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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 Tuesday, November 20, 2001 No. 429 Visit our website at: http://www.enerfaxgold.com/, PETROLEUM PRICES | Bonny Light | $16.83 | Brent | $16.66 | Butane | $ 0.35 | Fuel Oil #2 | $ 0.51 | Louisiana | $18.43 | Medit. | $16.01 | Propane Non-tet | $ 0.29 | Propane Wet-tet | $ 0.29 | W. Tx Int Cush | $18.08 | W. Tx Sour | $16.00 | Euro in US equiv | 0.8789 -------------------------------------------------------- Todays Petro Bulletins * Shell Begins Producing from Iran's Offshore Soroush Oil Field * BP Announces Winners of The 2001 Leader Awards Totaling $500,000 for Innovative Programs in Education, Community and Economic Development, Environment, Youth, and Science & Technology * Fitch Places Both Phillips and Conoco on Rating Watch with Positive Implications * US Retail Gasoline Prices Lowest for Thanksgiving Since 1998 * Poland Reshuffles Oil Agency; May Hurt PKN Sale * Ukraine Energy Minister Removed from Post * Fitch Assigns `BB+' to Pemex Master Trust $750 Million Issuance * European Forecast Calls for Slightly Colder-than-Normal Winter with Average Number of Storms Sweeping Atlantic Coasts * Amerada Hess Discovers Hydrocarbons in Faroe Islands * Venus Exploration Receives Nasdaq Letter Granting Continuance of Listing on Nasdaq SmallCap Market Via an Exception -------------------------------------------------------- ENERGYMARKS: Offering depth and breadth of transactional data, and uniquely positioned to create leading market indicators for fast-developing competition within North American Gas and Power markets. Available only through FAME Energy, your one-stop shopping for Energy software, analytics and data management solutions. Go to http://www.fame.com/energyMarketing/energyMarks.html for details. -------------------------------------------------------- NYMEX - NY Harbor Heating Oil Month High Low Last Change DEC 01 0.5290 0.4970 0.5238 +0.0020 JAN 02 0.5360 0.5070 0.5332 +0.0016 FEB 02 0.5380 0.5150 0.5372 +0.0006 MAR 02 0.5360 0.5130 0.5337 +0.0016 APR 02 0.5355 0.5135 0.5307 +0.0000 MAY 02 0.5290 0.5100 0.5262 +0.0036 JUN 02 0.5260 0.5110 0.5292 +0.0036 JUL 02 0.5340 0.5210 0.5362 +0.0041 AUG 02 0.5500 0.5300 0.5437 +0.0041 SEP 02 0.5510 0.5390 0.5527 +0.0041 ------------------------------------------------------- NYMEX Crude Oil Futures ($ / Barrel) Month Open High Low Last Change DEC 01 17.15 18.10 16.70 17.72 -0.31 JAN 02 17.55 18.50 17.12 18.43 +0.06 FEB 02 17.75 18.75 17.30 18.66 +0.07 MAR 02 18.10 18.85 17.55 18.88 +0.09 APR 02 17.95 18.50 17.95 19.07 +0.11 MAY 02 18.35 19.00 18.20 19.26 +0.14 JUN 02 18.70 19.40 18.40 19.44 +0.16 JUL 02 18.75 18.75 18.75 19.61 +0.19 AUG 02 19.20 19.50 19.20 19.53 +0.49 SEP 02 19.55 19.55 19.40 19.64 +0.47 ---------------------------------------------------- December Crude Oil Futures Fall on Expiration Crude oil futures for December delivery on the NYMEX lost $0.31 to $17.72 per barrel as the contract expired yesterday. January crude oil futures on the NYMEX gained $0.06 to $18.43 per barrel. December crude futures sank to $16.70 per barrel soon after the opening bell, but recovered some of losses before the sessions end. The market appears to be monitoring the fray between Russia and OPEC over production cuts. OPEC has delayed a planned 1.5 million bpd cut until Russia agrees to significant output curbs. So far, Mexico has agreed to a 100,000 bpd cut and Norway said it would discuss production limits this week. Russia's privately held oil companies, however do not seem inclined to make any major changes in production and say that they can live with lower oil prices and still make a profit, further increasing speculation of a price war. December gasoline futures on the NYMEX gained 0.0057 to 0.5079 per gallon. Heating oil futures for December delivery on the NYMEX rose $0.002 to $0.5328 per gallon. In London, Brent crude oil futures for January delivery on the IPE were up $0.26 to $18.01 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 3.0892 +0.1243 18 Month Strip 3.2412 +0.1088 | Month | High | Low | Close | Change | | DEC | 2.800 | 2.520 | 2.791 | +0.154 | | JAN | 3.005 | 2.741 | 2.996 | +0.146 | | FEB | 3.030 | 2.810 | 3.036 | +0.133 | | MAR | 3.050 | 2.794 | 3.028 | +0.130 | | APR | 3.030 | 2.790 | 3.000 | +0.122 | | MAY | 3.020 | 2.830 | 3.043 | +0.122 | | JUN | 3.070 | 2.890 | 3.085 | +0.119 | | JUL | 3.070 | 2.935 | 3.125 | +0.116 | | AUG | 3.110 | 2.980 | 3.165 | +0.113 | | SEP | 3.150 | 2.990 | 3.177 | +0.113 | | OCT | 3.185 | 3.060 | 3.217 | +0.113 | | NOV | 3.370 | 3.220 | 3.407 | +0.110 | ---------------------------------------------------- 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 ---------------------------------------------------- ChevronTexaco to Cut Additional Jobs ChevronTexaco now says it will cut 4500 jobs, 500 additional cuts from its previous estimate. ChevronTexaco expects to achieve $1.8 million in yearly savings by 2003 by eliminating jobs that became redundant when the two companies merged earlier this year. The company also affirmed its $1.2 billion synergy savings within 6 - 9 months of the merger's completion. The cost cuts will be made across the board, with the largest percentage expected in the refining and marketing sector. ChevronTexaco projects that its return on capital employed will increase from 2% to 3% within the next 2 years. It also expects its oil and natural gas production to grow 2.5% - 3% annually over the next 5 years, although output will rise only 1% next year because of matters related to OPEC. The company says that its investment in Dynegy, which recently has agreed to buy Enron, offers a combination of significant upside potential and terms that will protect its investment. ----------------------------------------------------- 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 $/barrel) Month First High Low Sett Chg JAN 02 17.40 18.05 16.65 18.01 +0.26 FEB 02 17.50 17.98 16.82 17.97 +0.09 MAR 02 17.53 18.05 17.02 18.09 +0.10 APR 02 17.90 18.00 17.40 18.22 +0.10 MAY 02 18.05 18.15 17.57 18.37 +0.09 JUN 02 18.20 18.30 17.70 18.52 +0.09 JUL 02 18.11 18.11 17.92 18.67 +0.13 AUG 02 18.07 18.28 17.95 18.81 +0.15 SEP 02 18.40 18.40 18.19 18.95 +0.17 OCT 02 18.49 18.49 18.30 19.08 +0.18 ---------------------------------------------------------- NYMEX-Mont Belvieu Propane Gas Futures($ / Gallon) Month High Low Last Change Dec 01 0.2990 0.2900 0.2925 -0.0175 Jan 02 0.2950 0.2860 0.2950 -0.0175 Feb 02 0.3075 0.2875 0.2875 -0.0175 Mar 02 0.3800 0.2875 0.2875 -0.0175 Apr 02 0.3400 0.2925 0.2925 -0.0175 May 02 0.3125 0.2950 0.2950 -0.0175 Jun 02 0.3150 0.2950 0.2950 -0.0175 Jul 02 0.0000 0.0000 0.2950 -0.0175 Aug 02 0.0000 0.0000 0.3100 -0.0075 Sep 02 0.0000 0.0000 0.3100 -0.0100 ---------------------------------------------------- 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 01 159.50 152.50 155.50 - 5.00 JAN 02 159.25 155.00 157.25 - 5.25 FEB 02 158.50 156.00 157.00 - 4.75 MAR 02 158.50 157.00 157.00 - 4.25 APR 02 158.00 156.25 156.75 - 3.75 MAY 02 158.00 157.50 157.50 - 3.50 JUN 02 160.00 158.50 159.00 - 3.00 JUL 02 161.00 160.00 160.75 - 3.00 AUG 02 000.00 000.00 162.50 - 3.00 SEP 02 000.00 000.00 164.25 - 3.00 ----------------------------------------------------- NY HARBOR UNLEADED GAS FUTURES Month High Low Last Change DEC 01 0.5160 0.4780 0.5079 +0.0057 JAN 02 0.5225 0.4895 0.5154 +0.0044 FEB 02 0.5300 0.5000 0.5250 +0.0037 MAR 02 0.5390 0.5190 0.5370 +0.0032 APR 02 0.5975 0.5830 0.5948 +0.0025 MAY 02 0.6080 0.5850 0.6035 +0.0027 JUN 02 0.5950 0.5900 0.6050 +0.0027 JUL 02 0.5960 0.5925 0.6030 +0.0027 AUG 02 0.6050 0.5800 0.5975 +0.0027 SEP 02 0.5788 0.5788 0.5895 +0.0027 ------------------------------------------------------ Mergers Spark Lack of Competition Concerns The latest merger in the oil industry, the $35 billion Phillips and Conoco deal, has sparked worries that the lack of competition could lead to volatile prices. As smaller companies leave the market, the handful that remain will be dealing in progressively larger volumes, which could result in increased price volatility. So far, the FTC has presented very little in the way of a roadblock to the mergers and takeovers. However, critics fear that if the fast-paced trend in combining companies continues, the nation could perhaps end up with only 3 super-giant oil companies, promoting a lack of competition and causing consumers to pay much higher prices. But if crude oil and natural gas prices collapse, only the biggest companies will survive. The big mergers not only cut corporate costs, but also increases a company's ability to deal in the Middle East. Some analysts see the merger mania as an ongoing cyclical process and say that at some point in the future there could be a rash of spin-offs in the industry. Conoco-Phillips will become the 6th largest oil company in the world and the 3rd largest in the US, behind Exxon Mobil and ChevronTexaco. The Conoco-Phillips merger is seen by many as a partnership of equals, made to survive in an industry of giants, as the combined company will only be a quarter of the size of Exxon Mobil. ------------------------------------------------------ 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 | 1.86 | | ANR SE | 2.03 | | Carthage TG | 1.96 | | Chicago Citygate | 2.02 | | Columbia Gulf Onshore | 2.15 | | Dominion South Point | 2.34 | | Henry Hub | 2.06 | | Houston Ship Channel | 2.01 | | Katy Hub | 1.95 | | NGPL LA Pool | 1.97 | | NGPL - Midcontinent | 1.79 | | NGPL STX | 1.90 | | NGPL TX/OK | 1.97 | | NNG Demarc. | 2.07 | | Niagara | 2.27 | | Sonat Tier 1 | 2.03 | | TCO IPP Pool | 2.15 | | Tetco ELa | 2.14 | | Tetco M-3 | 2.53 | | Tetco STX | 1.92 | | TGP Zone 0 | 1.89 | | TGP Zone 1 (500 Leg) | 2.04 | | TGT Zone SL | 2.10 | | New York Citygate | 2.62 | | Transco Station 65 | 2.12 | | Transco Zone 6 (NY) | 2.61 | | Trunk ELa | 1.99 | | Western Region | California Border | 1.93 | | El Paso Keystone | 1.76 | | El Paso San Juan-Blanco | 1.71 | | Waha Hub | 1.87 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 2.79 | | Dawn Hub/Union | 2.39 | | Northwest Stanfield | 1.97 | | Wyoming Pool | 1.61 | | Opal/Kern River | 1.58 | | PGT-Malin | 2.03 | | Sumas | 1.85 | Flow Date 11/20 ------------------------------------------------ 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 ------------------------------------------------ Shareholders Approve Phillips Conoco Merger The merger between Phillips and Conoco has received approval from shareholders. The deal will make the new company, called ConocoPhillips, the world's 6th largest publicly held oil company with a market value of $35 billion, although it will still be only a quarter of ExxonMobil's size. In what seems to many to be a partnership of equals, Phillips has agreed to pay $15.2 billion in a stock exchange at the rate of 0.4677 per share of Phillips for each share of Conoco and assume $9 billion in debt. Shares of Phillips gained $1.53, almost 3%, to $53.35 and Conoco's shares climbed $1.68, almost 7%, to $25.98 per share yesterday. Some of Conoco's investors were disappointed by the sale price because no premium on their stock was included. However, they were pleased to hear projections of $750 million yearly in cost savings and 4% annual growth in oil and natural gas production as a result of deal. ----------------------------------------------- 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% | -------------------------------------------- Heating Oil Prices May Decline More Even though heating oil futures rose $0.0109 last Friday to finish at $0.05218 per gallon on the NYMEX, prices are still hovering near their lowest point since August 1999. Existing stocks and an impending OPEC price war are contributing to the decline in price for heating oil and diesel. The nation's heating oil supply is now at 129.8 million barrels, a two-year high and 31% higher than a year ago. -------------------------------------------- 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 ----------------------------------------------------------- Society of Petroleum Engineers Launches New SPE.org The Society of Petroleum Engineers announces official launch of SPE.org , the Society's new Website that offers a powerful, industry- specific search engine, content personalization, member-only e-mail, and easy navigation. The launch marks the initial rollout in a multi- stage effort by SPE, whose membership of more than 51,000 upstream professionals reaches every major oil and natural gas producing region in the world. SPE.org is the largest single initiative in the Society's history. The first phase of SPE.org includes: -- Industry search engine - A powerful tool developed by technology provider Autonomy that returns only rich, E&P-specific information from the World Wide Web and SPE.org in a number of different formats such as text, PDF, video, audio, and Web links. The search capability is used by entering key words or by entering a phrase describing the search parameters. -- Member only e-mail accounts - Lifelong, private accounts, just for SPE members, that are accessible from any Web browser. ------------------------------------------------------- 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 -------------------------------------------------------- Russia Continues to Resist OPEC Russia continues to resist OPEC's pressure to help support tumbling world oil prices, with both the government and companies offering no new cuts in output or exports to support the market. Russia's repeated rejection to reduce its supplies of crude oil again sent prices falling yesterday. Russia reiterated its resistance to others demands during talks with the energy minister of Mexico, which has said it would make export reductions of its own. OPEC wants Russia and other non-OPEC producers like Mexico and Norway to cut production by 500,000 barrels in January. If they do, OPEC says it will cut 1.5 million bpd. Russia says the world economy would grow faster if prices stay at the $17-$19 per barrel range. It is also technically more difficult for Russia to cut output than the Middle East. -------------------------------------------------------- FINANCIAL SUMMARY The TSE 300 gained 107.45 points to 7422.75 The CRB Index climbed 0.58 points to 188.97 The US Dollar was up 0.51 points to 116.92 The Dow advanced 109.47 points to 9976.46 The S&P 500 rose 12.41 points to 1151.06 The Nasdaq added 35.84 points to 1934.42 December NYMEX Crude Oil fell 0.31 to 17.72 Canadian-US Exchange lost 0.003 to 1.5845 ------------------------------------------------------ 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 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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