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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 26 2002? No. 490 Visit our website at: http://www.enerfaxgold.com PETROLEUM PRICES ??? | Bonny Light | $19.93 | Brent | $19.75 | Butane | $ 0.39 | Fuel Oil #2 | $ 0.52 | Louisiana | $20.65 | Medit. | $18.40 | Propane Non-tet | $ 0.32 | Propane Wet-tet | $ 0.32 | W. Tx Int Cush | $20.28 | W. Tx Sour | $18.83 | Euro in US equiv | 0.8692 ------------------------------------------------------------- Todays Petro Bulletins * Pemex January Crude Oil Price at $14.90 per Barrel Vs $20.71 per Barrel Year Ago * Pemex January Crude Oil Output at 3.25 Million bpd Vs 3.09 Million bpd Year Ago * Shell Considers New Zealand Deep-Water Oil Exploration Project * Tesoro Says 22,000 bpd Fluid Catalytic Cracker Remains Out of Operation at 55,000 bpd Salt Lake City Refinery After Fire Broke Out on Sunday * GM and Union Workers Holds Rallies to Protest Fuel Standard Proposal * Cambridge Energy Corporation Announces Formation of Technical Advisory Committee * Philadelphia Oil Service Index Up 3.3% to 7-Month High * Chevron Pipe Line Company Sued for Polluting Parker County Fresh Water Source ------------------------------------------------------------- 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 0.5435 0.5230 0.5251 -0.0210 Apr 02 0.5450 0.5260 0.5274 -0.0204 May 02 0.5440 0.5280 0.5299 -0.0199 Jun 02 0.5500 0.5344 0.5344 -0.0189 Jul 02 0.5535 0.5365 0.5399 -0.0184 Aug 02 0.5620 0.5474 0.5474 -0.0179 Sep 02 0.5680 0.5564 0.5564 -0.0174 Oct 02 0.5775 0.5654 0.5654 -0.0174 Nov 02 0.5865 0.5739 0.5739 -0.0169 Dec 02 0.5950 0.5814 0.5814 -0.0164 ------------------------------------------------------------- NYMEX Crude Oil Futures ($ / Barrel) Month ?Open ?High ??Low ?Last Change Apr 02 20.95 21.02 20.45 20.48 -0.59 May 02 21.10 21.15 20.65 20.69 -0.51 Jun 02 21.10 21.15 20.73 20.76 -0.50 Jul 02 21.05 21.11 20.65 20.74 -0.48 Aug 02 21.01 21.05 20.72 20.72 -0.46 Sep 02 21.00 21.00 20.70 20.70 -0.44 Oct 02 21.00 21.00 20.69 20.69 -0.43 Nov 02 20.76 20.76 20.68 20.68 -0.42 Dec 02 20.85 20.90 20.67 20.67 -0.41 Jan 03 20.70 20.70 20.66 20.66 -0.40 ------------------------------------------------------------- Crude Oil Futures Dragged Down by Gasoline Crude oil futures for April delivery on the NYMEX slid $0.59 to $20.48 per barrel yesterday. News that up to 6 additional shipments of European gasoline were making their way across the Atlantic, in addition to 11 shipments already scheduled, sent gasoline futures prices tumbling. Gasoline inventories are already brimming as an economic slump has stymied demand. Although demand for gasoline has been boosted by strong sales of SUVs, there is plenty of spare capacity ready for the summer driving season. Gasoline inventories are 12.9 million barrels, or 6%, above year ago levels. Many expect the API to report a minor draw in stocks of crude and refined products. Oil prices have hovered a little above $20.00 recently on concern that the US could disrupt Middle East supply by targeting Iraq and fears that OPEC will be unable to successfully pressure Russia to extend its production cuts through the 2nd quarter. Renewed tensions with Iraq has caused big hedge funds to cover short positions in case prices rise. Funds had been banking on additional price drops, in spite of OPEC's attempts to eliminate about 2 million bpd from the world's supply. Heating oil futures for March delivery on the NYMEX fell $0.021 to $0.5251 per gallon. March gasoline futures plunged $0.0245 to $0.5623 per gallon. In London, Brent crude oil futures for April delivery on the IPE were down $0.39 to $19.98 per barrel. ------------------------------------------------------------- NYMEX Henry Hub Natural Gas Futures 12 Month Strip ?2.6959 -0.1105 ? ? ? 18 Month Strip ?2.8108 -0.0976 ? ? | Month | High | Low | Close | Change | | MAR | 2.380 | 2.290 | 2.307 | -0.142 | | APR | 2.415 | 2.330 | 2.348 | -0.143 | | MAY | 2.480 | 2.400 | 2.414 | -0.133 | | JUN | 2.520 | 2.470 | 2.478 | -0.123 | | JUL | 2.585 | 2.530 | 2.536 | -0.120 | | AUG | 2.630 | 2.580 | 2.588 | -0.115 | | SEP | 2.640 | 2.590 | 2.598 | -0.110 | | OCT | 2.680 | 2.625 | 2.633 | -0.105 | | NOV | 2.930 | 2.895 | 2.895 | -0.095 | | DEC | 3.170 | 3.130 | 3.133 | -0.087 | | JAN | 3.280 | 3.238 | 3.238 | -0.082 | | FEB | 3.210 | 3.180 | 3.183 | -0.075 | ------------------------------------------------------------- Phillips Replaces 135% of 2001 Production Phillips Petroleum added 433 million barrels of oil equivalent, net of sales, to its worldwide proved reserves in 2001, replacing 135% of its 2001 worldwide oil and natural gas production. Phillips' 5-year average production replacement was 359%, while finding-and- development costs averaged $3.39 per BOE. Phillips 3-year average production replacement was 478%, while finding-and-development costs averaged $3.00 per BOE. Both the 3-year and 5-year replacement figures were significantly impacted by Phillips 2000 acquisition of ARCO's Alaskan assets. The company's finding-and-development cost, averaged $5.97 per BOE in 2001. The number includes exploration costs and significant development expenditures. Phillips says it has improved the success rate of its exploration program by focusing on lower risk prospects in fewer, better areas. It had exploration and appraisal successes in Alaska, China, Kazakhstan, the lower 48 states, the Barents Sea, and the North Sea, the company said. Overall, it completed 42 exploration and appraisal wells with a success rate of 62%, up from 45% in 2000 and 38% in 1999. Phillips 2002 exploration drilling program will concentrate primarily on 4 areas: deepwater offshore Angola, the northern Caspian Sea, Alaska, and the Atlantic Margin of northwest Europe. Phillips worldwide hydrocarbon production increased 18% in 2001 to 321 million BOE, up from 271 million BOE in 2000. Even with the additional production, Phillips replaced those volumes, increasing its worldwide proved reserves 2.3% to 5.13 billion BOE in 2001, up from 5.02 billion BOE in 2000. Crude oil and natural gas reserves each increased 3%, while worldwide proved reserves of natural gas liquids decreased 6%. Phillips' proved reserve-to-current-production ratio is 16 years. Phillips replaced 99% of its reserves produced in the US at an average cost of $5.15 per BOE. In the lower 48 states, Phillips replaced 128% of its production at an average cost of $5.08 per BOE. The company replaced 214% of its non-US production at an average finding-and-development cost of $6.80 per BOE. ------------------------------------------------------------- ??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 ????? ------------------------------------------------------------- OPEC Warns Oil Prices Could Fall Without Continued Cuts OPEC's secretary-general says that oil demand is expected to be weak over the next few months, further pressuring prices particularly in the 2nd quarter. Oil prices have risen 6% since OPEC, Russia, Norway, Mexico and others agreed to remove almost 2 million bpd from the world market on January 1st. At a meeting last week, Russian oil executives and government officials made no commitment to continue its export reductions after March. The OPEC representative said that if production cuts remain in place, year-end prices should be about $18-$20 per barrel. Adding that he expects demand to be flat this year or at best, increase by 300,000 bpd. The IEA has forecast a growth of 500,000 bpd, mostly during the last half of the year. Norway's oil minister has said that no immediate plans have been made to put an end to its export cuts and Norway expects Russia to continue its reductions into the 2nd quarter. Russian oil companies have said they plan to raise production this year. Russia's Yukos, favors an early end to its participation. If Russia should increase its exports before June, they could find themselves embroiled in a price war with OPEC as the cartel tries to protect its market share. Typically, the 2nd quarter is the weakest for oil demand, sandwiched between the winter heating season and the heavy summer travel period. The secretary-general said that without the export reductions and Russia's contribution, OPEC could not have achieved its $19.00 per barrel average price this year. ------------------------------------------------------------- IPE-Brent Crude futures (US $/barrel) Month ?First ?High ?Low ??Sett ?Chg APR 02 20.22 20.34 19.96 19.98 +0.00 MAY 02 20.22 20.32 19.97 19.99 +0.00 JUN 02 20.08 20.21 19.88 19.88 +0.00 JUL 02 20.00 20.08 19.79 19.79 +0.00 AUG 02 20.00 20.05 19.79 19.79 +0.00 SEP 02 20.00 20.00 19.79 19.79 +0.00 OCT 02 19.98 19.98 19.78 19.78 +0.00 NOV 02 19.77 19.77 19.77 19.77 +0.00 DEC 02 19.97 20.03 19.76 19.76 +0.00 JAN 02 19.98 20.00 19.70 19.70 +0.00 ------------------------------------------------------------- NYMEX-Mont Belvieu Propane Gas Futures($ / Gallon) Month ? ?High ??Low ??Last ? Change Mar 02 0.3175 0.3115 0.3125 -0.0025 Apr 02 0.3150 0.3100 0.3150 -0.0025 May 02 0.3175 0.3150 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 0.3200 0.3125 0.3200 -0.0025 Oct 02 0.3400 0.3375 0.3375 -0.0025 Nov 02 0.3375 0.3175 0.3375 -0.0025 Dec 02 0.3450 0.3425 0.3425 -0.0025 ------------------------------------------------------------- Canadian Oil Company Signs Iranian Deal A small Canadian oil company, Sheer Energy, has received approval from Iran to develop Masjed-I-Suleyman, the first oil field discovered in the Middle East back in 1908. In a deal made with the National Iranian Oil Company, Sheer will be the operator and will have a 49% interest in the project. A NIOC subsidiary will own the remainder. Masjed-I-Suleyman currently produces 4,500 bpd. With $88 million slated to be spent over 4 years on a reservoir study, vertical and horizontal drilling and new water re-injection facilities, the companies are looking to add 20,000 bpd to production. The field is estimated to hold 6 billion barrels, 1.2 billion of which have been produced. But Sheer will produce only a small portion of the remaining reserves. The project is the 2nd between Canadian oil companies and Iran. Bow Valley Energy is developing the Balal field with TotalFinaElf and Italy's ENI for an estimated $300 million. In 1999, the US administration warned Bow Valley that it could be punished under the Iran and Libya Sanctions Act, which allows the US to sanction foreign companies that invest more than $20 million per year in the energy sectors of the 2 countries. Sheer, which was created specifically to look for Iranian oil deals, is not likely to be sanctioned because its share of expenditures would be below the limit over the 4 years of the contract. Under the agreement, Sheer will receive payments from future oil sales for 3 years after the project is completed. The amount will be based on an agreed rate of return at the target production level. ------------------------------------------------------------- IPE - ARA Gas Oil Futures $ / Tonne Month ??High ??Low ???Sett ?Change MAR 02 165.00 161.75 161.75 + 0.00 APR 02 167.00 164.00 164.25 + 0.00 MAY 02 169.00 166.50 166.75 + 0.00 JUN 02 171.00 169.00 169.00 + 0.00 JUL 02 172.25 171.00 171.00 + 0.00 AUG 02 173.50 173.00 173.00 + 0.00 SEP 02 175.00 175.00 175.00 + 0.00 OCT 02 176.75 176.75 176.75 + 0.00 NOV 02 177.50 177.50 177.50 + 0.00 DEC 02 179.50 178.00 178.00 + 0.00 ------------------------------------------------------------- NY HARBOR UNLEADED GAS FUTURES Month? ?High ? Low ???Last ??Change Mar 02 0.5850 0.5610 0.5623 -0.0245 Apr 02 0.6570 0.6350 0.6356 -0.0216 May 02 0.6620 0.6440 0.6453 -0.0202 Jun 02 0.6680 0.6490 0.6503 -0.0187 Jul 02 0.6630 0.6468 0.6468 -0.0177 Aug 02 0.6450 0.6368 0.6368 -0.0167 Sep 02 0.6250 0.6203 0.6203 -0.0157 Oct 02 0.6060 0.5938 0.5938 -0.0152 Nov 02 0.6070 0.5853 0.5853 -0.0142 Dec 02 0.5960 0.5828 0.5828 -0.0142 ------------------------------------------------------------- Helmerich & Payne Unit to Acquire Key Oklahoma drilling contractor, Helmerich & Payne, plans to spin-off a subsidiary that produces oil and natural gas. The new company, called Cimarex Energy, will acquire Key Production in a $220 million transaction. Helmerich shareholders will receive 0.53 shares of Cimarex for each share, while Key investors will get one Cimarex share for each Key share. Cimarex will be owned 65% by Helmerich shareholders and 35% by Key investors. Helmerich sought the spin-off to separate exploration and production from its biggest source of revenue, drilling wells for other producers. Its oil and natural gas business had a 1st quarter loss of about $4 million, compared with operating profit of $27 million a year earlier. The acquisition gives Key a bigger asset base to explore and produce in the Gulf of Mexico. The 9-member Cimarex board will have 5 members from Helmerich & Payne and 4 appointed by Key. ------------------------------------------------------------- ENERGY. @ENERGY(r), FEA's Complete Suite of Energy Products, BUILT FOR THE FUTURE. *Manage all your energy risks. *Build and Price deals. *Value physical assets (generation, storage, etc.) *Report and reduce your energy risks FEA FINANCIAL ENGINEERING ASSOCIATES Inc. http://www.fea.com/?cId=18 main phone number: 1 510-548-6200 email address: info@fea.com ------------------------------------------------------------- PHYSICAL GAS PRICES? ? ? Gulf/Eastern Region | Agua Dulce | 2.30 | | ANR SE | 2.37 | | Carthage Tailgate | 2.38 | | Chicago Citygate | 2.45 | | Columbia Gulf Onshore | 2.39 | | Dominion South Point | 2.61 | | Henry Hub | 2.40 | | Houston Ship Channel | 2.41 | | Katy Tailgate/Exxon | 2.39 | | NGPL LA Pool | 2.36 | | NGPL - Midcontinent | 2.31 | | NGPL STX | 2.32 | | NGPL TX/OK | 2.36 | | NNG Demarc. | 2.43 | | Niagara | 2.56 | | Sonat Tier 1 | 2.38 | | TCO IPP Pool | 2.50 | | Tetco ELa | 2.33 | | Tetco M-3 | 2.66 | | Tetco STX | 2.30 | | TGP Zone 0 | 2.34 | | TGP Zone 1 (500 Leg) | 2.38 | | TGT Zone SL | 2.39 | | New York Citygate | 2.66 | | Transco Station 65 | 2.40 | | Transco Zone 6 (NY) | 2.66 | | Trunk ELa | 2.38 | | Western Region | California Border | 2.29 | | El Paso Keystone | 2.21 | | El Paso San Juan-Blanco | 2.18 | | Waha Hub | 2.32 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 3.29 | | Dawn Hub/Union | 2.49 | | Northwest Stanfield | 2.28 | | Wyoming Pool | 2.05 | | Opal | 2.06 | | PGT-Malin | 2.29 | | Sumas | 2.22 | Flow Date 2/26 ------------------------------------------------------------- Nymex Option Volatility Supplied by "The Daily Hedger" http://www.energyinstitution.org West Texas Intermediate Days Left Implied Month Settlement to Expire Volatility Apr $20.48 17 51.1% May $20.69 50 48.7% Jun $20.76 79 45.7% Jul $20.74 111 44.8% Aug $20.72 141 42.8% Sep $20.70 170 41.2% Oct $20.69 203 39.4% Nov $20.68 233 37.6% Dec $20.67 262 36.1% Jan $20.66 293 37.0% Heating Oil Futures Days left Implied Month Settlement to Expire Volatility Apr $0.5274 27 44.5% May $0.5299 58 42.7% Jun $0.5344 91 40.7% Jul $0.5399 119 38.8% Aug $0.5474 150 37.4% Sep $0.5564 182 36.2% Oct $0.5654 211 35.2% Nov $0.5739 244 34.6% Dec $0.5814 269 33.8% Jan $0.5874 303 33.5% Unleaded Futures Days left Implied Month Settlement to Expire Volatility Apr $0.6356 27 47.6% May $0.6453 58 45.2% Jun $0.6503 91 43.4% Jul $0.6468 119 42.3% Aug $0.6368 150 40.2% Sep $0.6203 182 38.2% Oct $0.5938 211 37.3% Natural Gas Futures Implied Month Settlement Days Left Volatility Apr $2.348 27 58.7% May $2.414 58 49.9% Jun $2.478 91 46.0% Jul $2.536 119 45.8% Aug $2.588 150 45.5% Sep $2.598 182 45.4% Oct $2.633 211 45.3% Nov $2.895 244 45.4% Dec $3.133 272 46.5% Jan $3.238 303 47.5% ------------------------------------------------------------- Pemex to Raise Output by End of Year Last week, Pemex announced plans to raise its crude oil production to 3.62 million bpd by the end this year. The Energy Minister says that the increase will not affect Mexico's commitment to the export agreement, which runs through June. Of Pemex's January crude output, 2.2 million bpd was heavy crude, 590,000 bpd was light crude and 468,000 bpd super-light crude. Last month, Pemex exported 39,000 bpd of light Isthmus crude at $17.88 per barrel, 1.29 million bpd of heavy Maya crude oil at $14.08 per barrel, and 261,000 bpd of super-light Olmeca crude oil at $18.79 per barrel. Exports to the US averaged 1.35 million bpd in January, compared with 1.45 million bpd in December, and 1.56 million bpd in January 2001. ------------------------------------------------------------- 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 increased 85.82 points to 7512.46 The CRB Index lost 1.80 points to 189.91 The US Dollar added 0.65 points to 119.13 The Dow advanced 177.28 points to 10145.71 The S&P 500 gained 19.59 points to 1109.43 The Nasdaq was up 45.34 points to 1769.88 April NYMEX Crude Oil fell 0.59 to 20.48 Canadian-US Exchange rose 0.0073 to 1.6016 ------------------------------------------------------------- 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 To unsubscribe write enerfaxgold-unsubscribe@egroups.com. For advertising information write advertisegold@enerfax.com Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
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