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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 Monday, January 14 2002? No. 461 Visit our website at: http://www.enerfaxgold.com/, PETROLEUM PRICES ??? | Bonny Light | $20.16 | Brent | $19.93 | Butane | $ 0.36 | Fuel Oil #2 | $ 0.54 | Louisiana | $19.80 | Medit. | $19.68 | Propane Non-tet | $ 0.29 | Propane Wet-tet | $ 0.29 | W. Tx Int Cush | $19.68 | W. Tx Sour | $18.10 | Euro in US equiv | 0.8925 ------------------------------------------------------------- Todays Petro Bulletins * Totalfinaelf Considering Bid for Conoco to Break Up Its Planned Merger with Phillips * Baker Hughes Says Rigs Searching for Oil and Natural Gas in US Fell 27 to 856 Last Week Compared to 1121 a Year Ago; Canada Up 134 to 427 Compared to 546 a Year ago; Gulf of Mexico Down 5 at 116 Compared to 169 a Year Ago * Exxon Valdez Case to Move Back to Alaska Court * Suncor Sees Up to 75% Drop in 4th Quarter Profit * Doubts About Russian Cuts Erode US Oil Prices * Qatar Begins Operations on New Facilities at Oil Refinery Raising Production Capacity to 137,000 bpd * Shell Seeking to Purchase Natural Gas and Oil Exploration * Federal Appeals Court Declines to Reconsider November Ruling that Threw Out as Excessive $5 billion Verdict Against ExxonMobil for 1989 Valdez Oil Spill ------------------------------------------------------------- NYMEX - NY Harbor Heating Oil? ? ? ? ? ? Month ??High ??Low? ? Last ? Change FEB 02 0.5570 0.5360 0.5394 -0.0139 MAR 02 0.5590 0.5450 0.5472 -0.0127 APR 02 0.5585 0.5450 0.5487 -0.0122 MAY 02 0.5560 0.5520 0.5472 -0.0117 JUN 02 0.5590 0.5550 0.5507 -0.0112 JUL 02 0.5650 0.5590 0.5560 -0.0102 AUG 02 0.5725 0.5670 0.5632 -0.0102 SEP 02 0.5765 0.5700 0.5712 -0.0102 OCT 02 0.5880 0.5880 0.5797 -0.0102 NOV 02 0.5950 0.5895 0.5993 -0.0102 ------------------------------------------------------------- NYMEX Crude Oil Futures ($ / Barrel) Month ?Open ?High ??Low ?Last Change FEB 02 20.35 20.58 19.37 19.68 -0.70 MAR 02 20.90 20.90 20.20 20.32 -0.58 APR 02 21.15 21.15 20.55 20.61 -0.55 MAY 02 21.25 21.25 20.71 20.73 -0.52 JUN 02 21.25 21.25 21.00 20.79 -0.49 JUL 02 21.15 21.15 21.05 20.79 -0.48 AUG 02 21.18 21.18 21.07 20.80 -0.46 SEP 02 21.08 21.10 20.93 20.81 -0.45 OCT 02 21.17 21.17 21.02 20.82 -0.44 NOV 02 21.10 21.10 21.10 20.83 -0.43 ------------------------------------------------------------- Crude Oil Futures Dip on Demand Worries and OPEC Compliance Crude oil futures for February delivery on the NYMEX lost $0.70 to $19.68 per barrel on Friday, slipping under $20.00 per barrel for the first time in nearly 2 weeks. Crude futures fell almost $2.00 last week after both the API and EIA reported huge inventory builds for distillates. As mild weather in the Northeast and an economic recession has produced a total surplus of 88 million barrels in inventories, traders are concerned that production cuts made by OPEC and non-cartel producers will not be enough to rescue oil prices in the short term. Many doubt that any of the producers will actually stick to their self-imposed output curbs, however some may come closer than others. It is the degree of cheating on quotas that will determine the near term future of prices. If OPEC and non-OPEC producers can remove enough oil from the market to somewhat balance supply and demand, prices will likely remain stable or rise accordingly. Barring that event, the market will have to wait until an expected economic recovery in the second half of the year results in increased demand in order for prices to rebound significantly. The prospect for compliance was dimmed somewhat when Russia announced last week that there would be no January limits on exports of fuel oil. Sibneft, Russias 6th largest producer has also said it will increase production in 2002 by almost 6 million metric tons. Saudi Arabia has told customers in Europe and Asia that it has cut February exports by 3% - 7%. But some say that the reduction in February deliveries implies that compliance with January cuts could not have been good. Since the country usually comes closer to quota adherence than others in the cartel, it is unlikely that the compliance of others will be any better. Heating oil futures for February delivery on the NYMEX fell $0.0139 to $0.5394 per gallon. February gasoline futures on the NYMEX slid $0.0165 to $0.5731 per gallon. In London, Brent crude oil futures for February delivery were down $0.43 to $20.86 per barrel. ------------------------------------------------------------- ?????????????????????? NYMEX Henry Hub Natural Gas Futures 12 Month Strip ?2.5098 -0.0086 ? ? ? 18 Month Strip ?2.6342 -0.0203 ? ? | Month | High | Low | Close | Change | | FEB | 2.260 | 2.185 | 2.204 | +0.019 | | MAR | 2.260 | 2.187 | 2.203 | +0.008 | | APR | 2.295 | 2.240 | 2.250 | +0.005 | | MAY | 2.365 | 2.320 | 2.322 | +0.007 | | JUN | 2.440 | 2.400 | 2.390 | +0.000 | | JUL | 2.515 | 2.470 | 2.460 | +0.000 | | AUG | 2.550 | 2.510 | 2.505 | -0.003 | | SEP | 2.560 | 2.530 | 2.510 | -0.008 | | OCT | 2.580 | 2.540 | 2.535 | -0.015 | | NOV | 2.790 | 2.760 | 2.745 | -0.025 | | DEC | 3.020 | 2.220 | 2.950 | -0.040 | | JAN | 3.120 | 3.085 | 3.044 | -0.051 | ------------------------------------------------------------- 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 ------------------------------------------------------------- Oil and Natural Gas Earnings Expected to Tumble With oil and natural gas prices sharply lower than the record highs of a year ago, earnings for the 7 companies that comprise S&Ps oil and natural gas exploration and production index, and likely many others in the sector, are expected to tumble by about 70% or more. Oil prices dropped by 36% and natural gas prices by 58% from last year. Earnings for last quarter are also expected to be impacted by write-downs due to the devaluation of oil and natural gas reserves as a result of the lower prices. The S&P exploration and production index posted a 22% loss for 2001 as a whole. Earnings and stock prices for the sector are not expected to get much of a lift until the second half of 2002. Investors appear to be focused on the lack of cold winter weather, brimming inventories and whether OPEC production cuts will be sufficient to increase prices. The natural gas market is expected to tighten up around the middle of the year as supplies start to shrink from a downturn in drilling during the final 2 quarters of last year. In the short term, investors are expected to focus on companies that can provide volume production growth despite cuts in their drilling budgets due to lower prices. ------------------------------------------------------------- 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 ------------------------------------------------------------- Enterprise Target of Eni Bid Enterprise Oils new CEO will address analysts and investors on February 5th, laying out his strategy for an independent company. Enterprise has rejected an unsolicited offer from Italys Eni SpA. However, its investors want further details of the rejected offer. Eni is also considering raising its bid, but hasn't commented publicly. Enterprise shares rose 3.6% Friday to 628p, bringing the gain for the past week to 28%. Enterprise which will also report 2001 earnings February 5th. In December Enterprise boasted it could increase production faster than bigger rivals such as Shell and BP. But, it has suffered production setbacks in the past year. It said in September it would miss a 2001 target of 250,000 - 260,000 bpd for the year. The companys prior CEO retired the following month. Enterprise says that more than half of future growth will come from existing projects such as the Val d'Agri field in Italy, where Eni is its partner. The rest would come from expanding operations at fields such as Nelson, in the North Sea, from new exploration and from asset purchases. ------------------------------------------------------------- ??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 ????? ------------------------------------------------------------- Suncor Revises 4th Quarter Earnings Estimate Shares in Suncor Energy fell on Friday after the Canadian company said net earnings for the 4th quarter would drop as much as 75% below the 3rd quarter. Suncor, which has extensive oil sands mining and synthetic crude processing operations in northern Alberta, said a big part of the drop was a result of unexpectedly high costs related to the recent commissioning of its C$3.4-billion expansion, called Project Millenium. The start up costs, along with a sharply lower oil prices, will be the main factors in lowering net earnings into the C$18 million to C$22 million range, down from C$73 million in the previous quarter and C$111 million in the 4th quarter of 2000. The expansion which began operations last year, has almost doubled synthetic crude production from the plant to 218,000 bpd. However, start-up expenses for the expansion were about C$76 million in the 4th quarter, more than double the expected C$35 million, the company said. Suncor did not allow for that situation when it released previous guidance figures in early December. Now that the commissioning is complete, those expenses will not be repeated, the company said. Total synthetic crude production in the 4th quarter was expected to be 153,000 bpd, down from forecasts of 155,000 to 165,000 bpd, Suncor said. Production for this year is expected to be 225,000 bpd. ------------------------------------------------------------- IPE-Brent Crude futures (US $/barrel) Month ?First ?High ?Low ??Sett ?Chg FEB 02 21.25 21.25 20.60 20.86 -0.43 MAR 02 20.20 20.32 19.90 19.92 -0.35 APR 02 20.26 20.31 20.00 20.03 -0.29 MAY 02 20.24 20.30 20.02 20.02 -0.28 JUN 02 20.22 20.25 20.00 20.00 -0.29 JUL 02 20.15 20.23 19.99 19.99 -0.30 AUG 02 20.26 20.26 20.00 20.00 -0.30 SEP 02 20.25 20.25 20.01 20.01 -0.30 OCT 02 20.23 20.23 20.02 20.02 -0.30 NOV 02 20.03 20.03 20.03 20.03 -0.29 ------------------------------------------------------------- NYMEX-Mont Belvieu Propane Gas Futures($ / Gallon) Month ? ?High ??Low ??Last ? Change Feb 02 0.0000 0.0000 0.2900 +0.0000 Mar 02 0.0000 0.0000 0.2900 +0.0025 Apr 02 0.0000 0.0000 0.2900 +0.0025 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 ------------------------------------------------------------- Nigeria Fuel Strike Threatened The Nigerian government is in talks with the country's main labor in a bid to stave off a threatened strike over recent fuel price increases. The Nigeria Labor Congress has warned that it will embark on a nationwide strike scheduled to begin January 15th if the government does not revert to the old fuel prices. The government increased the price of petrol, kerosene and diesel oil by between 18- 35% sending fuel and transport prices in the West African nation soaring. The NLC said workers in the public and private sectors, including transporters, market women, petrol station attendants, ports and hospital workers, would participate in the strike, which would be the second over fuel price increases in the past 2 years. Negotiations between the government and the NLC opened last Thursday in the capital but ended without agreement. Nigeria, the world's 6th largest oil producer, earns more than 90% of its foreign exchange and government revenue from exports of the commodity. ------------------------------------------------------------- IPE - ARA Gas Oil Futures $ / Tonne Month ??High ??Low ???Sett ?Change FEB 02 168.50 167.25 167.50 + 1.75 MAR 02 170.25 169.00 169.25 + 1.00 APR 02 171.50 170.50 170.75 + 1.00 MAY 02 172.25 172.25 172.25 + 1.00 JUN 02 175.00 174.00 174.00 + 1.25 JUL 02 175.50 175.50 175.50 + 1.25 AUG 02 177.00 177.00 177.00 + 1.25 SEP 02 180.00 178.50 178.50 + 1.25 OCT 02 181.50 180.00 180.00 + 1.00 NOV 02 182.25 181.00 181.00 + 1.25 ------------------------------------------------------------- NY HARBOR UNLEADED GAS FUTURES Month? ?High ? Low ???Last ??Change FEB 02 0.5930 0.5720 0.5731 -0.0165 MAR 02 0.6050 0.5840 0.5876 -0.0138 APR 02 0.6670 0.6510 0.6521 -0.0133 MAY 02 0.6705 0.6670 0.6581 -0.0128 JUN 02 0.6750 0.6660 0.6586 -0.0123 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 0.6084 0.6084 0.6084 -0.0061 NOV 02 0.6009 0.6009 0.6009 -0.0056 -------------------------------------------------------------- Tankers Booked to Ship Gasoline from Europe to US A large volume of tankers have been chartered in the past 10 days to load gasoline from the UK, Continent and Mediterranean to the US as the arbitrage window reopened. CSSSA has been one of the more active charterers from the Continent, booking at least five ships, while ChevronTexaco and Repsol have also been major players. From the Mediterranean, Agip USA booked four ships for cargoes to the Atlantic coast. The relatively weak freight prices following slow trade over the Christmas holidays made the arbitrage window viable, but rates are slowly creeping up on the back of this increase in activity. Rates should continue to head higher as this transatlantic activity will create a lack of supply on the Continent with 15 to 20 ships having been removed. Brokers said it will be a month before the ships are repositioned back on the Continent. It is unlikely these ships will try to collect cargoes from the Caribbean after discharging in the US as demand from this area for products on the Atlantic coast has waned. ------------------------------------------------------------- ??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 | 2.24 | | Carthage TG | 2.21 | | Chicago Citygate | 2.23 | | Columbia Gulf Onshore | 2.26 | | Dominion South Point | 2.38 | | Henry Hub | 2.30 | | Houston Ship Channel | 2.28 | | Katy Hub | 2.22 | | NGPL LA Pool | 2.19 | | NGPL - Midcontinent | 2.11 | | NGPL STX | 2.16 | | NGPL TX/OK | 2.17 | | NNG Demarc. | 2.15 | | Niagara | 2.46 | | Sonat Tier 1 | 2.25 | | TCO IPP Pool | 2.39 | | Tetco ELa | 2.27 | | Tetco M-3 | 2.60 | | Tetco STX | 2.16 | | TGP Zone 0 | 2.16 | | TGP Zone 1 (500 Leg) | 2.22 | | TGT Zone SL | 2.27 | | New York Citygate | 2.63 | | Transco Station 65 | 2.35 | | Transco Zone 6 (NY) | 2.64 | | Trunk ELa | 2.22 | | Western Region | California Border | 2.12 | | El Paso Keystone | 2.01 | | El Paso San Juan-Blanco | 1.98 | | Waha Hub | 2.09 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 3.04 | | Dawn Hub/Union | 2.28 | | Northwest Stanfield | 1.98 | | Wyoming Pool | 1.92 | | Opal/Kern River | 1.92 | | PGT-Malin | 2.06 | | Sumas | 1.98 | Flow Dates 1/12-14 ------------------------------------------------------------- Pemex to Sell Crude to Valero Pemex has confirmed its subsidiary, PMI Comercio Internacional, has signed a long-term contract to sell 90,000 bpd of Maya crude to Valero Energy. Pemex says that delivery would begin when Valero completes expansion at its refinery in Texas City. Valero says the new contract brought its total commitment with PMI to more than 170,000 bpd of crude oil. Valero is adding a 45,000 bpd coker unit to its Texas City refinery, which will enable it to process heavier, high sulfur crude oil, such as the Maya crude. ------------------------------------------------------------- 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 20.45 points to 7701.93 The CRB Index slid 0.64 points to 194.39 The US Dollar decreased 0.11 points to 116.64 The Dow declined 80.33 points to 9987.53 The S&P 500 dropped 10.95 points to 1145.60 The Nasdaq was down 24.78 points to 2022.46 February NYMEX Crude Oil fell 0.70 to 19.68 Canadian-US Exchange lost 0.0039 to 1.5972 ------------------------------------------------------------- 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! Groups is subject to http://docs.yahoo.com/info/terms/
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