|
|
Enron Mail |
Mime-Version: 1.0
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 Thursday, February 14 2002? No. 483 Visit our website at: http://www.enerfaxgold.com PETROLEUM PRICES ??? | Bonny Light | $20.86 | Brent | $20.76 | Butane | $ 0.41 | Fuel Oil #2 | $ 0.54 | Louisiana | $21.75 | Medit. | $19.76 | Propane Non-tet | $ 0.32 | Propane Wet-tet | $ 0.32 | W. Tx Int Cush | $21.18 | W. Tx Sour | $19.94 | Euro in US equiv | 0.8706 ------------------------------------------------------------- Todays Petro Bulletins * DOE Says Crude Oil Imports Up 0.541 Million bpd Last Week * DOE Says Gasoline Demand Down 0.106 Million bpd Last Week * DOE Says East Coast Heating Oil Stocks Down 0.1 Million Barrels Last Week * DOE Says Crude Oil Stocks 2.5 Million Barrels Higher Last Week * DOE Says Heating Oil Stocks Down 0.4 Million Barrels Last Week * DOE Says Gasoline Stocks Up 1.0 Million Barrels Last Week * Vintage Petroleum Estimated Proved Reserves Up 9% at End of 2001 * BHP Billiton Says Its Share of Costs for Transporting Mad Dog Oil and Natural Gas More than $100 Million * Shell and Saudi Refining Complete Acquisition of Texaco Downstream * Apache Scores Another Oil Discovery Offshore Northwest Australia ------------------------------------------------------------- OPEN SEASON SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR Holdings, L.L.C., is conducting an open season for firm storage services at its new high-deliverability, salt cavern, natural gas storage facility, known as the Southern Pines Energy Center. The open season will begin at 9:00 a.m. CDT on February 4, 2002, and will continue until 5:00 p.m. CDT on March 4, 2002. The project is located at the border of Mississippi and Alabama with access to the major pipelines serving the Mid-Atlantic and the Southeastern United States. The facility is ideally located to serve as a transportation and storage hub for shippers on any one of nine major pipelines that will be interconnected directly or indirectly to the project. Information on the facility and the Open Season is available on our web site at http://www.sgr-holdings.com or contact us at 713-914-8188 -------------------------------------------------------------- NYMEX - NY Harbor Heating Oil? ? ? ? ? ? Month ??High ??Low? ? Last ? Change Mar 02 0.5670 0.5390 0.5540 +0.0080 Apr 02 0.5700 0.5435 0.5582 +0.0083 May 02 0.5695 0.5460 0.5592 +0.0078 Jun 02 0.5725 0.5510 0.5622 +0.0073 Jul 02 0.5667 0.5575 0.5667 +0.0068 Aug 02 0.5830 0.5630 0.5737 +0.0063 Sep 02 0.5879 0.5730 0.5822 +0.0063 Oct 02 0.5907 0.5840 0.5907 +0.0063 Nov 02 0.6075 0.5925 0.5982 +0.0058 Dec 02 0.6150 0.5970 0.6052 +0.0058 ------------------------------------------------------------- NYMEX Crude Oil Futures ($ / Barrel) Month ?Open ?High ??Low ?Last Change Mar 02 20.65 21.75 20.55 21.18 +0.45 Apr 02 20.95 22.10 20.90 21.52 +0.40 May 02 21.20 22.15 21.05 21.62 +0.36 Jun 02 21.15 22.05 21.10 21.62 +0.35 Jul 02 21.15 21.90 21.15 21.58 +0.34 Aug 02 21.13 21.70 21.13 21.54 +0.33 Sep 02 21.15 21.60 21.15 21.50 +0.32 Oct 02 21.43 21.52 21.43 21.47 +0.31 Nov 02 21.40 21.50 21.20 21.44 +0.30 Dec 02 21.15 21.55 21.00 21.41 +0.29 ------------------------------------------------------------- Crude Oil Futures Rally on Middle East Tensions Crude oil futures for March delivery on the NYMEX climbed $0.45 to $21.18 per barrel yesterday after President Bush said the US would take whatever action it deemed necessary to defend itself against Saddam Hussein. The rally drove speculative funds to cover short positions in the event prices continue to rise. Some traders worried that any action against Iraq could further anti-American sentiment in the Arab world, which could affect oil exports. Fears were further exacerbated by increasing tensions between Israeli and Palestinian forces. Israeli troops raided 3 Palestinian towns in response to a recent rocket attack on Israel. The problems in the middle east overshadowed news of bulging inventories in the most current inventory reports. According to the API crude supplies rose 4.7 million while the EIA reported a much lower 2.5 million barrel increase. Distillate inventories increased 604,000 barrels according to the API and by 200,000 in the EIA report after most had expected a sizable withdrawal because of colder weather across much of the nation last week. Gasoline stocks climbed by 1.7 million in API data and by 1 million according the EIA, while many had expected a draw of up to 2 million barrels. Heating oil futures for March delivery on the NYMEX added $0.008 to $0.554 per gallon. March gasoline futures on the NYMEX rose $0.0071 to $0.609 per gallon. In London, Brent crude oil futures for March delivery on the IPE were up$0.24 to $20.70 per barrel. ------------------------------------------------------------- NYMEX Henry Hub Natural Gas Futures 12 Month Strip ?2.6528 -0.0344 ? ? ? 18 Month Strip ?2.7484 -0.0194 ? ? | Month | High | Low | Close | Change | | MAR | 2.410 | 2.240 | 2.245 | -0.060 | | APR | 2.460 | 2.300 | 2.310 | -0.059 | | MAY | 2.510 | 2.380 | 2.388 | -0.056 | | JUN | 2.580 | 2.458 | 2.458 | -0.049 | | JUL | 2.625 | 2.523 | 2.523 | -0.042 | | AUG | 2.670 | 2.570 | 2.580 | -0.035 | | SEP | 2.680 | 2.570 | 2.587 | -0.030 | | OCT | 2.705 | 2.618 | 2.618 | -0.026 | | NOV | 2.915 | 2.843 | 2.843 | -0.019 | | DEC | 3.140 | 3.054 | 3.054 | -0.012 | | JAN | 3.200 | 3.131 | 3.144 | -0.012 | | FEB | 3.140 | 3.084 | 3.084 | -0.012 | ------------------------------------------------------------- ChevronTexaco Postpones Canadian Oil Project ChevronTexaco has postponed development of the proposed 414 million barrel Hebron-Ben Nevis oil project off Newfoundland, saying that with oil prices at their current low levels, the project is not financially feasible. ChevronTexaco made the move after one of its partners in the project, ExxonMobil, decided to sell several of its exploration licenses in the area. Norsk Hydro and Petro-Canada are the other partners in the venture. ChevronTexaco says that since about 75% of the recoverable reserves in the field are heavy oil, current technology would require additional wells to be drilled, which would add significantly to the costs. Three fields, Hebron, Ben Nevis and West Ben Nevis make up the prospect. All were discovered in the early to mid 1980s. The oil field would have been the 4th major development on the Grand Banks off Canada's east coast. Hibernia, which was the 1st major oil project offshore Newfoundland came on line in 1997 and currently produces about 180,000 bpd. The 2nd, Terra Nova, ran $566 million over budget and began producing last month after a years delay. The 3rd field, White Rose, a joint venture of Husky Energy and Petro-Canada, has received regulatory approval, but no decision has been made to proceed with the project. ChevronTexaco says that when prices improve it may revisit the project. ------------------------------------------------------------- ??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 ????? ------------------------------------------------------------- US Companies to Renegotiate Libyan Contracts The State Department has given Conoco, Marathon Oil and Amerada Hess permission to begin renegotiating dormant oil production contracts with Libya. Last September, Libya warned the companies, which own stakes in Libyan oil through their Oasis Group venture, that they would lose the concessions in a year unless they returned. They were forced to leave in the mid-1980s after Libia was declared a terrorist state. The Oasis Group will begin discussing with Libya the terms under which it could return. However, this is not a change in US policy toward Libya, and does not give the Oasis Group the authority to return just yet. Marathon and Conocoeach own 16.33% of the group. Amerada Hess owns 8.16 % and the Libyan government owns the remainder. European rivals such as Austria's OMV, Spain's Repsol- YPF and Total Fina Elf of France, produce oil in the country. The United Nations suspended economic sanctions on Libya in 1999. ------------------------------------------------------------- IPE-Brent Crude futures (US $/barrel) Month ?First ?High ?Low ??Sett ?Chg APR 02 20.45 21.45 20.35 20.93 +0.32 MAY 02 20.55 21.52 20.46 21.05 +0.31 JUN 02 20.37 21.00 20.30 20.81 +0.28 JUL 02 20.20 20.84 20.24 20.70 +0.27 AUG 02 20.12 20.66 20.12 20.68 +0.27 SEP 02 20.24 20.90 20.24 20.66 +0.26 OCT 02 20.38 20.63 20.38 20.63 +0.24 NOV 02 20.35 20.78 20.35 20.60 +0.22 DEC 02 20.25 20.75 20.20 20.57 +0.20 ------------------------------------------------------------ NYMEX-Mont Belvieu Propane Gas Futures($ / Gallon) Month ? ?High ??Low ??Last ? Change Mar 02 0.3175 0.3100 0.3125 -0.0025 Apr 02 0.3165 0.3150 0.3150 -0.0025 May 02 0.3150 0.3100 0.3150 -0.0025 Jun 02 0.3175 0.3025 0.3175 -0.0025 Jul 02 0.3175 0.3000 0.3175 -0.0025 Aug 02 0.3200 0.3100 0.3200 -0.0025 Sep 02 0.3350 0.3125 0.3350 -0.0025 Oct 02 0.3350 0.3150 0.3350 -0.0025 Nov 02 0.3375 0.3175 0.3375 -0.0025 Dec 02 0.3375 0.3250 0.3375 -0.0025 ------------------------------------------------------------- Democrats Seek to Regulate OTC Several Democratic senators plan to introduce legislation to regulate the OTC trading of derivatives. Derivatives are customized financial contracts whose values are connected to the price of underlying commodities and are traded privately among companies, not on regulated exchanges. The proposed legislation is an attempt to eliminate a Congressional exemption that allowed energy traders to avoid scrutiny by the CFTC when trading derivatives. The bill would give the CFTC regulatory oversight authority over futures trades without delivery of energy commodities in multilateral markets. The FERC has said that it will investigate EnronOnline and other transactions by the company to determine if it was guilty of price- gouging during California's power crisis last year. Western politicians have accused Enron of intentionally inflating wholesale power and natural gas prices during that period. Some allege that the potential for market abuse has not disappeared with Enron's demise. EnronOnline offered real-time markets for a number of commodities, including OTC contracts for crude oil, natural gas, power, and bandwidth. Enron was either as a buyer or seller in all transactions. According to testimony before Congress, some have said that the combination of market information and market power gave Enron the opportunity to create self-serving price volatility and that UBS Warburg will now hold the same capability. Others say it adds liquidity to the market. Enron's former trading business began operating on Monday as UBSWenergy.com. The Democratic legislation may rekindle a debate over whether any federal oversight is necessary in the derivatives market. The former head of the CFTC proposed such regulatory oversight a couple of years ago, but the plan was rejected after pointed criticism from industries and Federal Reserve Chairman Alan Greenspan. The current head has told the House panel that the CFTC does not need additional regulatory authority because Enron's positions in the futures market were smoothly closed out after its bankruptcy. ------------------------------------------------------------- IPE - ARA Gas Oil Futures $ / Tonne Month ??High ??Low ???Sett ?Change MAR 02 169.75 166.50 169.25 - 4.25 APR 02 170.75 168.00 170.50 - 4.75 MAY 02 171.75 170.00 171.50 - 5.00 JUN 02 175.50 172.00 173.25 - 4.75 JUL 02 175.50 174.25 175.00 - 4.50 AUG 02 175.75 177.50 176.75 - 4.50 SEP 02 179.00 178.50 178.50 - 4.50 OCT 02 181.00 178.75 180.25 - 4.50 NOV 02 181.25 179.75 181.25 - 4.50 DEC 02 181.75 180.25 181.50 - 4.75 ------------------------------------------------------------- NY HARBOR UNLEADED GAS FUTURES Month? ?High ? Low ???Last ??Change Mar 02 0.6225 0.5900 0.6090 +0.0071 Apr 02 0.6920 0.6620 0.6794 +0.0051 May 02 0.6960 0.6700 0.6854 +0.0051 Jun 02 0.6975 0.6750 0.6864 +0.0051 Jul 02 0.6900 0.6730 0.6806 +0.0051 Aug 02 0.6710 0.6679 0.6679 +0.0049 Sep 02 0.6530 0.6489 0.6489 +0.0049 Oct 02 0.6204 0.5815 0.6204 +0.0044 Nov 02 0.6104 0.5810 0.6104 +0.0044 Dec 02 0.6120 0.6079 0.6079 +0.0044 ------------------------------------------------------------- Centennial Pipeline Scheduled to Open April 1st The opening of the Centennial Pipeline, scheduled for April 1st, may help solve wild regional price swings for gasoline and diesel fuel that have affected the Midwest in recent years. The pipeline will begin taking shipments March 1st for up to 200,000 bpd of refined oil in batches of at least 25,000 barrels from Texas and Louisiana to Illinois. Over the last 2 summers pump prices in the Midwest have spiked over $2 per gallon because of supply shortages. The price spikes usually happen after refinery outages or pipeline problems in the region, which relies heavily on imports from the Gulf Coast to meet summer demand. The Centennial line is owned equally by Marathon Ashland Petroleum, PEPL, and TEPPCO. The pipeline originates in Beaumont, TX with a new 24-inch diameter, 74-mile TEPPCO line to Longville, LA. From there it will use a 26-inch, 720-mile converted natural gas pipeline and ends in Bourbon, IL. Centennials only terminal is in Creal Springs, IL. The Centennial Pipeline is expected to relieve product price swings mainly in Chicago. While, the pipeline will not deliver products directly to the Group Three hub, but will free up crude from the Gulf to head there, alleviating some of that hub's instability. The Centennial can expand its capacity to 320,000 bpd, but no date for expansion has been set. About 2 million barrels of product will be required to fill the pipeline. The Centennial will tie into the TEPPCO system at Creal Springs and the Marathon Ashland pipeline system at Creal Springs and Martinsville, in east-central Illinois. The largest pipeline running to the Midwest from the Gulf Coast is the 500,000 bpd Explorer Pipeline, which supplies both the Group 3 and Chicago Midwestern hubs. ------------------------------------------------------------- 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 | 2.25 | | ANR SE | 2.32 | | Carthage TG | 2.31 | | Chicago Citygate | 2.35 | | Columbia Gulf Onshore | 2.33 | | Dominion South Point | 2.61 | | Henry Hub | 2.37 | | Houston Ship Channel | 2.36 | | Katy Hub | 2.30 | | NGPL LA Pool | 2.31 | | NGPL - Midcontinent | 2.23 | | NGPL STX | 2.27 | | NGPL TX/OK | 2.28 | | NNG Demarc. | 2.26 | | Niagara | 2.60 | | Sonat Tier 1 | 2.31 | | TCO IPP Pool | 2.45 | | Tetco ELa | 2.31 | | Tetco M-3 | 2.76 | | Tetco STX | 2.27 | | TGP Zone 0 | 2.27 | | TGP Zone 1 (500 Leg) | 2.31 | | TGT Zone SL | 2.34 | | New York Citygate | 3.04 | | Transco Station 65 | 2.37 | | Transco Zone 6 (NY) | 3.04 | | Trunk ELa | 2.30 | | Western Region | California Border | 2.35 | | El Paso Keystone | 2.22 | | El Paso San Juan-Blanco | 2.23 | | Waha Hub | 2.26 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 3.09 | | Dawn Hub/Union | 2.42 | | Northwest Stanfield | 2.15 | | Wyoming Pool | 2.10 | | Opal | 2.10 | | PGT-Malin | 2.25 | | Sumas | 2.09 | Flow Date 2/14 ------------------------------------------------------------- Nymex Option Volatility Supplied by "The Daily Hedger" http://www.energyinstitution.org WTI Futures Days Left Implied Month Settlement to Exp Volatility Mar $21.18 1 77.8% Apr $21.52 30 46.9% May $21.62 63 45.1% Jun $21.62 92 43.2% Jul $21.58 124 41.5% Aug $21.54 154 40.1% Sep $21.50 183 38.0% Oct $21.47 216 37.3% Nov $21.44 246 37.5% Dec $21.41 275 35.2% Heating Oil Futures Days left Implied Month Settlement to Exp Volatility Mar $0.5540 12 44.7% Apr $0.5582 40 42.3% May $0.5592 71 40.5% Jun $0.5622 104 38.6% Jul $0.5667 132 38.7% Aug $0.5737 163 35.6% Sep $0.5822 195 34.1% Oct $0.5907 224 33.1% Nov $0.5982 257 32.3% Dec $0.6052 282 32.1% UNLEADED Futures Days left Implied Month Settlement to Exp Volatility Mar $0.6090 12 46.1% Apr $0.6794 40 43.5% May $0.6854 71 42.3% Jun $0.6864 104 40.7% Jul $0.6806 132 38.9% Aug $0.6679 163 35.6% Sep $0.6489 195 35.6% Natural Gas Futures Implied Month Settlement Days Left Volatility Mar $2.245 12 66.2% Apr $2.310 40 57.1% May $2.388 71 50.0% Jun $2.458 104 45.7% Jul $2.523 132 45.9% Aug $2.580 163 45.8% Sep $2.587 195 43.0% Oct $2.618 224 45.9% Nov $2.843 257 46.2% Dec $3.054 285 48.8% ------------------------------------------------------------- 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 17.62 points to 7561.38 The CRB Index added 0.29 points to 192.01 The US Dollar increased 0.26 points to 118.60 The Dow advanced 125.93 points to 9989.67 The S&P 500 gained 11.01 points to 1118.51 The Nasdaq was up 24.95 points to 1859.16 March NYMEX Crude Oil rose 0.45 to 21.18 Canadian-US Exchange lost 0.0012 to 1.5906 ------------------------------------------------------------- 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/
|