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Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: 7bit X-From: enerfax1 <enerfax@msn.com< X-To: EnerfaxGOLD@yahoogroups.com X-cc: X-bcc: X-Folder: \Kim_Watson_Mar2002\Watson, Kimberly\Deleted Items X-Origin: Watson-K X-FileName: kwatson (Non-Privileged).pst Enerfax GOLD NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES INFORMATION SOURCE Friday, January 11 2002? No. 460 Visit our website at: http://www.enerfaxgold.com/, PETROLEUM PRICES ??? | Bonny Light | $19.70 | Brent | $19.47 | Butane | $ 0.36 | Fuel Oil #2 | $ 0.55 | Louisiana | $20.60 | Medit. | $19.22 | Propane Non-tet | $ 0.29 | Propane Wet-tet | $ 0.29 | W. Tx Int Cush | $20.38 | W. Tx Sour | $18.85 | Euro in US equiv | 0.8918 ------------------------------------------------------------- Todays Petro Bulletins * Dana Gibbs Elected New CEO for Enron Crude Oil Marketing Unit EOTT * Saskatchewan Government-Owned SaskPower International Acquired 30% Stake in Cogeneration Plant Being Built by Atco to Supply Power and Steam to Muskeg River Oil Sands Mine in Northern Alberta * talian Oil Company Eni Still in Hunt for Britain's Enterprise Oil * Transocean Sedco Forex Announces Plans for Debt Exchange Offer * Crown Central Petroleum Completes Repairs and Turnaround; Restarts Pasadena Refining Operation * Shell Marine Habitat Program Grants $1.2 Million for Gulf of Mexico Conservation Projects * Compass Energy Completes Acquisition of $18 Million Revenue of South East Wholesale Gasoline and Fuel Distribution Subsidiary RDOC Inc ------------------------------------------------------------- NYMEX - NY Harbor Heating Oil? ? ? ? ? ? Month ??High ??Low? ? Last ? Change FEB 02 0.5550 0.5380 0.5533 +0.0154 MAR 02 0.5620 0.5450 0.5599 +0.0155 APR 02 0.5630 0.5465 0.5609 +0.0140 MAY 02 0.5620 0.5510 0.5589 +0.0130 JUN 02 0.5600 0.5505 0.5619 +0.0125 JUL 02 0.5650 0.5590 0.5669 +0.0120 AUG 02 0.5685 0.5650 0.5734 +0.0115 SEP 02 0.5765 0.5700 0.5814 +0.0115 OCT 02 0.5825 0.5820 0.5899 +0.0115 NOV 02 0.5950 0.5895 0.5974 +0.0115 ------------------------------------------------------------- NYMEX Crude Oil Futures ($ / Barrel) Month ?Open ?High ??Low ?Last Change FEB 02 20.20 20.45 19.85 20.38 +0.20 MAR 02 20.65 20.95 20.35 20.90 +0.25 APR 02 20.90 21.15 20.63 21.16 +0.28 MAY 02 20.98 21.12 20.75 21.25 +0.32 JUN 02 20.95 21.05 20.80 21.28 +0.34 JUL 02 20.95 20.95 20.95 21.27 +0.36 AUG 02 21.00 21.00 21.00 20.25 +0.36 SEP 02 21.50 21.30 20.90 21.26 +0.38 OCT 02 21.58 21.62 21.58 21.85 +0.38 NOV 02 21.00 21.00 21.00 21.24 +0.38 ------------------------------------------------------------- Crude Oil Futures Regain Some Ground Crude oil futures for February delivery on the NYMEX rose $0.20 to $20.38 per barrel yesterday, regaining some ground lost over the last 3 sessions. After hefty declines over the last 2 sessions, short- covering was likely responsible for the lift in lieu of any significant market moving news. Traders are now closely watching OPEC and non-member producers compliance levels with their most recently announced production curbs. Although many are skeptical of strict compliance by either OPEC or non-aligned producing nations, the market is now waiting for early results in February. Inventory data earlier in the week suggested that demand continues to drop as oil and derivatives stockpiles grew, failing to give traders any reassurance that the demand versus supply equation will soon be balanced. Crude usage is 4% below a year ago. Unseasonably mild weather has allowed heating oil stocks to rise 16.2 million barrels, or about 35% above a year ago. Total crude and product stocks are now about 88 million barrels, or almost 10%t, above a year ago after climbing by more than 6 million barrels last week, according to EIA data. The EIA predicts that petroleum demand will remain sluggish through June, but recover along with the US economy during the second half of 2002. The supply cuts should raise crude oil prices to about $25-$26 per barrel by the end of 2002, the EIA said. Heating oil for February delivery on the NYMEX climbed $0.0154 to $0.5533 per gallon. February gasoline futures on the NYMEX added $0.009 to $0.5896 per gallon. In London, Brent crude oil futures for February delivery on the IPE were up $0.40 to $21.29 per barrel. ------------------------------------------------------------- ???????????????????? NYMEX Henry Hub Natural Gas Futures 12 Month Strip ?2.5184 -0.0226 ? ? ? 18 Month Strip ?2.6545 -0.0315 ? ? | Month | High | Low | Close | Change | | FEB | 2.300 | 2.170 | 2.185 | -0.043 | | MAR | 2.300 | 2.190 | 2.195 | -0.037 | | APR | 2.320 | 2.250 | 2.245 | -0.021 | | MAY | 2.390 | 2.300 | 2.315 | -0.017 | | JUN | 2.470 | 2.390 | 2.390 | -0.012 | | JUL | 2.520 | 2.450 | 2.460 | -0.007 | | AUG | 2.570 | 2.510 | 2.508 | -0.009 | | SEP | 2.580 | 2.450 | 2.518 | -0.013 | | OCT | 2.600 | 2.560 | 2.550 | -0.016 | | NOV | 2.825 | 2.780 | 2.770 | -0.024 | | DEC | 3.040 | 3.000 | 2.990 | -0.031 | | JAN | 3.160 | 3.090 | 3.095 | -0.041 | ------------------------------------------------------------- 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 ------------------------------------------------------------- Valero to Upgrade Texas City Refinery Valero Energy plans a $300 million upgrade to its Texas City refinery that will expand its refining capacity to 260,000 bpd in 2 years. Valero will add a 45,000 bpd coker unit, which will enable it to process heavier, high sulfur crude oil. It has entered into a long- term supply contract with PMI Comercio Internacional for 90,000 bpd of Maya crude after the coker is installed. That will raise its total commitment with PMI to more than 170,000 bpd of crude oil. Valero has just completed a $4.2 billion acquisition of Ultramar Diamond Shamrock, making it the largest independent refiner in the nation. ------------------------------------------------------------- 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 ------------------------------------------------------------- MMS Appeals California Offshore Drilling Rulling The Interior Department is appealing a District Court ruling in June that the MMS improperly extended 36 offshore tracts leased by oil companies in southern California by not providing the state with an opportunity to review the leases. The MMS said it is not appealing the case to allow drilling to proceed, but instead wants to preserve its authority over drilling issues. The agency contends that the suspension of the leases have no effect on California's coastal uses or resources. The appeal is being heard in the Court of Appeals for the Ninth Circuit in San Francisco. Critics contend that administration is trying to make it easier to drill new oil wells off the state's coast. Oil companies spent more than $1 billion from the late 1960s to the mid-1980s for drilling rights on the leases, offshore of Ventura, Santa Barbara and San Luis Obispo counties. Leaseholders include Aera Energy, a joint venture between ExxonMobil and Shell; Conoco; Nuevo Energy and a subsidiary of Noble Affiliates. The leased tracts were exempted from the Clinton administration's ban on new oil drilling in southern California waters because the leases were so old. Drilling projects can proceed only if given clearance by the Interior Department. ------------------------------------------------------------- ??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 ????? ------------------------------------------------------------- BP Announces Lowered Tax Rate In a trading statement ahead of full results next month, BP said it expects to pay tax at a rate of 20% for the 4th quarter, compared to a 25% rate in the 3rd quarter. The lower tax rate could add an extra $150-200 million to the company's coffers. BP made over $3 billion in net profit for the 3rd quarter. Tax on its oil supplies in some countries, including Britain, are levied at the price those stocks were worth at production. As a result, lower prices in the quarter equate to lower taxes relative to earnings, which are usually measured at current costs. However, the tax concessions BP earns in some countries, like the US, are made in absolute amounts, so as a percentage of lower earnings, they have a more significant impact. During the 4th quarter BP also earned an unusually high number of tax concessions linked to new capital investments. There were no other major surprises in the trading statement. The statement pointed to much tougher trading conditions than the oil industry experienced in 2000 and early 2001. But the industry continues to be very profitable with oil prices still well above their mid-cycle assumptions of $16 per barrel. Oil refining margins also fell by about $1.60 per barrel while US natural gas prices were hit by higher storage levels and a drop in demand. ------------------------------------------------------------- IPE-Brent Crude futures (US $/barrel) Month ?First ?High ?Low ??Sett ?Chg FEB 02 21.48 21.30 20.45 21.29 +0.40 MAR 02 19.85 20.30 19.71 20.27 +0.17 APR 02 19.78 20.32 19.75 20.32 +0.22 MAY 02 19.78 20.30 19.77 20.30 +0.23 JUN 02 19.78 20.29 19.77 20.29 +0.23 JUL 02 19.83 20.29 19.77 20.29 +0.23 AUG 02 19.78 20.30 19.78 20.30 +0.24 SEP 02 19.78 20.31 19.78 20.31 +0.25 OCT 02 19.90 20.32 19.90 20.32 +0.27 NOV 02 19.90 20.32 19.91 20.32 +0.28 ------------------------------------------------------------- NYMEX-Mont Belvieu Propane Gas Futures($ / Gallon) Month ? ?High ??Low ??Last ? Change Feb 02 0.0000 0.0000 0.2900 +0.0000 Mar 02 0.0000 0.0000 0.2875 +0.0000 Apr 02 0.0000 0.0000 0.2875 +0.0000 May 02 0.0000 0.0000 0.2925 +0.0000 Jun 02 0.0000 0.0000 0.2950 +0.0000 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 ------------------------------------------------------------- Tarpon Pipeline Delays Restart The 70,000 bpd Tarpon crude oil pipeline offshore in the Gulf of Mexico delayed a planned restart yesterday due to poor diving conditions. The pipeline carries mainly domestic sweet crude, Light Louisiana Sweet, to refiners and lifters. It has been down since December 29th, when workers doing routine maintenance discovered an problem. On Monday, about 40,000 bpd were diverted to the Auger pipeline, which normally carries Eugene Island crude. Prices for both Eugene Island and LLS have been supported by the pipeline outage. ------------------------------------------------------------- IPE - ARA Gas Oil Futures $ / Tonne Month ??High ??Low ???Sett ?Change FEB 02 168.75 163.75 165.75 - 0.75 MAR 02 170.00 166.00 168.25 - 1.00 APR 02 170.50 167.75 169.75 - 1.00 MAY 02 172.00 169.50 171.25 - 0.75 JUN 02 174.00 171.25 172.75 - 1.00 JUL 02 174.25 173.50 174.25 - 1.00 AUG 02 175.00 175.00 175.00 - 1.00 SEP 02 177.25 177.25 177.25 - 1.00 OCT 02 179.50 178.25 179.00 - 0.75 Nov 02 179.75 179.75 179.75 ? 1.00 ------------------------------------------------------------- NY HARBOR UNLEADED GAS FUTURES Month? ?High ? Low ???Last ??Change FEB 02 0.5920 0.5700 0.5896 +0.0090 MAR 02 0.6040 0.5840 0.6014 +0.0074 APR 02 0.6640 0.6550 0.6654 +0.0084 MAY 02 0.6640 0.6615 0.6709 +0.0084 JUN 02 0.6680 0.6610 0.6709 +0.0091 JUL 02 0.6600 0.6500 0.6639 +0.0096 AUG 02 0.6480 0.6430 0.6514 +0.0091 SEP 02 0.6370 0.6360 0.6248 -0.0157 OCT 02 0.6145 0.6145 0.6145 -0.0089 NOV 02 0.6120 0.6100 0.6065 -0.0074 -------------------------------------------------------------- Energy Industry May See Substantial 4th-Quarter Write? Downs The rash of energy acquisitions earlier in the year could take a heavy toll on 4th quarter bottom lines of a number of companies. There are predictions that 4th quarter write-downs in the energy industry could total as much as $10 billion. According to accounting principles, companies are required to recalculate the value of their oil and natural gas reserves at end-of-quarter prices and take a charge if the value is less than that on their books. The lucrative natural gas market of the 2001's 1st and 2nd quarters led to increased costs of acquisitions and drilling activity. Last winter and spring, many in the industry thought that natural gas prices would be in the $3 - $4 per Mcf range for the foreseeable future and many acquisitions were based on those numbers. But natural gas prices were at $2.57 per Mcf at year's end amid a wilting economy and unseasonably mild weather which ate away at demand for natural gas. At the end of the 3rd quarter, Anadarko took a pretax charge of $827 million on its Canadian oil and gas assets. In addition, Burlington Resources has said it will take a pretax charge of up to $225 million due to the planned sale of assets worth about $500 million. Asset write-downs are not a cash loss and usually do not affect stock prices when they are announced. ------------------------------------------------------------- ??ENERGY. @ENERGY(r), FEA's Complete Suite of Energy Products, BUILT FOR THE FUTURE. *Manage all your energy risks. *Build and Price deals. *Value physical assets (generation, storage, etc.) *Report and reduce your energy risks FEA FINANCIAL ENGINEERING ASSOCIATES Inc. http://www.fea.com/?cId=17 main phone number:? 1 510-548-6200 email address: info@fea.com ------------------------------------------------------------- PHYSICAL GAS PRICES? ? ? Gulf/Eastern Region | Agua Dulce | 2.15 | | ANR SE | 2.26 | | Carthage TG | 2.23 | | Chicago Citygate | 2.22 | | Columbia Gulf Onshore | 2.30 | | Dominion South Point | 2.38 | | Henry Hub | 2.32 | | Houston Ship Channel | 2.28 | | Katy Hub | 2.22 | | NGPL LA Pool | 2.19 | | NGPL - Midcontinent | 2.12 | | NGPL STX | 2.18 | | NGPL TX/OK | 2.18 | | NNG Demarc. | 2.14 | | Niagara | 2.50 | | Sonat Tier 1 | 2.26 | | TCO IPP Pool | 2.40 | | Tetco ELa | 2.30 | | Tetco M-3 | 2.62 | | Tetco STX | 2.15 | | TGP Zone 0 | 2.17 | | TGP Zone 1 (500 Leg) | 2.24 | | TGT Zone SL | 2.29 | | New York Citygate | 2.67 | | Transco Station 65 | 2.36 | | Transco Zone 6 (NY) | 2.67 | | Trunk ELa | 2.23 | | Western Region | California Border | 2.13 | | El Paso Keystone | 2.05 | | El Paso San Juan-Blanco | 2.04 | | Waha Hub | 2.11 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 2.97 | | Dawn Hub/Union | 2.29 | | Northwest Stanfield | 1.97 | | Wyoming Pool | 1.92 | | Opal/Kern River | 1.93 | | PGT-Malin | 2.06 | | Sumas | 1.98 | Flow Date 1/11 ------------------------------------------------------------- OPEC Output Down in December, But Still Above Ceiling OPEC produced 25.83 million bpd of crude in December, down 970,000 bpd from November, but still 599,000 bpd above its self- imposed ceiling, according to Platts. The relatively large month-to- month drop was due largely to Iraq, whose exports fell considerably amid uncertainty over official Iraqi selling prices. Excluding Iraq, which does not have an OPEC quota, production from the remaining 10 members fell by just 190,000 bpd to 23.81 million bpd, 599,000 bpd above the 23.20 million bpd ceiling. A new, lower ceiling of 21.701 million bpd came into effect January 1st, following OPEC's meeting in Cairo. It is widely believed that OPEC is unlikely to achieve anything close to the 2.1 million bpd cut it would have to make this month in order to comply fully with its new ceiling. Indonesia, whose oil production has been steadily falling, was the only country to produce within quota in December. Other countries exceeded their quotas by volumes ranging from a few thousand barrels in the case of the UAE to as much as 239,000 bpd in the case of Nigeria. Apart from Libya, which maintained output at November levels, and Kuwait, whose production rose slightly, most countries decreased output. Iraq accounted for the single biggest drop, 780,000 bpd, while other decreases ranged between 10,000 bpd and 70,000 bpd. Country Dec Nov Oct Sept Quota Algeria 0.810 0.810 0.800 0.810 0.741 Indones 1.160 1.190 1.190 1.200 1.203 Iran 3.470 3.500 3.500 3.650 3.406 Iraq 2.020 2.800 2.870 2.600 N/A Kuwait 1.950 1.940 1.950 1.970 1.861 Libya 1.310 1.310 1.320 1.350 1.242 Nigeria 2.150 2.170 2.190 2.220 1.911 Qatar 0.630 0.640 0.650 0.660 0.601 Saudi A 7.600 7.670 7.680 7.800 7.541 UAE 2.030 2.040 2.040 2.070 2.025 Venez 2.700 2.730 2.700 2.700 2.670 Total 25.830 26.800 26.890 27.030 OPEC10 23.810 24.000 24.020 24.430 3.201 ------------------------------------------------------------- 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 53.40 points to 7722.38 The CRB Index slid 0.10 points to 195.03 The US Dollar decreased 0.19 points to 116.75 The Dow declined 26.16 points to 10067.86 The S&P 500 climbed 1.41 points to 1156.55 The Nasdaq was up 2.35 points to 2047.24 February NYMEX Crude Oil rose 0.20 to 20.38 Canadian-US Exchange added 0.0061 to 1.3011 ------------------------------------------------------------- Please Welcome Our Advertisers by Visiting These Websites! http://www.fea.com/ http://www.kwi.com/ http://www.desert-crossing.com To subscribe write enerfaxgold-subscribe@egroups.com To unsubscribe write enerfaxgold-unsubscribe@egroups.com For information on advertising, please write advertising@enerfax.com Your use of Yahoo! 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