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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\E-mail Bin X-Origin: Watson-K X-FileName: kwatson (Non-Privileged).pst Enerfax GOLD NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES INFORMATION SOURCE Tuesday, February 5 2002? No. 476 Visit our website at: http://www.enerfaxgold.com PETROLEUM PRICES ??? | Bonny Light | $20.33 | Brent | $20.20 | Butane | $ 0.38 | Fuel Oil #2 | $ 0.53 | Louisiana | $20.50 | Medit. | $18.40 | Propane Non-tet | $ 0.29 | Propane Wet-tet | $ 0.29 | W. Tx Int Cush | $20.08 | W. Tx Sour | $18.95 | Euro in US equiv | 0.8707 ------------------------------------------------------------- Todays Petro Bulletins * EIA Says Retail Gasoline Up $0.015 per Gallon Last Week * Sunoco Logistics Raises $101 Million in IPO of Common Units * Kinder Morgan Energy Partners to Invest $43 Million in Terminals Segment through Acquisitions and Expansion * Torch Rig Services Acquires Grayson Services for About $3.1 Million * Comstock Resources Says Total Proved Oil and Natural Gas Reserves are 462.1 Bcf and 17.3 Million Barrels, Up 41% from Year Ago * Enterprise Completes Acquisition of Diamond-Koch's Propylene Fractionation Business for $231.5 in Cash * Swift Energy Awarded Petroleum Mining Permit For Development of Rimu Discovery In New Zealand * President Bush Seeks Largest DOE Budget Ever at $21.92 Billion * OPEC Says Oil Supply Increase Unlikely Before September ------------------------------------------------------------- ENERGY MANAGEMENT INSTITUTE Higher Education for refined product professionals NOW ENROLLING RISK MANAGEMENT COURSES: PROFESSIONAL GASOLINE AND DISTILLATE MANAGEMENT, PETROLEUM MARKETER, and ADVANCED GASOLINE AND DISTILLATE MASTER LEVEL. REGISTER NOW, CLASS SIZES ARE LIMITED. SEE COMPLETE DETAILS CLICK HERE: http://www.energyinstitution.org -------------------------------------------------------------- NYMEX - NY Harbor Heating Oil? ? ? ? ? ? Month ??High ??Low? ? Last ? Change Mar 02 0.5510 0.5360 0.5381 -0.0150 Apr 02 0.5515 0.5390 0.5411 -0.0141 May 02 0.5490 0.5405 0.5426 -0.0131 Jun 02 0.5520 0.5449 0.5461 -0.0121 Jul 02 0.5590 0.5475 0.5516 -0.0116 Aug 02 0.5660 0.5596 0.5596 -0.0111 Sep 02 0.5700 0.5686 0.5686 -0.0106 Oct 02 0.5785 0.5776 0.5776 -0.0101 Nov 02 0.5930 0.5856 0.5856 -0.0060 Dec 02 0.5970 0.5931 0.5931 -0.0101 ------------------------------------------------------------- NYMEX Crude Oil Futures ($ / Barrel) Month ?Open ?High ??Low ?Last Change Mar 02 20.30 20.35 19.93 20.07 -0.31 Apr 02 20.60 20.60 20.24 20.36 -0.27 May 02 20.80 20.80 20.40 20.56 -0.28 Jun 02 20.86 20.86 20.60 20.67 -0.28 Jul 02 20.77 20.80 20.60 20.68 -0.28 Aug 02 20.90 20.90 20.69 20.69 -0.28 Sep 02 20.74 20.80 20.70 20.70 -0.28 Oct 02 20.75 20.80 20.60 20.71 -0.28 Nov 02 20.76 20.76 20.68 20.72 -0.29 Dec 02 20.90 20.92 20.68 20.73 -0.28 ------------------------------------------------------------- Crude Oil Futures Dip as Kuwait Maintains Output Levels Crude oil futures for March delivery on the NYMEX dipped $0.31 to $20.07 per barrel yesterday after reports that a fire at a Kuwaiti oil gathering facility last week would not affect exports for the time being. Kuwaits oil minister said that the 6 million barrels of oil in the nations storage could replace the 280,000 bpd shortage for about 20 days. It is expected to take 15-30 days to repair the facility. Remarks by the OPEC secretary-general that the cartel was unlikely to raise production before September because slow global demand will not recovere until then also pressured the market lower. Traders said prices were also down because without fresh market- moving news, many pulled out of long positions when news of the Kuwaiti oilfield fire drove prices up $0.90 last Friday. In addition, weak petroleum products futures failed to provide any support for crude. Heating oil futures for March delivery on the NYMEX fell $0.0150 to $0.5381 per gallon. Gasoline futures for March delivery on the NYMEX tumbled $0.0103 to $0.5931 per gallon. In London, Brent crude oil futures for March delivery on the IPE were down $0.17 to $19.81 per barrel. ------------------------------------------------------------- ???????????????????? NYMEX Henry Hub Natural Gas Futures 12 Month Strip ?2.5016 -0.0140 ? ? ? 18 Month Strip ?2.6023 -0.0098 ? ? | Month | High | Low | Close | Change | | MAR | 2.150 | 2.080 | 2.117 | -0.021 | | APR | 2.215 | 2.150 | 2.184 | -0.014 | | MAY | 2.270 | 2.220 | 2.252 | -0.014 | | JUN | 2.330 | 2.296 | 2.317 | -0.014 | | JUL | 2.400 | 2.365 | 2.377 | -0.014 | | AUG | 2.450 | 2.420 | 2.432 | -0.014 | | SEP | 2.450 | 2.420 | 2.432 | -0.014 | | OCT | 2.475 | 2.440 | 2.459 | -0.011 | | NOV | 2.700 | 2.670 | 2.679 | -0.016 | | DEC | 2.900 | 2.870 | 2.879 | -0.015 | | JAN | 2.980 | 2.960 | 2.969 | -0.012 | | FEB | 2.930 | 2.910 | 2.922 | -0.009 | ------------------------------------------------------------- OPEN SEASON SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR Holdings, L.L.C., is conducting an open season for firm storage services at its new high-deliverability, salt cavern, natural gas storage facility, known as the Southern Pines Energy Center. The open season will begin at 9:00 a.m. CDT on February 4, 2002, and will continue until 5:00 p.m. CDT on March 4, 2002. The project is located at the border of Mississippi and Alabama with access to the major pipelines serving the Mid-Atlantic and the Southeastern United States. The facility is ideally located to serve as a transportation and storage hub for shippers on any one of nine major pipelines that will be interconnected directly or indirectly to the project. Information on the facility and the Open Season is available on our web site at http://www.sgr-holdings.com or contact us at 713-914-8188. ------------------------------------------------------------- Pennzoil-Quaker State Restates Earnings Pennzoil-Quaker State plans to restate results dating as far back as 1999 to fix an error in the financial statements at Excel Paralubes, a joint venture with Conoco. Pennzoil says the restatement will cut into its net income in each of the restated periods and reduce earnings per share in some cases. The restatement was necessary because the allocation of certain products meant to be distributed between Excel Paralubes and Conoco was measured incorrectly and had been incorrect since operations at Excel began in 1997. The change reduces net income for 2000 by $1.6 million, or $0.02 per share, and cut 1999 net income by $600,000, which amounted to no change per share. Net income for the 3rd quarter of 2001 dropped by $600,000, or $0.01 per share, while 2nd quarter income fell $100,000 and 1st quarter income dropped $400,000, with no change to earnings per share. ------------------------------------------------------------- ??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 ????? ------------------------------------------------------------- Contract Negotiations On-Going at Some Refineries The Paper, Allied-Industrial, Chemical and Energy Workers International Union has been continuing contract negotiations with some refineries. The union said there was no immediate threat of a strike at any of the locations. The union is encouraging locals and refineries to use a national pact reached last week as a template for their contracts. The contract will not go into effect until it is ratified by union locals at each refinery. The workers' previous contracts expired February 1st and is being extended on a day-by-day basis. Contract talks are on-going at: Conoco's Commerce City, CO and Billings, MT refineries; Phillips refineries in Trainer, PA and Ferndale WA; BP's refineries in Whiting, IN and Texas City; ChevronTexaco's Port Arthur refinery; Frontier Oils refinery in El Dorado, KS and an Equilon refinery in the San Francisco Bay area, where workers have argued for better compensation because the cost of living in northern California is higher than in other areas of the country. Workers at several chemical plants and a BP pipeline also have yet to ratify the national deal. Most workers at US refineries have already ratified the contract. ------------------------------------------------------------- IPE-Brent Crude futures (US $/barrel) Month ?First ?High ?Low ??Sett ?Chg MAR 02 19.64 19.92 19.62 19.81 -0.17 APR 02 19.50 20.13 19.83 20.02 -0.18 MAY 02 19.60 20.16 19.89 20.07 -0.21 JUN 02 19.45 20.03 19.80 19.91 -0.27 JUL 02 19.45 19.93 19.76 19.89 -0.28 AUG 02 20.20 19.91 19.91 19.91 -0.29 SEP 02 19.62 19.93 19.88 19.93 -0.30 OCT 02 19.65 19.95 19.93 19.95 -0.31 NOV 02 20.28 19.98 19.98 19.98 -0.30 DEC 02 20.10 19.91 19.91 20.01 -0.29 ------------------------------------------------------------- NYMEX-Mont Belvieu Propane Gas Futures($ / Gallon) Month ? ?High ??Low ??Last ? Change Mar 02 0.2990 0.2950 0.2975 +0.0025 Apr 02 0.3075 0.3000 0.3000 +0.0025 May 02 0.3000 0.2900 0.3000 +0.0000 Jun 02 0.3050 0.3025 0.3025 -0.0025 Jul 02 0.3025 0.3000 0.3025 -0.0050 Aug 02 0.3150 0.3100 0.3150 -0.0050 Sep 02 0.3200 0.3125 0.3200 ?0.0050 Oct 02 0.3200 0.3150 0.3200 -0.0050 Nov 02 0.3225 0.3175 0.3225 -0.0050 Dec 02 0.3300 0.3250 0.3300 -0.0050 ------------------------------------------------------------- CMS Energy Reports 4th Quarter Loss CMS Energy has reported a 4th quarter loss due to an extended nuclear plant outage and a sharp drop in power and natural gas prices. CMS losses of $138 million, or $1.03 per share, were less than a year ago when it lost $171 million, or $1.44, after it took a $268 million charge for an investment in a Australian power plant. Revenue dipped 26% to $2.35 billion from $3.19 billion. CMS has projected earnings in the $2.00 $2.05 range for 2002, with average estimates by analysts being $1.99 per share. The devaluation of Argentinas currency, where CMS has energy assets, may result in a $19 million reduction in earnings to $24 million, or $0.13 $0.17 per share. Profit at CMS Consumers Energy utility plunged 61% in the 4th quarter from $193 million to $75 million because of warmer than usual weather and an extended outage at its Michigan nuclear plant, forcing the utility to pay higher prices for power to serve its customers. Profits from CMS other businesses dropped by 30% to $84 million from $120 million as wholesale power and natural gas prices nose-dived. Energy marketing and trading lost $7 million, compared to $12 million in profits a year ago. Natural gas transmission earnings fell 31% to $38 million. ------------------------------------------------------------- IPE - ARA Gas Oil Futures $ / Tonne Month ??High ??Low ???Sett ?Change MAR 02 168.25 164.75 166.50 - 0.75 APR 02 169.25 166.25 168.00 - 0.75 MAY 02 170.75 168.00 169.50 - 0.25 JUN 02 172.75 169.75 171.25 - 0.25 JUL 02 173.25 173.00 173.25 + 0.00 AUG 02 175.00 175.00 175.00 + 0.25 SEP 02 176.75 176.75 176.75 + 0.25 OCT 02 178.50 177.75 178.50 + 0.25 NOV 02 179.50 179.50 179.50 + 0.25 DEC 02 181.00 179.00 180.25 + 0.25 ------------------------------------------------------------- NY HARBOR UNLEADED GAS FUTURES Month? ?High ? Low ???Last ??Change Mar 02 0.6020 0.5860 0.5931 +0.0000 Apr 02 0.6640 0.6535 0.6564 +0.0000 May 02 0.6690 0.6600 0.6626 +0.0000 Jun 02 0.6650 0.6610 0.6633 +0.0000 Jul 02 0.6583 0.6550 0.6583 +0.0000 Aug 02 0.6480 0.6435 0.6476 +0.0000 Sep 02 0.6296 0.6135 0.6296 +0.0000 Oct 02 0.6036 0.5815 0.6036 +0.0000 Nov 02 0.5951 0.5810 0.5951 +0.0000 Dec 02 0.5936 0.5860 0.5936 +0.0000 ------------------------------------------------------------- Alaskan Lawmakers Debate Oil and Natural Gas Subsidy Alaskan lawmakers are debating a bill which would expand a program that cuts the state's share of oil and natural gas from some projects. The bill would expand the discovery royalty credit program which currently applies only in Cook Inlet to the Tanana basin. Critics of the measure do not think it provides an effective incentive and it costs the state money. The program lowers Alaska's share of oil and natural gas royalties from the usual 12.5% to 5%, which detractors say is a relatively small amount to those who would invest hundreds of millions of dollars in a project, compared to other factors, such as price. They also say that Alaska lost $29 million on the Redoubt Shoals project in Cook Inlet, which had been planned before the incentive became available. Backers of the Redoubt Shoals project argue that the incentive is effective in luring new investment because it allows companies to better manage risks. Legislators that support the measure say they are very concerned about stimulating the economy in Alaska and say that if the program is available in Cook Inlet, it should also apply to the Interior. Another proposal, House Bill 307, which would extend the expiration date of an exploration incentive credit program from 2004 to 2007 passed with no trouble. That program would allow the state to provide a credit of up to $5 million per project for companies willing to drill on state or private land, provided the company agrees to share its data with the state in a timely manner. ------------------------------------------------------------- ENERGY. @ENERGY(r), FEA's Complete Suite of Energy Products, BUILT FOR THE FUTURE. *Manage all your energy risks. *Build and Price deals. *Value physical assets (generation, storage, etc.) *Report and reduce your energy risks FEA FINANCIAL ENGINEERING ASSOCIATES Inc. http://www.fea.com/?cId=18 Jennifer Cogley Marketing Department Financial Engineering Associates 2201 Dwight Way Berkeley, CA 94704 www.fea.com mailto:jennifer.cogley@fea.com T. +1 510-549-8702x209 F. +1 510-548-0332 ------------------------------------------------------------- PHYSICAL GAS PRICES? ? ? Gulf/Eastern Region | Agua Dulce | 2.04 | | ANR SE | 2.12 | | Carthage TG | 2.11 | | Chicago Citygate | 2.17 | | Columbia Gulf Onshore | 2.17 | | Dominion South Point | 2.37 | | Henry Hub | 2.18 | | Houston Ship Channel | 2.16 | | Katy Hub | 2.10 | | NGPL LA Pool | 2.12 | | NGPL - Midcontinent | 2.05 | | NGPL STX | 2.07 | | NGPL TX/OK | 2.09 | | NNG Demarc. | 2.12 | | Niagara | 2.41 | | Sonat Tier 1 | 2.13 | | TCO IPP Pool | 2.28 | | Tetco ELa | 2.13 | | Tetco M-3 | 2.64 | | Tetco STX | 2.07 | | TGP Zone 0 | 2.06 | | TGP Zone 1 (500 Leg) | 2.13 | | TGT Zone SL | 2.16 | | New York Citygate | 2.93 | | Transco Station 65 | 2.21 | | Transco Zone 6 (NY) | 2.92 | | Trunk ELa | 2.11 | | Western Region | California Border | 2.17 | | El Paso Keystone | 2.04 | | El Paso San Juan-Blanco | 2.05 | | Waha Hub | 2.06 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 2.84 | | Dawn Hub/Union | 2.28 | | Northwest Stanfield | 2.00 | | Wyoming Pool | 1.90 | | Opal | 1.90 | | PGT-Malin | 2.09 | | Sumas | 1.97 | Flow Date 2/5 ------------------------------------------------------------- Nymex Option Volatility Supplied by "The Daily Hedger" WTI Futures Days Left Implied Month Settlement to Exp Volatility Mar $20.07 10 54.1% Apr $20.36 39 42.7% May $20.56 72 47.1% Jun $20.67 101 48.5% Jul $20.68 133 46.4% Aug $20.69 163 43.6% Sep $20.70 192 36.6% Oct $20.71 225 38.4% Nov $20.72 255 33.6% Dec $20.73 284 37.1% HEATING OIL Futures Days left Implied Month Settlement to Exp Volatility Mar $0.5381 21 47.5% Apr $0.5411 49 46.5% May $0.5426 80 45.3% Jun $0.5461 113 38.9% Jul $0.5516 141 40.6% Aug $0.5596 172 39.1% Sep $0.5686 204 37.2% Oct $0.5776 233 36.1% Nov $0.5856 266 37.2% Dec $0.5931 291 37.6% UNLEADED Futures Days left Implied Month Settlement to Exp Volatility Mar $0.5931 21 48.0% Apr $0.6564 49 47.4% May $0.6626 80 45.8% Jun $0.6633 113 43.4% Jul $0.6583 141 41.4% Aug $0.6476 172 40.7% Sep $0.6296 204 39.1% ------------------------------------------------------------- 7th Annual THE LDC FORUM * WINTER OF 2002 April 18-19, 2002 - Boston, Massachusetts SAVE $100 - ACT NOW! (offer expires 2-15-02) CONFERENCE HIGHLIGHTS INCLUDE: Meet with over 500 gas buyers and sellers at the largest LDC Forum ever! Special sessions include detailed discussions on The Post- Enron Marketplace, Volatile Gas Prices, Minimizing Risk, New Projects in the Northeast, Supply Issues and more.. FOR ATTENDEES LIST, go to: http://www.interchange-energy.com/Boston/Attendees.htm FOR AGENDA, go to: http://www.interchange-energy.com/Boston/Agenda.htm TO REGISTER, go to: http://www.interchange-energy.com/Boston/Register.htm VISIT OUR WEBSITE at: http://www.interchange-energy.com THE LDC FORUM SERIES: Boston - April 18-19, 2002 http://www.interchange-energy.com/Boston/Home.htm Atlanta - June 10-12, 2002 http://www.interchange-energy.com/Atlanta/Home.htm Chicago - September 9-11, 2002 http://www.interchange-energy.com/Chicago/Home.htm OR CALL Jerry Ribnick at 763-545-1515 The LDC Forum * Winter of 2002 CORPORATE SPONSORS AEP Energy Services * Aquila * Caminus * Columbia Gas Transmission * Conoco Gas and Power * Dominion Transmission * Duke Energy * El Paso Merchant Energy * EnergyUSA-TPC Corporation * Entergy-Koch Trading, LP * Greyhawk Gas Storage Company, LLC * Iroquois Gas Transmission System LP * Lukens Energy Group * Northwinds Pipeline * PG&E National Energy Group * Reliant Energy * Shell Trading (Coral Energy) * Tennessee Gas Pipeline * TransCanada PipeLines * TXU Energy Trading * Union Gas * Williams Gas Pipeline ------------------------------------------------------------- Nymex to Lower Crude Oil Margins The NYMEX will lower the margins on its light, sweet crude oil futures contract at the close of business today. Margins will be decreased to $2,000 from $2,500 for clearing members; to $2,200 from $2.750 for members; and to $2,700 from $3,375 for customers. ------------------------------------------------------------- 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 ------------------------------------------------------------- Occidental Reports $247 Million 4th Quarter Loss Occidental Petroleum has posted a $247 million loss, or $0.66 per share, in the 4th quarter compared to earnings of $333 million or $0.90 per share a year ago. Revenue was down 40% to $2.38 billion from $3.94 billion. Occidental had costs last quarter of $282 million, including $240 million for the planned sale of its 30% stake in chemical company Equistar, and expenses for environmental cleanup and the closure of a chemical plant. Excluding these items, earnings would have been $35 million, or $0.09 per share, near the average earnings estimate by analysts of $0.10 per share. During the 4th quarter, earnings from oil and natural gas production plunged 78% to $166 million from $763 million. Occidental said about $500 million of that was because of lower prices for oil and natural gas. Occidental's chemicals business lost $4 million in the 4th quarter, much less than a $51 million loss a year ago. ------------------------------------------------------------- FINANCIAL SUMMARY The TSE 300 dropped 99.44 points to 7591.07 The CRB Index dipped 0.21 points to 189.30 The US Dollar decreased 0.88 points to 118.91 The Dow declined 220.10 points to 9687.09 The S&P 500 lost 27.76 points to 1094.44 The Nasdaq was down 55.71 points to 1855.53 March NYMEX Crude Oil fell 0.31 to 20.07 Canadian-US Exchange rose 0.0008 to 1.5915 ------------------------------------------------------------- For information on advertising on Enerfax GOlD or Enerfax Daily please write advertise@enerfax.com or call 800-809-8289 ------------------------------------------------------------- Past issues available on Divine's Sagewave. Go to http://www.sagewave.com/D2/autolog/common/log.asp?KEY=enerfax for a free membership to view past issues. ------------------------------------------------------------- Please Welcome Our Advertisers by Visiting These Websites! http://www.fea.com/ http://www.kwi.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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