 02 0.3125 0.3125 0.3125 -0.0050 Feb 02 0.3075 0.3050 0.3050 +0.0025 Mar 02 0.3800 0.3050 0.3050 +0.0075 Apr 02 0.3400 0.3100 0.3100 +0.0050 May 02 0.3125 0.3100 0.3125 +0.0175 Jun 02 0.3150 0.3150 0.3150 +0.0175 Jul 02 0.0000 0.0000 0.3150 +0.0175 Aug 02 0.0000 0.0000 0.3175 +0.0175 Sep 02 0.0000 0.0000 0.3200 +0.0175 ---------------------------------------------------- ENERGY JOB LISTINGS Whether you are actively looking for a job, or want to explore opportunities in the energy industry, go to http://www.energyjobs.com. At Energyjobs.com, your job hunting is made easy, convenient and confidential. Conduct your own search or participate in our Job Match feature, which accurately matches your qualifications, experience and requirements to any new job that appears, and then sends you an e-mail notification! Best of all, membership < is FREE. To register and become a member, simply go to http://www.energyjobs.com/jobseeker_registration_frm.html ---------------------------------------------------- IPE - ARA Gas Oil Futures $ / Tonne Month High Low Sett Change DEC 01 165.25 158.50 160.50 + 0.50 JAN 02 166.25 159.75 162.50 + 0.75 FEB 02 165.25 159.50 161.75 + 0.50 MAR 02 164.75 159.00 161.25 + 0.25 APR 02 163.75 159.25 160.50 + 0.25 MAY 02 164.00 161.00 161.00 + 0.75 JUN 02 163.75 160.00 162.00 + 0.75 JUL 02 163.75 162.50 163.75 + 0.75 AUG 02 164.50 164.50 165.50 + 0.75 SEP 02 000.00 000.00 167.25 + 0.75 ----------------------------------------------------- NY HARBOR UNLEADED GAS FUTURES Month High Low Last Change DEC 01 0.5075 0.4840 0.5022 +0.0138 JAN 02 0.5180 0.4940 0.5110 +0.0135 FEB 02 0.5270 0.5050 0.5213 +0.0123 MAR 02 0.5390 0.5190 0.5338 +0.0125 APR 02 0.5975 0.5830 0.5948 +0.0125 ------------------------------------------------------ Russian Oil Companies See No Reason to Back OPEC Cuts The reborn Russian oil industry, which almost fell to ruin after the Soviet Union toppled, may soon find itself involved in an price war with OPEC. The cartel has trimmed output 3 times so far this year and says it won't cut more unless Russia cooperates with significant reductions of its own. However, the former communist country does not appear willing to cooperate, despite a 45% plunge in prices from a year ago, offering a token cut of 30,000 bpd from its 7 million bpd production. Former state-owned companies in Russia have boosted oil output by resurrecting fields in Siberia. Higher oil prices over the last 2 years aided the turnaround in the Russian oil industry, providing funding for new drilling and boosting production. After communism fell, many companies were acquired cheaply by influential members of the previous regime, who exhibit a reluctance to slice output even with oil prices around $17.50 per barrel as they try to boost their global market share. Some in Russia say that $16 $22 per barrel is a fair price and that the country should work with Norway and the EU to maintain that price. Traders say they do not expect any significant reductions from Russia. Although the government maintains leverage over its oil companies by controlling export pipelines, the current administration has set its sights on improving relations with the US, which many think want cheaper oil. The country has a population of 150 million and exports only 33% of its oil and 19% of refined products, which can be shipped by railways and tankers, bypassing state-controlled pipelines. ------------------------------------------------------ ENERGY. @ENERGY(r), FEA's Complete Suite of Energy Products, BUILT FOR THE FUTURE. *Manage all your energy risks. *Build and Price deals. *Value physical assets (generation, storage, etc.) *Report and reduce your energy risks FEA FINANCIAL ENGINEERING ASSOCIATES Inc. http://www.fea.com/ main phone number: 1 510-548-6200 email address: info@fea.com -------------------------------------------------- PHYSICAL GAS PRICES Gulf/Eastern Region | Agua Dulce | 1.46 | | ANR SE | 1.61 | | Carthage TG | 1.57 | | Chicago Citygate | 1.66 | | Columbia Gulf Onshore | 1.63 | | Dominion South Point | 1.80 | | Henry Hub | 1.72 | | Houston Ship Channel | 1.60 | | Katy Hub | 1.53 | | NGPL LA Pool | 1.59 | | NGPL - Midcontinent | 1.39 | | NGPL STX | 1.48 | | NGPL TX/OK | 1.59 | | NNG Demarc. | 1.49 | | Niagara | 1.84 | | Sonat Tier 1 | 1.58 | | TCO IPP Pool | 1.75 | | Tetco ELa | 1.65 | | Tetco M-3 | 1.99 | | Tetco STX | 1.57 | | TGP Zone 0 | 1.54 | | TGP Zone 1 (500 Leg) | 1.60 | | TGT Zone SL | 1.66 | | New York Citygate | 1.98 | | Transco Station 65 | 1.72 | | Transco Zone 6 (NY) | 1.98 | | Trunk ELa | 1.54 | | Western Region | California Border | 1.42 | | El Paso Keystone | 1.29 | | El Paso San Juan-Blanco | 1.16 | | Waha Hub | 1.37 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 1.68 | | Dawn Hub/Union | 1.86 | | Northwest Stanfield | 1.27 | | Wyoming Pool | 1.20 | | Opal/Kern River | 1.21 | | PGT-Malin | 1.31 | | Sumas | 1.29 | Flow Dates 11/17-19 ------------------------------------------------ Energy Seminars, Inc. Announces Key Seminar Offerings for November: November 27-28 - Houston Petroleum Products Hedging November 29-30 - Las Vegas Power Techniques for Power Purchasing December 12 - Houston FASB 133 - Accounting for Derivative Instruments and Hedging Activities Is you shop Fully FASB 133 Compliant? Attendees will receive and work with a 535 page guide to FASB Statement 133 and 7.o hours CPE credit. Register on-line at http://www.energyseminars.com or call Registrar Gina Patrick Phone: 281-362-7979 FAX: 281-296-9922 ------------------------------------------------ Chemical Stocks Rally on Lower Oil Prices Tumbling oil prices may give some relief to the chemical industry in its worst downturn in nearly two decades, although the boost may not be enough to offset already crippled demand. Chemical stocks have rallied since oil prices began a steady decline to two-year lows in mid-September. Shares of the larger companies have gained about 20%, while the Standard & Poor's chemical composite index is up more than 9%. The rally occurred despite a dismal 3rd quarter results. Crude oil prices plunged last Thursday and hit 2-year lows. ----------------------------------------------- Natural Gas Options | | Closing | Days | Implied ATM | | Month | Price | Left | Volatility | | DEC | 2.617 | 8 | 80.00% | ---------------------------------------------- Heating Oil Options | | Closing | Days | Implied ATM | | Month | Price | Left | Volatility | | DEC | 0.5218 | 8 | 58.11% | -------------------------------------------- Unleaded Gas Options | | Closing | Days | Implied ATM | | Month | Price | Left | Volatility | | DEC | 0.5022 | 8 | 62.12% | -------------------------------------------- FERC Reconsiders Maryland LNG Plant The FERC has concluded a conference with state and local officials on national security concerns associated with re-opening the Cove Point LNG plant, which is 3.5 miles from the Calvert Cliffs nuclear power plant in southern Maryland. The commission had given Williams permission to restart the plant last month. However, concerns about possible sabotage on tankers from Algeria or other foreign countries, under foreign flags with foreign crews, delivering LNG to the plant prompted the commission to re-think its decision. The conference was closed to the public because of the security- sensitive nature of the subject being discussed. A tanker carrying LNG was recently the focal point of a public battle between local and federal officials. The Coast Guard had closed Boston's Harbor to the tanker following the September 11th attacks because of worries that the highly flammable substance could cause mass destruction if it became the target of a terrorist attack. The Coast Guard eventually decided to allow the tanker to be unloaded, but Boston's mayor was outraged and proceeded with legal action, which was denied. Washington Gas, whose customers are served by the Cove Point pipeline, said that communications should be improved between the LNG plant and state and federal officials in case of a threat. In FERC's approval last month, it ordered the facility to establish a direct independent communication link with staff at the nuclear power plant, and develop a backup plan. -------------------------------------------- Deregulation of Texas Power Markets: Early Impact and Rules of Entry is the definitive report on the Texas power marketplace. This full-color report contains: a complete review of Senate Bill 7; detailed analysis of the economics, pitfalls and potential opportunities; market statistics and competitive information; reference and contact information; and graphs, tables and charts for a quick grasp of the Texas marketplace. Order your report on-line from Skipping Stone's Knowledge Mall at http://www.skippingstone.com or call 888-792-2592 ------------------------------------------------------- Energy Sponsor Become the Official Sponsor of the Enerfax Publications. This unique opportunity is limited to one special company or organization. For more information please write sponsor@enerfax.com -------------------------------------------------------- Regional Energy Manager Summit Energy Services, Inc., an established and nationally recognized energy consulting firm based in Louisville, KY., acts as an agent to purchase and manage the natural gas and electricity for large multi-site Fortune 500 corporate clients. We are seeking to fill the new position of Regional Energy Manager with an individual with strong power experience in operations, supply/purchasing, and risk management. Minimum of five years management experience in both handling external client relationships and in coordinating internal resources to meet client's expectations. Email resume to tsavaiano@summitenergy.com . ------------------------------------------------------- FINANCIAL SUMMARY The TSE 300 was up 52.39 points to 7315.30 The CRB Index climbed 2.02 points to 188.39 The US Dollar gained 0.04 points to 116.41 The Dow declined 5.40 points to 9866.99 The S&P 500 decreased 3.59 points to 1138.65 The Nasdaq lost 1.99 points to 1898.58 December NYMEX Crude Oil rose 0.58 to 18.03 Canadian-US Exchange added 0.0007 to 1.5875 ------------------------------------------------------ Please Welcome Our Advertisers by Visiting These Websites! http://www.fea.com/ http://www.kwi.com/ http://www.capacitymap.com/ http://www.fame.com http://www.energyseminars.com http://www.energyjobs.com http://summitenergy.com. Enerfax Gold is the North America's Gas, Oil, Liquids and Derivatives information source. It is sent to you free of charge. Enerfax Gold may be copied and redistributed in its entirety to all interested energy professionals. Please send us the e-mail addresses of other energy professionals that would like to be added to Enerfax Gold's growing distribution list of thousands of energy professionals in the US and Canada at subscribegold@enerfax.com The information contained herein was obtained from sources which Enerfax Gold believes to be reliable, but does not guarantee its accuracy. Your support of our advertisers is greatly appreciated and will keep Enerfax Gold free. Thank you. Your comments are welcome. For information on advertising, please write advertising@enerfax.com Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
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