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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 Thursday, February 28 2002? No. 492 Visit our website at: http://www.enerfaxgold.com PETROLEUM PRICES ??? | Bonny Light | $20.01 | Brent | $19.93 | Butane | $ 0.38 | Fuel Oil #2 | $ 0.55 | Louisiana | $21.48 | Medit. | $18.61 | Propane Non-tet | $ 0.33 | Propane Wet-tet | $ 0.33 | W. Tx Int Cush | $21.28 | W. Tx Sour | $20.05 | Euro in US equiv | 0.8656 ------------------------------------------------------------- Todays Petro Bulletins * Exxon Mobil Awarded $398.4 Million Contract for 505.8 Million Gallons of JP8 Turbine Fuel for Defense Energy Support Center * Moody's Revises Venezuela Outlook to `Negative' from `Stable' * Eni Raises Dividend Pay-Out by 77% to 0.75 Euros per Share; Says It Will Sustain Higher Amount in Future * Caspian Oil Deal No Nearer After Officials Meet PetroQuest Energy 4th Quarter Earnings Fall Almost 80% on Higher Lease Operating Expenses, and Depreciation, Depletion and Amortization Costs * Teton Petroleum Proven Reserves Increase Substantially from 8.5 Million Barrels to 42 Million Barrels * Tyumen Oil Disputes Merits of Norex Petroleum Lawsuit ------------------------------------------------------------- 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 0.5680 0.5515 0.5539 +0.0021 Apr 02 0.5695 0.5520 0.5545 +0.0007 May 02 0.5690 0.5530 0.5555 +0.0002 Jun 02 0.5680 0.5580 0.5580 -0.0008 Jul 02 0.5710 0.5600 0.5625 -0.0013 Aug 02 0.5790 0.5695 0.5695 -0.0018 Sep 02 0.5865 0.5780 0.5780 -0.0018 Oct 02 0.5950 0.5865 0.5865 -0.0023 Nov 02 0.6035 0.5950 0.5950 -0.0023 Dec 02 0.6125 0.6025 0.6025 -0.0023 ------------------------------------------------------------- NYMEX Crude Oil Futures ($ / Barrel) Month ?Open ?High ??Low ?Last Change Apr 02 21.50 21.79 21.18 21.29 -0.12 May 02 21.70 21.98 21.40 21.51 -0.08 Jun 02 21.70 22.00 21.50 21.59 -0.03 Jul 02 21.65 21.75 21.47 21.54 -0.03 Aug 02 21.55 21.70 21.49 21.49 -0.03 Sep 02 21.60 21.60 21.44 21.44 -0.03 Oct 02 21.55 21.55 21.40 21.40 -0.03 Nov 02 21.40 21.60 21.37 21.37 -0.03 Dec 02 21.30 21.60 21.27 21.34 -0.03 Jan 03 21.52 21.52 21.31 21.31 -0.03 ------------------------------------------------------------- Crude Oil Futures Down Slightly Crude oil futures for April delivery on the NYMEX slipped $0.12 to $21.29 per barrel yesterday after the API reported that crude stocks rose 2.5 million barrels contradicting EIA data, which said that they dropped 2.5 million barrels. However, both agencies agree that stockpiles of gasoline and distillates both fell substantially for the week ended February 22nd. API data indicated a 2.5 million barrel decrease in distillate inventories, followed by the EIAs report of a 3 million barrel drop. The data was a little more disparate on gasoline inventories. The API says that a 2.1 million barrel decline took place, while the EIA has pegged the figure at a 1.1 million barrel fall. An increase in fuel demand and refinery cutbacks have contributed to the dip in inventories. The EIA said that crude oil supplies dropped due to the export curbs instituted by OPEC and other producing countries. The agency said that the cuts are just now beginning to be reflected in the data because it takes a tanker 45 days travel from the Middle East to Western markets. Heating oil futures for March delivery on the NYMEX gained 0.0021 to $0.5539 per gallon. March gasoline futures on the NYMEX rose $0.0108 to $0.584 per gallon. In London, Brent crude oil futures for April delivery on the IPE were down $0.01 to $20.85 per barrel. ------------------------------------------------------------- NYMEX Henry Hub Natural Gas Futures 12 Month Strip ?2.8278 ? ? ? 18 Month Strip ?2.9299 ? ? | Month | High | Low | Close | Change | | APR | 2.435 | 2.330 | 2.427 | +0.038 | | MAY | 2.480 | 2.400 | 2.479 | +0.030 | | JUN | 2.540 | 2.470 | 2.536 | +0.027 | | JUL | 2.595 | 2.545 | 2.591 | +0.027 | | AUG | 2.645 | 2.595 | 2.641 | +0.027 | | SEP | 2.635 | 2.600 | 2.652 | +0.028 | | OCT | 2.675 | 2.640 | 2.691 | +0.032 | | NOV | 2.940 | 2.910 | 2.953 | +0.032 | | DEC | 3.175 | 3.150 | 3.205 | +0.044 | | JAN | 3.310 | 3.270 | 3.319 | +0.053 | | FEB | 3.280 | 3.210 | 3.265 | +0.054 | | MAR | 3.190 | 3.120 | 3.175 | +0.059 | ------------------------------------------------------------- Amerada Hess Makes New Equatorial Guinea Discovery Amerada Hess has made another oil discovery offshore Equatorial Guinea, on holdings acquired with its purchase of Triton Energy last year. The Akom discovery, Hess's fourth since the discovery of the Ceiba field, has about 162 feet of net pay and is located on Block G of the Rio Muni basin, about 12 miles the Ceiba field. Hess has an 85% stake in the find and is the operator of the block. Energy Africa of South Africa holds the rest. Last month, Hess reported the Ebano, located on Block F of the Rio Muni basin, had a gross pay of 300 feet of API gravity 36.5 degree oil. In December, Hess confirmed its Oveng oil discovery on Block G with an appraisal well that flowed over 8,000 bpd of 34 degree oil. ------------------------------------------------------------- ??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 ????? ------------------------------------------------------------- Anadarko Riding Out Cyclical Downturn in Prices Anadarko may be one of the hardest hit by the cyclical nature the oil and natural gas business. Many integrated oil companies have other assets, like refineries, chemical plants, gasoline stations, to fall back on when oil and natural gas prices drop. Anadarko must continue to drill for new deposits to make money. Last year, Anadarko's net income slipped from $659 million, or $2.50 per share, in the 1st quarter to $108 million, or $0.41 per share, in the 4th quarter. In January, Anadarko restated its 3rd quarter earnings, taking a $1.08 billion charge for accounting errors involving its oil and natural gas reserves, turning what was a profit into a loss for 2001. Anadarko reported a $188 million loss on sales of $8.4 billion for 2001. Since Anadarko's stock performance is tied to oil and natural gas prices, its share price rose to $72.99 per share last March. Since then, its stock has fallen about 35%, and some analysts have lowered it from a `strong buy' to `hold'. Many investors were attracted by its oil production, which grew at an average annual rate of 38% from 1996 to 2000. But the company has become big enough that it finds it difficult to maintain that type of growth. Anadarko is considering a repurchase of up to $900 million in stock and says that if the stock remains low, it may buy back large blocks. Anadarko's CEO says that it tries to ride the oil price cycle, which runs about 3 years, by discovering oil and natural gas when the market is down and the cost of rigs is low, then pumping it when prices are high. Anadarko has cut its capital budget for 2002 by 39% to $2 billion. If energy prices remain low, the company may cut its budget further. So far, Anadarko has kept to a no-layoff policy that dates back to the company's inception. It has fields in Texas, Louisiana, the Rocky Mountains, Oklahoma, Alaska, western Canada, Algeria, Qatar, Egypt and Venezuela and is exploring off the coasts of West Africa and Australia. ------------------------------------------------------------- IPE-Brent Crude futures (US $/barrel) Month ?First ?High ?Low ??Sett ?Chg APR 02 20.67 21.32 20.63 20.85 -0.01 MAY 02 20.65 21.20 20.56 20.75 -0.04 JUN 02 20.48 21.02 20.39 20.60 -0.02 JUL 02 20.36 20.83 20.26 20.51 +0.01 AUG 02 20.31 20.67 20.26 20.47 +0.00 SEP 02 20.32 20.75 20.23 20.45 -0.01 OCT 02 20.32 20.51 20.20 20.42 -0.02 NOV 02 20.38 20.38 20.38 20.38 -0.03 DEC 02 20.16 20.59 20.10 20.34 -0.04 JAN 02 20.48 20.48 20.28 20.28 -0.04 ------------------------------------------------------------- NYMEX-Mont Belvieu Propane Gas Futures($ / Gallon) Month ? ?High ??Low ??Last ? Change Mar 02 0.3300 0.3200 0.3275 +0.0100 Apr 02 0.3375 0.3250 0.3275 +0.0075 May 02 0.3450 0.3275 0.3275 +0.0075 Jun 02 0.3450 0.3300 0.3300 +0.0075 Jul 02 0.3300 0.3000 0.3300 +0.0075 Aug 02 0.3325 0.3100 0.3325 +0.0075 Sep 02 0.3325 0.3125 0.3325 +0.0075 Oct 02 0.3400 0.3400 0.3400 -0.0025 Nov 02 0.3400 0.3175 0.3400 -0.0025 Dec 02 0.3500 0.3450 0.3500 +0.0025 ------------------------------------------------------------- Dispute Brews over Caspian Sea Oil A dispute between 5 countries that surround the Caspian Sea appears to be far from settled. The row is over the division of the Caspian's oil. Russia said it was optimistic that a settlement could be reached by the end of this year. In a move opposed by Iran, Russia, Azerbaijan and Kazakhstan have signed bilateral agreements to develop oil and natural gas deposits on the Caspian shelf before the 5 nations reached a settlement. Iran sent gunboats to chase off 2 of BP's ships last year. The ships were exploring waters claimed by Iran and Azerbaijan. Iran, the lone holdout insists that the sea should be split equally 5 ways. The former Soviet states, Russia, Kazakhstan, Turkmenistan and Azerbaijan, appear to have accepted a split along median lines, which would leave Iran with less than 20%. That method divides the sea by extending lines from each country's coast and then assessing how much territory each should using the intersection of the lines. However, some say that Turkmenistan may not have accepted median lines because it could be put it at a territorial disadvantage to Azerbaijan, which is just across the sea. ------------------------------------------------------------- IPE - ARA Gas Oil Futures $ / Tonne Month ??High ??Low ???Sett ?Change MAR 02 171.00 164.50 169.75 + 6.75 APR 02 173.00 167.25 172.25 + 6.75 MAY 02 174.25 168.75 173.75 + 6.25 JUN 02 176.00 171.00 175.75 + 6.25 JUL 02 177.50 173.50 177.50 + 6.00 AUG 02 179.25 179.25 179.25 + 5.75 SEP 02 181.00 181.00 181.00 + 5.75 OCT 02 182.75 182.75 182.75 + 5.75 NOV 02 183.75 180.50 183.75 + 5.75 DEC 02 184.00 179.50 184.00 + 5.50 ------------------------------------------------------------- NY HARBOR UNLEADED GAS FUTURES Month? ?High ? Low ???Last ??Change Mar 02 0.5990 0.5730 0.5840 +0.0108 Apr 02 0.6790 0.6565 0.6643 +0.0087 May 02 0.6860 0.6670 0.6718 +0.0068 Jun 02 0.6860 0.6705 0.6750 +0.0055 Jul 02 0.6810 0.6700 0.6700 +0.0040 Aug 02 0.6650 0.6584 0.6584 +0.0024 Sep 02 0.6480 0.6414 0.6414 +0.0019 Oct 02 0.6240 0.6139 0.6139 +0.0009 Nov 02 0.6070 0.6044 0.6044 -0.0001 Dec 02 0.6019 0.5875 0.6019 -0.0001 ------------------------------------------------------------- Canadian Energy Stocks Set Record High Canadian oil and natural gas stocks have set a new record high as investors expect a recovery in commodity prices and more takeover activity. The Toronto Stock Exchange oil and gas sub-index gained 137.38 points, up 1.4% to close at 9810.24. Petro-Canada was up C$1.04 to C$37.85, Nexen gained C$0.75 to C$37.17, and Paramount Resources was up C$0.45 at C$15.50. ------------------------------------------------------------- ENERGY. @ENERGY(r), FEA's Complete Suite of Energy Products, BUILT FOR THE FUTURE. *Manage all your energy risks. *Build and Price deals. *Value physical assets (generation, storage, etc.) *Report and reduce your energy risks FEA FINANCIAL ENGINEERING ASSOCIATES Inc. http://www.fea.com/?cId=18 main phone number: 1 510-548-6200 email address: info@fea.com ------------------------------------------------------------- PHYSICAL GAS PRICES? ? ? Gulf/Eastern Region | Agua Dulce | 2.38 | | ANR SE | 2.44 | | Carthage Tailgate | 2.44 | | Chicago Citygate | 2.50 | | Columbia Gulf Onshore | 2.47 | | Dominion South Point | 2.76 | | Henry Hub | 2.48 | | Houston Ship Channel | 2.48 | | Katy Tailgate/Exxon | 2.45 | | NGPL LA Pool | 2.44 | | NGPL - Midcontinent | 2.36 | | NGPL STX | 2.39 | | NGPL TX/OK | 2.41 | | NNG Demarc. | 2.46 | | Niagara | 2.62 | | Sonat Tier 1 | 2.44 | | TCO IPP Pool | 2.60 | | Tetco ELa | 2.46 | | Tetco M-3 | 2.91 | | Tetco STX | 2.42 | | TGP Zone 0 | 2.42 | | TGP Zone 1 (500 Leg) | 2.49 | | TGT Zone SL | 2.47 | | New York Citygate | 3.67 | | Transco Station 65 | 2.50 | | Transco Zone 6 (NY) | 3.67 | | Trunk ELa | 2.43 | | Western Region | California Border | 2.34 | | El Paso Keystone | 2.28 | | El Paso San Juan-Blanco | 2.19 | | Waha Hub | 2.39 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 3.28 | | Dawn Hub/Union | 2.51 | | Northwest Stanfield | 2.25 | | Wyoming Pool | 2.05 | | Opal | 2.04 | | PGT-Malin | 2.31 | | Sumas | 2.24 | Flow Date 2/28 ------------------------------------------------------------- Nymex Option Volatility Supplied by "The Daily Hedger" http://www.energyinstitution.org West Texas Intermediate Days Left Implied Month Settlement to Expire Volatility Apr $21.29 15 52.2% May $21.51 48 48.0% Jun $21.59 77 49.6% Jul $21.54 109 44.6% Aug $21.49 139 42.7% Sep $21.44 168 41.1% Oct $21.40 201 39.3% Nov $21.37 231 37.6% Dec $21.34 260 36.1% Jan $21.31 291 34.8% Heating Oil Futures Days left Implied Month Settlement to Expire Volatility Apr $0.5545 25 45.2% May $0.5555 56 42.7% Jun $0.5580 89 41.4% Jul $0.5625 117 40.3% Aug $0.5695 148 39.3% Sep $0.5780 180 38.2% Oct $0.5865 209 37.2% Nov $0.5950 242 36.6% Dec $0.6025 267 35.9% Jan $0.6080 301 35.0% Unleaded Futures Days left Implied Month Settlement to Expire Volatility Apr $0.6643 25 48.3% May $0.6718 56 45.8% Jun $0.6750 89 43.9% Jul $0.6700 117 42.3% Aug $0.6584 148 41.3% Sep $0.6414 180 39.2% Oct $0.6139 209 38.3% Natural Gas Futures Implied Month Settlement Days Left Volatility Apr $2.427 25 76.6% May $2.479 56 75.0% Jun $2.536 89 45.1% Jul $2.591 117 45.0% Aug $2.641 148 45.0% Sep $2.652 180 44.9% Oct $2.691 209 45.2% Nov $2.953 242 42.2% Dec $3.205 270 46.1% Jan $3.319 301 47.4% ------------------------------------------------------------- Marathon $1 Billion in Debt Sale Marathon Oil plans to sell $1 billion of debt this week in a two- part sale. Marathon expects to split the sale between 10-year notes and 30-year bonds. Details on the sale's pricing or exact timing are not yet available. Marathon's existing senior debt is rated `BBB+' by Standard and Poor's, the 3rd lowest investment grade. Marathon`s 4th quarter profits tumbled on lower crude oil and natural gas prices, but has announced a 3% increase in its 2002 capital, exploration, and investment budget. ------------------------------------------------------------- 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 ------------------------------------------------------------- Iraqi Oil Continues to Pour Into US In spite of being targeted as part of an `axis of evil' by President Bush, Iraqi's evil oil continues to pour into the US. According to EIA data, Iranian oil accounts for about 9% of the total oil imported by the US, which is the largest consumer of Iraqi crude. US companies imported about 790,000 bpd of Iraqi oil last year, with Valero and ChevronTexaco leading the way. Exxon Mobil, Marathon and Koch, which are next in line, imported only about half as much as Valero and ChevronTexaco. US imports of Iraqi oil climbed about 30% last year overall. Iraqi imports were notably heavier in the last half of the year, with the US receiving about 70% of Iraq's exports, despite a growing glut in US stockpiles as a result of a deepening recession and a sharp drop in airline traffic after September 11th. Iraq does not sell directly to the US, instead most of its oil is sold to Russian firms, then may be resold again before it eventually makes its way to the US. The administration's tough stance on Iraq has led to market concerns that Iraqi supplies could be disrupted. Under the UN's oil for food program, Iraq exports about 2.2 million bpd, but that figure can drop sharply due to political issues, moves by the UN to halt smuggling or especially during the renewal phase of the program. However, if Iraq did pull all of its exports off the market, OPEC members have committed to pick up the slack, if they can. The cartel has already cut about 5 million bpd from its exports in the last year in an attempt to stabilize oil prices. According to the EIA, Valero imported 151,800 bpd from Iraq, ChevronTexaco imported 130,600 bpd, followed by Exxon Mobil at 88,500 bpd, Koch at 83,600 bpd and Marathon with 67,200 bpd. ------------------------------------------------------------- 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 rose 55.01 points to 7567.47 The CRB Index gained 1.34 points to 191.25 The US Dollar added 0.70 points to 119.83 The Dow declined 30.45 points to 10115.26 The S&P 500 lost 0.05 points to 1109.38 The Nasdaq was down 3.01 points to 1766.86 April NYMEX Crude Oil climbed 0.93 to 21.41 Canadian-US Exchange rose 0.0094 to 1.6110 ------------------------------------------------------------- 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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