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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 Monday, February 11 2002? No. 480 Visit our website at: http://www.enerfaxgold.com PETROLEUM PRICES ??? | Bonny Light | $20.19 | Brent | $20.09 | Butane | $ 0.40 | Fuel Oil #2 | $ 0.53 | Louisiana | $20.85 | Medit. | $18.54 | Propane Non-tet | $ 0.31 | Propane Wet-tet | $ 0.31 | W. Tx Int Cush | $20.28 | W. Tx Sour | $19.05 | Euro in US equiv | 0.8730 ------------------------------------------------------------- Todays Petro Bulletins * Young Oil Hits 3rd Flowing Oil Well in Kentucky * Big Speculators Trim NYMEX Net Short Crude Positions * McDermott Wins Ruling in Asbestos Case * MMS Awards ChevronTexaco, Williams, Equiva and Exxon Mobil 1st Contracts to Deliver 60,000 bpd of Royalty-in-Kind Crude Oil to SPR * FTC Approves ChevronTexaco's Plan to Sell Texaco's Stake in Motiva and Equilon to Shell Oil and Saudi Refining * Teppco Partners Files with SEC to Sell Up to $500 Million of 10- Year Senior Unsecured Notes * BG's Indian LNG Project Bogged Down by Higher Taxes * Colombia Finds Two 100 Million-Barrel Oil Fields * Fitch Affirms CITGO Petroleum and PDV America `BBB' Ratings * Suncor Energy Foundation Donates $3.4 Million to 212 Charitable Organizations in 2001 ------------------------------------------------------------- OPEN SEASON SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR Holdings, L.L.C., is conducting an open season for firm storage services at its new high-deliverability, salt cavern, natural gas storage facility, known as the Southern Pines Energy Center. The open season will begin at 9:00 a.m. CDT on February 4, 2002, and will continue until 5:00 p.m. CDT on March 4, 2002. The project is located at the border of Mississippi and Alabama with access to the major pipelines serving the Mid-Atlantic and the Southeastern United States. The facility is ideally located to serve as a transportation and storage hub for shippers on any one of nine major pipelines that will be interconnected directly or indirectly to the project. Information on the facility and the Open Season is available on our web site at http://www.sgr-holdings.com or contact us at 713-914-8188 -------------------------------------------------------------- NYMEX - NY Harbor Heating Oil? ? ? ? ? ? Month ??High ??Low? ? Last ? Change MAR 02 0.5370 0.5200 0.5334 +0.0140 APR 02 0.5390 0.5230 0.5381 +0.0137 MAY 02 0.5410 0.5275 0.5401 +0.0127 JUN 02 0.5420 0.5335 0.5446 +0.0122 JUL 02 0.5490 0.5375 0.5501 +0.0122 AUG 02 0.5570 0.5495 0.5581 +0.0117 SEP 02 0.5600 0.5580 0.5671 +0.0117 OCT 02 0.5745 0.5644 0.5761 +0.0112 NOV 02 0.5830 0.5800 0.5841 +0.0107 DEC 02 0.5915 0.5900 0.5916 +0.0102 ------------------------------------------------------------- NYMEX Crude Oil Futures ($ / Barrel) Month ?Open ?High ??Low ?Last Change MAR 02 19.71 20.28 19.65 20.26 +0.62 APR 02 20.05 20.65 20.03 20.62 +0.60 MAY 02 20.28 20.80 20.24 20.79 +0.59 JUN 02 20.48 20.80 20.43 20.85 +0.54 JUL 02 20.45 20.63 20.45 20.85 +0.50 AUG 02 20.50 20.50 20.50 20.85 +0.48 SEP 02 20.42 20.90 20.75 20.86 +0.47 OCT 02 20.87 20.87 20.87 20.87 +0.46 NOV 02 20.62 20.62 20.62 20.88 +0.45 DEC 02 20.55 20.85 20.55 20.88 +0.43 ------------------------------------------------------------- Crude Oil Futures Rally on IEA Report Crude oil futures for March delivery on the NYMEX gained $0.62 to $20.26 per barrel on Friday as speculators and small traders covered short positions ahead of the weekend. The market softened last week after a report by the EIA of a 2.4 million barrel rise in crude stocks as refineries cut production due to poor margins. The latest report from the IEA gave the market a boost by indicating that OPEC, excluding Iraq, exported 640,000 bpd less of oil last month than in December. The IEA pegged production by the 10 cartel members with quotas at 23 million bpd, still well above their 21.7 million bpd limit. Even though OPEC's cut is less than half of their promised curbs, non-OPEC producers only trimmed exports by a third of their promised reductions. The IEA says that there are opposing forces at work in the oil market, while OPEC and others are lowering exports, refiners are cutting runs, reducing demand and largely offsetting the export reductions. Reports that Kuwait's state oil refiner would shutdown its 200,000 bpd Shuaiba refinery for 7-10 days due a mechanical problem helped lift prices. Heating oil for March delivery on the NYMEX climbed $0.014 to $0.5334 per gallon. March gasoline futures on the NYMEX rose $0.018 to $0.5877 per gallon. In London, Brent crude oil futures for March delivery on the IPE were up $0.51 to $19.72 per barrel. ------------------------------------------------------------- NYMEX Henry Hub Natural Gas Futures 12 Month Strip ?2.5783 +0.0369 ? ? ? 18 Month Strip ?2.6708 +0.0306 ? ? | Month | High | Low | Close | Change | | MAR | 2.210 | 2.150 | 2.191 | +0.041 | | APR | 2.280 | 2.215 | 2.265 | +0.043 | | MAY | 2.350 | 2.287 | 2.338 | +0.046 | | JUN | 2.410 | 2.352 | 2.403 | +0.043 | | JUL | 2.470 | 2.413 | 2.460 | +0.040 | | AUG | 2.520 | 2.473 | 2.510 | +0.037 | | SEP | 2.520 | 2.476 | 2.512 | +0.036 | | OCT | 2.545 | 2.502 | 2.537 | +0.035 | | NOV | 2.760 | 2.717 | 2.750 | +0.033 | | DEC | 2.965 | 2.917 | 2.951 | +0.031 | | JAN | 3.050 | 3.000 | 3.041 | +0.031 | | FEB | 2.990 | 2.949 | 2.981 | +0.026 | ------------------------------------------------------------- Baker Hughes January 2002 Rig Counts Baker Hughes international rig count for January 2002 was 744, down 8 from 752 in December 2001 and up 27 from 717 in January 2001. The international offshore rig count for January 2002 was 235 up 13 from 222 in December 2001 and up 29 from the 206 in January 2001. The US rig count for January 2002 was 867 down 34 from 901 in December 2001 and down 251 from 1,118 in January 2001. The Canadian rig count for January 2002 was 405 up 141 from 264 in December 2001 and down 134 from 539 in January 2001. The worldwide rig count for January 2002 was 2,016 up 99 from 1,917 in December 2001 and down 358 from 2,374 in January 2001. ------------------------------------------------------------- ??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 ????? ------------------------------------------------------------- Hunt Oil Commissions Study for Camisea LNG Project A subsidiary of Hunt Oil, Camisea LNG, has selected Kellogg Brown & Root, a division of the Halliburton, to conduct a Front End Engineering Design study for a LNG liquefaction facility and marine terminal on the coast of Peru south of Lima. The $8.5 million study is expected to be complete in about 8 months. The facility will be near the Camisea natural gas field, which is estimated to contain 13 Tcf. Development of the field and construction of a pipeline and related facilities to deliver gas to Lima are currently underway and are expected to be completed in 2004. If the plant is constructed, Peru would become the first country in South America to export LNG, with shipments expected by the last quarter of 2006. The FEED contract will include studies from the inlet to the LNG facility, through the liquefaction process, to the marine LNG loading facility. The design study contemplates a one-train liquefaction plant with a total production capacity of at least 545 MMcf of gas per day. Kellogg Brown & Root will also study and engineer plans for a dehydration facility, an acid gas removal facility, and other necessary infrastructure. Concurrent with the FEED contract, environmental impact assessment for the Camisea LNG export project will be conducted. ------------------------------------------------------------- IPE-Brent Crude futures (US $/barrel) Month ?First ?High ?Low ??Sett ?Chg MAR 02 19.35 19.80 19.32 19.72 +0.51 APR 02 19.67 20.05 19.60 19.97 +0.45 MAY 02 19.88 20.20 19.75 20.15 +0.43 JUN 02 19.73 19.99 19.65 19.97 +0.39 JUL 02 19.74 19.93 19.66 19.93 +0.35 AUG 02 19.78 19.93 19.71 19.93 +0.31 SEP 02 19.82 19.96 19.76 19.96 +0.29 OCT 02 19.99 19.99 19.99 19.99 +0.29 NOV 02 20.02 20.02 20.02 20.02 +0.29 DEC 02 20.05 20.05 20.05 20.05 +0.30 ------------------------------------------------------------- NYMEX-Mont Belvieu Propane Gas Futures($ / Gallon) Month ? ?High ??Low ??Last ? Change Mar 02 0.3075 0.3060 0.3075 +0.0025 Apr 02 0.3100 0.3075 0.3100 +0.0025 May 02 0.3100 0.3100 0.3100 +0.0025 Jun 02 0.3125 0.3025 0.3125 +0.0025 Jul 02 0.3125 0.3000 0.3125 +0.0025 Aug 02 0.3150 0.3100 0.3150 +0.0025 Sep 02 0.3300 0.3125 0.3300 +0.0025 Oct 02 0.3300 0.3150 0.3300 +0.0025 Nov 02 0.3325 0.3175 0.3325 +0.0025 Dec 02 0.3400 0.3250 0.3400 +0.0025 ------------------------------------------------------------- Williams Cuts Deliveries on Pipeline Williams says it has cut deliveries in its oil products pipeline in the Midwest through the end of February and then will re-evaluate the situation. Sharply lowered demand for diesel fuel and gasoline have led to a supply glut in the Midwest, despite cutbacks in refinery runs. Current low prices make it more economically feasible to store the products rather than take them out of storage. As a result, there is danger of a backup of gasoline and diesel fuel supplies in the Gulf Coast region. Williams would not provide specific figures on the volumes being cut on its 9,000 miles of pipeline that includes 39 terminals in 11 states. In 2001, the Williams Pipe Line system moved an average of about 740,000 bpd. Currently, there is about 6.8 million barrels in storage, out of a 7 million barrel capacity for 87 octane gasoline in the Williams system. Williams' diesel fuel capacity is about 4.5 million barrels, and for the past 2 weeks Williams has carried more than 5 million barrels in the system. As summer approaches, the pressure is on for Williams to turn around its gasoline stocks. The winter-grade gasoline is now in the tanks. The oversupply will make it more difficult this year for Williams to turn over the product in time for summer-grade gasoline, which must be at terminals by May 1st. ------------------------------------------------------------- IPE - ARA Gas Oil Futures $ / Tonne Month ??High ??Low ???Sett ?Change MAR 02 165.00 162.00 164.75 + 4.75 APR 02 166.75 164.00 166.75 + 4.75 MAY 02 168.00 165.75 168.00 + 4.00 JUN 02 169.75 167.00 169.75 + 3.75 JUL 02 171.50 171.00 171.50 + 3.50 AUG 02 173.25 173.25 173.25 + 3.25 SEP 02 175.25 175.25 175.25 + 3.25 OCT 02 177.25 177.25 177.25 + 3.25 NOV 02 178.25 178.25 178.25 + 3.25 DEC 02 178.78 178.75 178.75 + 3.00 ------------------------------------------------------------- NY HARBOR UNLEADED GAS FUTURES Month? ?High ? Low ???Last ??Change Mar 02 0.5900 0.5710 0.5877 +0.0180 Apr 02 0.6590 0.6435 0.6576 +0.0148 May 02 0.6650 0.6520 0.6649 +0.0141 Jun 02 0.6675 0.6580 0.6671 +0.0133 Jul 02 0.6624 0.6330 0.6624 +0.0122 Aug 02 0.6516 0.6440 0.6516 +0.0114 Sep 02 0.6341 0.6335 0.6341 +0.0109 Oct 02 0.6081 0.5815 0.6081 +0.0104 Nov 02 0.5991 0.5810 0.5991 +0.0099 Dec 02 0.5971 0.5860 0.5971 +0.0094 ------------------------------------------------------------- Senate Seeks to Increase Vehicle Fuel Standards Democrats in the Senate have introduced legislation to raise vehicle fuel efficiency standards and close a loophole that allows SUVs to get lower gasoline mileage than cars. The bill, which aims to reduce dependence on foreign oil by cutting back on gasoline use, would require the vehicle fleet to average 35 miles per gallon by 2013, up from the current 24 mpg. Currently, the Corporate Average Fuel Economy standards require passenger cars to average 27.5 mpg, while sport-utility vehicles, along with mini-vans and other vehicles in the light truck category, need get only 20.7 mpg. The proposed legislation would slowly increase the fuel efficiency of both cars and light trucks. The CAFE standards would increase to 33.2 mpg for cars and 26.2 mpg for light trucks by 2010, and then jump to 38.3 mpg for cars and 32 mpg for light trucks in 2013. The legislation would combine the passenger car and light truck categories beginning with the 2010 model year. However, heavy-duty pickup trucks are not included. Gasoline demand accounts for 45% of the 19.8 million barrels of oil that is consumed daily in the American market. Half of that oil is imported. Raising the fuel standard would save 2.6 million bpd by 2020. Republicans have come up with a competing CAFE plan that would require an average fuel economy for fleet of 36 mpg by 2016. Higher fuel requirements would be phased in beginning with the 2007 model year. That bill would combine light trucks and SUVs with passenger cars when calculating the fleet's fuel economy, thereby eliminating the SUV loophole. It would also allow auto makers to trade greenhouse gas emission credits with other industries to help meet the higher CAFE requirements. Auto makers say a significant boost in mileage requirements would force them to make more expensive, light-weight vehicles that they claim would be less safe. Whichever CAFE standard the Senate Committee approves will be included in a broad energy bill the Senate will begin debating this week. However, higher fuel requirements might not make it beyond the Senate floor if the parties are not able to resolve differences over both the CAFE standard and drilling in the Arctic National Wildlife Refuge. The Senate will also have to work out differences on energy policy with the House of Representatives. The House passed its own version of a broad energy bill last August that would allow drilling in ANWR and increase the vehicle mileage requirements only slightly. ------------------------------------------------------------- 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 main phone number: 1 510-548-6200 email address: info@fea.com ------------------------------------------------------------- PHYSICAL GAS PRICES? ? ? Gulf/Eastern Region | Agua Dulce | 2.08 | | ANR SE | 2.15 | | Carthage TG | 2.14 | | Chicago Citygate | 2.21 | | Columbia Gulf Onshore | 2.17 | | Dominion South Point | 2.40 | | Henry Hub | 2.21 | | Houston Ship Channel | 2.21 | | Katy Hub | 2.15 | | NGPL LA Pool | 2.15 | | NGPL - Midcontinent | 2.10 | | NGPL STX | 2.11 | | NGPL TX/OK | 2.14 | | NNG Demarc. | 2.17 | | Niagara | 2.38 | | Sonat Tier 1 | 2.17 | | TCO IPP Pool | 2.29 | | Tetco ELa | 2.16 | | Tetco M-3 | 2.49 | | Tetco STX | 2.10 | | TGP Zone 0 | 2.12 | | TGP Zone 1 (500 Leg) | 2.17 | | TGT Zone SL | 2.14 | | New York Citygate | 2.51 | | Transco Station 65 | 2.23 | | Transco Zone 6 (NY) | 2.51 | | Trunk ELa | 2.18 | | Western Region | California Border | 2.17 | | El Paso Keystone | 2.05 | | El Paso San Juan-Blanco | 2.05 | | Waha Hub | 2.11 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 2.93 | | Dawn Hub/Union | 2.30 | | Northwest Stanfield | 2.04 | | Wyoming Pool | 1.97 | | Opal | 1.97 | | PGT-Malin | 2.10 | | Sumas | 2.00 | Flow Dates 2/9-11 ------------------------------------------------------------- Nymex Option Volatility Supplied by "The Daily Hedger" http://www.energyinstitution.org WTI Futures Days Left Implied Month Settlement to Exp Volatility Mar $20.26 6 42.7% Apr $20.62 35 44.3% May $20.79 68 41.6% Jun $20.85 97 41.9% Jul $20.85 129 40.4% Aug $20.85 159 41.2% Sep $20.86 188 39.8% Oct $20.87 221 37.8% Nov $20.88 251 36.6% Dec $20.88 280 35.1% HEATING OIL Futures Days left Implied Month Settlement to Exp Volatility Mar $0.5334 17 42.2% Apr $0.5381 46 39.6% May $0.5401 76 39.4% Jun $0.5446 109 38.5% Jul $0.5504 137 37.4% Aug $0.5581 168 36.9% Sep $0.5671 200 36.5% Oct $0.5761 229 35.6% Nov $0.5841 262 34.6% Dec $0.5916 291 33.6% NY HARBOR UNLEADED Futures Days left Implied Month Settlement to Exp Volatility Mar $0.5877 17 43.2% Apr $0.6576 45 41.5% May $0.6649 76 41.5% Jun $6.6671 109 40.9% Jul $0.6624 137 38.7% Aug $0.6516 168 38.4% Sep $0.6341 200 37.6% Natural Gas Futures Implied Month Settlement Days Left Volatility Mar $2.191 17 59.9% Apr $2.265 45 50.2% May $2.338 76 51.6% Jun $2.403 109 46.7% Jul $2.460 137 42.9% Aug $2.510 168 42.8% Sep $2.512 200 43.7% Oct $2.537 229 46.4% Nov $2.750 262 44.5% Dec $2.951 290 45.3% ------------------------------------------------------------- Shell to Rebrand Newly Acquired Stations In one of the largest rebranding efforts ever undertaken in the US, Shell plans to spend about $500 million to replace the Texaco name with its own logo on thousands of gasoline stations it acquired from ChevronTexaco. The Texaco stations will be given a new look, similar to those of Shell's European stations and about 9,000 current Shell stations in the US will also be given a facelift to match. ChevronTexaco sold the stations to Shell after the FTC required it to divest the stations and other assets in order to gain approval for its merger. Shell says it may either close or sell 10%-30% of the retail outlets it acquired in the deal and could trim about 15% of jobs at those stations. The acquisitions will give Shell over 20,000 retail outlets in the US, or about 15% of the market, making it the largest retailer of gasoline in the country. It will also be the largest retail gasoline operator worldwide, with about 45,000 stations, mostly in Europe. Shell was also given the rights to sell Texaco's Havoline motor oil for 18 months. The acquisition be approved by the attorneys general in 12 states. ------------------------------------------------------------- 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 ------------------------------------------------------------- Have your ad seen by over 45,000 energy professionals for $500. Write GOLDADS@enerfax.com for more information or call 800-809-8289 -------------------------------------------------------------- FINANCIAL SUMMARY The TSE 300 climbed 51.94 points to 7535.36 The CRB Index added 1.54 points to 191.76 The US Dollar decreased 0.09 points to 118.98 The Dow advanced 118.80 points to 9744.24 The S&P 500 gained 16.05 points to 1096.22 The Nasdaq was up 36.77 points to 1818.88 March NYMEX Crude Oil rose 0.62 to 20.26 Canadian-US Exchange lost 0.0014 to 1.5974 ------------------------------------------------------------- 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. Past issues are also available on http://www.egroups.com, sign up for a free id with password. Then go to Join a Group and put Enerfax in the search box to view past isues. ------------------------------------------------------------- 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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