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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 Thursday, January 17 2002? No. 464 Visit our website at: http://www.enerfaxgold.com/, PETROLEUM PRICES ??? | Bonny Light | $18.68 | Brent | $18.55 | Butane | $ 0.34 | Fuel Oil #2 | $ 0.53 | Louisiana | $19.05 | Medit. | $17.55 | Propane Non-tet | $ 0.29 | Propane Wet-tet | $ 0.29 | W. Tx Int Cush | $18.88 | W. Tx Sour | $17.34 | Euro in US equiv | 0.8830 ------------------------------------------------------------- Todays Petro Bulletins * GE Power Systems to Acquire PII Group, Formerly Pipeline Integrity International, from HgCapital * Kinder Morgan Las Vegas Terminal Down for Computer Repairs * China National Offshore Oil Corp to Issue 80 Million Domestic A Shares to Raise Up to $93 Million * PanCanadian Boosts Oil Estimate at North Sea Prospect by at Least a Third * Canadian Energy Service Sector Expects 4th Quarter Profits to Plunge * Capco Energy to Acquire All Outstanding Shares of Energy Reserves Group * Judge Lifts Order Blocking 71-Well Oil and Natural Gas Drilling Project in Allegheny National Forest * Nigeria Strike to Continue Defying Court and Government * Oil Prices Hold Ground After New EIA Stock Build ------------------------------------------------------------- NYMEX - NY Harbor Heating Oil? ? ? ? ? ? Month ??High ??Low? ? Last ? Change Feb 02 0.5350 0.5110 0.5321 +0.0114 Mar 02 0.5375 0.5190 0.5356 +0.0088 Apr 02 0.5370 0.5260 0.5366 +0.0073 May 02 0.5366 0.5230 0.5366 +0.0063 Jun 02 0.5450 0.5285 0.5411 +0.0063 Jul 02 0.5510 0.5440 0.5466 +0.0063 Aug 02 0.5540 0.5460 0.5536 +0.0063 Sep 02 0.5625 0.5525 0.5621 +0.0063 Oct 02 0.5711 0.5630 0.5711 +0.0063 Nov 02 0.5791 0.5700 0.5791 +0.0063 ------------------------------------------------------------- NYMEX Crude Oil Futures ($ / Barrel) Month ?Open ?High ??Low ?Last Change Feb 02 18.30 18.99 18.30 18.86 -0.04 Mar 02 18.96 19.60 18.94 19.48 +0.04 Apr 02 19.30 19.90 19.30 19.84 +0.10 May 02 19.50 20.05 19.50 20.05 +0.14 Jun 02 19.70 20.20 19.65 20.20 +0.17 Jul 02 19.80 20.24 19.80 20.24 +0.19 Aug 02 19.80 20.27 19.80 20.27 +0.20 Sep 02 20.12 20.35 20.12 20.31 +0.21 Oct 02 20.15 20.35 20.15 20.35 +0.22 Nov 02 20.00 20.39 19.95 20.39 +0.24 ------------------------------------------------------------- Crude Oil Futures Mixed on Supply Data Crude oil futures for February delivery on the NYMEX slipped $0.04 to $18.82 per barrel and March crude oil futures gained $0.04 to $19.48 per barrel yesterday after the EIA reported a much smaller increase in crude supplies of 1 million barrels than did the API, who showed a 4.1 million barrel build in stocks. Heating oil stocks are still 30% higher than a year ago, driving refiners to cut runs and lowering the demand for crude. Last week, demand for heating oil was 10% below a year ago, according to the API, further lowering refiners' profits, which have fallen by about 65% in the last year. The margin from converting 2 barrels of WTI crude into one of gasoline and one of heating oil is now about $2.11 per barrel. Last week, refinery usage dropped 1.5% to 89.4% of capacity, the lowest in almost a year. Distillate stocks fell by 300,000 barrels in EIA data, while the API reported a more significant drop of 875,000 barrels. Gasoline inventories climbed by 2.8 million barrels, according to the EIA compared to APIs report of a 4.2 million barrel rise in supplies. Cold weather in Europe over the last few weeks has made Brent crude more expensive than the higher grade WTI, which usually averages $0.93 above its British counterpart. Heating oil futures for February delivery on the NYMEX gained $0.0114 to $0.5321 per gallon. February gasoline futures on the NYMEX climbed $0.0065 to $0.5585 per gallon. In London, Brent crude oil futures for February delivery on the IPE were down 0.34 to $19.36 per barrel as the contract expired. March Brent crude rose $0.03 to $19.03 per barrel. ------------------------------------------------------------- ?????????????????????? NYMEX Henry Hub Natural Gas Futures 12 Month Strip ?2.6170 +0.0709 ? ? ? 18 Month Strip ?2.7174 +0.0608 ? ? | Month | High | Low | Close | Change | | FEB | 2.406 | 2.380 | 2.394 | +0.103 | | MAR | 2.375 | 2.356 | 2.363 | +0.090 | | APR | 2.383 | 2.376 | 2.383 | +0.080 | | MAY | 2.470 | 2.380 | 2.446 | +0.078 | | JUN | 2.525 | 2.420 | 2.506 | +0.078 | | JUL | 2.585 | 2.570 | 2.566 | +0.073 | | AUG | 2.615 | 2.605 | 2.606 | +0.068 | | SEP | 2.606 | 2.600 | 2.599 | +0.063 | | OCT | 2.615 | 2.565 | 2.621 | +0.063 | | NOV | 2.800 | 2.770 | 2.816 | +0.053 | | DEC | 3.015 | 2.960 | 3.011 | +0.051 | | JAN | 3.105 | 3.040 | 3.093 | +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 ------------------------------------------------------------- NYMEX Sets Crude Oil Options Trading Records The NYMEX set a record volumes Tuesday in exchange-wide options trading, Nymex Division options trading and crude oil options trading. The NYMEX says trading in crude oil options set a volume record for the second session in a row. Tuesday's total of 119,258 contracts topped the 83,142 contracts traded Friday, which itself had topped the old record of 81,622 set in March 1998. In an apparent allusion to the collapse of Enron, NYMEX President Robert Collins attributed the sharp jump in volume to market participants' interest in liquid, transparent means of managing price risk without exposure to counter-party credit risk. On Enron's Internet-based trading platform EnronOnline, it acted as counter-party to every trade. On the NYMEX, all contracts are technically with the exchange's clearinghouse, which provides guarantees against default. Total exchange options volume was 176,983 contracts, topping the October 2000 record of 160,913. NYMEX Division options trading volume totaled 165,291 contracts, beating the October 2000 record of 142,761. ------------------------------------------------------------- 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 ------------------------------------------------------------- Canadian Energy Service Sector Expects 4th Quarter Profits to Plunge After reporting record high 2nd-quarter profits last year when drilling boomed in response to strong energy prices, Canadian energy service firms are expected to post sharply lower 4th quarter earnings. A plunge in oil and natural gas prices in the 2nd half of 2001 caused producers to cut their drilling budgets. Mild temperatures in November and early December, which kept the ground from freezing in the winter-only drilling areas of Western Canada, only added to the problems. On average, total earnings per share in the 4th quarter for Canadian drilling companies is expected to be 42% lower than the 3rd quarter; compared to 2000, when 4th quarter earnings were 56% higher than the 3rd third quarter. Precision Drilling, Canada's largest energy service company, saw 4th quarter profits of C$1.17 per share in 2000, but analysts have forecast 4th quarter profits for 2001 of C$0.58 per share. Ensign Resources, which owns 149 rigs, is expected to post 4th quarter profits of C$0.21 per share for 2001 compared to C$1.54 in 2000. The Petroleum Services Association of Canada has predicted that 13,386 wells will be drilled in 2002, down from about 18,000 drilled in 2001. This years forecast is in line with most other years over the past decade. The Toronto Stock Exchange's energy services sub-index dropped 35% between May and the end of 2001, compared to the TSE's 300 composite index, which fell 15% over the same period. ------------------------------------------------------------- ??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 ????? ------------------------------------------------------------- Chinese Petrochemical Shares Rally Shares of China's Hong Kong-listed petrochemical business jumped by 5% - 10% yesterday as low prices spurred a buying binge, despite the still poor industry fundamentals. Even though the country has an inventory oversupply, the share prices of chemical companies have already reflected the drop in demand and are now seen by many as being a bargain. Most of the stocks slumped last summer after several international investment banks cut chemical companies' ratings and earnings forecasts because of contracting margins and a surplus of supplies. However, Salomon Smith Barney raised its rating on shares of Shanghai Petrochemical, a major ethylene producer, from neutral to buy. The company's long-term prospects are still sound and with its dominant domestic market share, Shanghai Petrochemical seems to be well positioned to take advantage of the expected growth in chemicals, the investment firm said. Nonetheless, others say that Chinese product prices have dropped since the second half of 2001. Earlier this month, Goldman Sachs sliced its estimates for 2001/2002 profits for Chinese chemical companies due to a drop in chemical margins in the last 2 quarters of 2001 and recent tariff cuts on chemical products following China's entry to the World Trade Organization. ------------------------------------------------------------- IPE-Brent Crude futures (US $/barrel) Month ?First ?High ?Low ??Sett ?Chg MAR 02 18.57 19.10 18.30 19.03 +0.03 APR 02 19.34 19.34 18.54 19.26 +0.08 MAY 02 18.83 19.39 18.71 19.39 +0.19 JUN 02 18.82 19.41 18.74 19.41 +0.11 JUL 02 18.84 19.46 18.84 19.46 +0.04 AUG 02 18.87 19.51 18.87 19.51 +0.20 SEP 02 18.90 19.56 18.90 19.56 +0.26 OCT 02 19.11 19.61 19.04 19.61 +0.26 NOV 02 19.65 19.65 19.65 19.65 +0.31 DEC 02 19.68 19.68 19.00 19.68 +0.27 ------------------------------------------------------------- NYMEX-Mont Belvieu Propane Gas Futures($ / Gallon) Month ? ?High ??Low ??Last ? Change Feb 02 0.0000 0.0000 0.2775 -0.0050 Mar 02 0.0000 0.0000 0.2760 -0.0065 Apr 02 0.0000 0.0000 0.2800 -0.0040 May 02 0.0000 0.0000 0.2825 -0.0040 Jun 02 0.0000 0.0000 0.2900 -0.0040 Jul 02 0.0000 0.0000 0.3000 -0.0025 Aug 02 0.0000 0.0000 0.3050 -0.0025 Sep 02 0.0000 0.0000 0.3050 -0.0025 Oct 02 0.0000 0.0000 0.3150 -0.0025 Nov 02 0.0000 0.0000 0.3150 -0.0025 ------------------------------------------------------------- Phillips Moving to Texas Oklahoma's governor plans to travel to Houston next week to plead his case for keeping the headquarters of the merged ConocoPhillips oil company in Oklahoma rather than Texas. Phillips plans to acquire Conoco in a stock deal worth some $17 billion, creating the world's 6th largest investor-owned oil company. Phillips is currently based in Bartlesville where it was founded in 1917. But Chief Executive Mulva has said the merged company will be based in Houston. ------------------------------------------------------------- IPE - ARA Gas Oil Futures $ / Tonne Month ??High ??Low ???Sett ?Change FEB 02 160.50 155.50 160.25 - 0.75 MAR 02 162.50 157.50 162.50 - 0.25 APR 02 164.25 159.50 164.25 + 0.00 MAY 02 166.50 164.00 165.50 - 0.50 JUN 02 167.25 164.00 167.25 - 0.50 JUL 02 169.00 169.00 169.00 - 0.75 AUG 02 170.75 170.75 170.75 - 0.75 SEP 02 172.50 170.00 172.50 - 0.75 OCT 02 174.25 171.50 174.25 - 0.75 NOV 02 175.25 172.50 175.25 - 0.75 ------------------------------------------------------------- NY HARBOR UNLEADED GAS FUTURES Month? ?High ? Low ???Last ??Change Feb 02 0.5610 0.5370 0.5585 +0.0065 Mar 02 0.5740 0.5530 0.5721 +0.0056 Apr 02 0.6406 0.6225 0.6406 +0.0056 May 02 0.6478 0.6280 0.6478 +0.0061 Jun 02 0.6498 0.6310 0.6498 +0.0063 Jul 02 0.6448 0.6370 0.6448 +0.0065 Aug 02 0.6333 0.6200 0.6333 +0.0065 Sep 02 0.6158 0.6025 0.6158 +0.0065 Oct 02 0.6180 0.5898 0.5898 +0.0062 Nov 02 0.6120 0.5813 0.5813 +.00055 -------------------------------------------------------------- Plains All American to Expand Cushing Terminal Plains All American Pipeline has said it will proceed with the Phase III expansion of its Cushing Terminal Facility. Under the expansion, Plains will add about 1.1 million barrels of additional tankage. The Phase III project will increase the total capacity of the facility to about 5.3 million barrels and is expected to cost about $11 million. The 1.1 million barrel Phase II expansion project is currently under way and scheduled to be completed next June. Construction on the Phase III tankage will begin immediately and is expected to be operational by next December. Construction of the original Cushing Terminal was completed in 1994 with an initial capacity of 2.0 million barrels. The Phase I expansion was completed in mid-1999 and added 1.1 million barrels of tank capacity. Collectively, the Phase II and Phase III expansions will increase the aggregate capacity of the Cushing Terminal by 70%. Upon completion of the Phase II and Phase III expansion projects, the Cushing Terminal will consist of fourteen 100,000 barrel tanks, four 150,000 barrel tanks, twelve 270,000 barrel tanks and a manifold and pumping system capable of handling up to 800,000 barrels of crude oil throughput per day. ------------------------------------------------------------- ??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 | 2.24 | | ANR SE | 2.32 | | Carthage TG | 2.30 | | Chicago Citygate | 2.38 | | Columbia Gulf Onshore | 2.36 | | Dominion South Point | 2.50 | | Henry Hub | 2.39 | | Houston Ship Channel | 2.37 | | Katy Hub | 2.31 | | NGPL LA Pool | 2.31 | | NGPL - Midcontinent | 2.24 | | NGPL STX | 2.26 | | NGPL TX/OK | 2.27 | | NNG Demarc. | 2.32 | | Niagara | 2.58 | | Sonat Tier 1 | 2.35 | | TCO IPP Pool | 2.49 | | Tetco ELa | 2.38 | | Tetco M-3 | 2.84 | | Tetco STX | 2.26 | | TGP Zone 0 | 2.27 | | TGP Zone 1 (500 Leg) | 2.32 | | TGT Zone SL | 2.37 | | New York Citygate | 2.98 | | Transco Station 65 | 2.43 | | Transco Zone 6 (NY) | 2.99 | | Trunk ELa | 2.33 | | Western Region | California Border | 2.29 | | El Paso Keystone | 2.19 | | El Paso San Juan-Blanco | 2.18 | | Waha Hub | 2.24 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 3.02 | | Dawn Hub/Union | 2.39 | | Northwest Stanfield | 2.17 | | Wyoming Pool | 2.12 | | Opal/Kern River | 2.12 | | PGT-Malin | 2.26 | | Sumas | 2.17 | Flow Date 1/17 ------------------------------------------------------------- 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 dropped 59.88 points to 7584.02 The CRB Index added 1.32 points to 194.32 The US Dollar increased 0.16 points to 117.56 The Dow declined 211.46 points to 9712.27 The S&P 500 lost 18.62 points to 1127.57 The Nasdaq was down 56.47 points to 1944.44 February NYMEX Crude Oil fell 0.04 to 18.86 Canadian-US Exchange rose 0.0050 to 1.5947 ------------------------------------------------------------- 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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