Message-ID: <10970484.1075860899735.JavaMail.evans@thyme> Date: Tue, 19 Feb 2002 22:09:33 -0800 (PST) From: enerfax@msn.com To: enerfaxgold@yahoogroups.com Subject: Enerfax Gas, Oil, Liquids,Derivatives' prices & info (text) Crude Oil Futures Slide Downward Mime-Version: 1.0 Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: 7bit X-From: enerfax1 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 Wednesday, February 20 2002? No. 486 Visit our website at: http://www.enerfaxgold.com PETROLEUM PRICES ??? | Bonny Light | $20.22 | Brent | $20.12 | Butane | $ 0.39 | Fuel Oil #2 | $ 0.54 | Louisiana | $21.25 | Medit. | $18.87 | Propane Non-tet | $ 0.31 | Propane Wet-tet | $ 0.31 | W. Tx Int Cush | $20.88 | W. Tx Sour | $19.70 | Euro in US equiv | 0.8764 ------------------------------------------------------------- Todays Petro Bulletins * CNOOC Plans $500 Million Global Bond Issue in Early March * GlobalSantaFe's Worldwide Summary of Current Offshore Rig Economics for January 2002 Down from Previous Month by 0.2% * BHP Billiton to Invest $100 Million to Transport Oil and Natural Gas from Mad Dog Development and Atlantis Discovery in Deepwater Gulf of Mexico * Frontier Oil Plans Expansion for El Dorado Refinery; To Increase Gasoline Volumes by 5,000 bpd * Unocal Says PTO's Initial Rejection of Patent Claims Common in Re- Examination Proceedings * Marathon Oil February 28th Security Analyst Meeting Available on Company Website * Conoco Canada Resources Commences Consent Solicitation on Senior Notes * IMPCO to Supply Honda of India with Propane Fuel Systems for Generators * Vector Plans Property Sales, Debt Reduction and Further Development ------------------------------------------------------------- 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 0.5540 0.5430 0.5440 -0.0149 Apr 02 0.5560 0.5460 0.5470 -0.0140 May 02 0.5570 0.5460 0.5490 -0.0140 Jun 02 0.5590 0.5525 0.5525 -0.0135 Jul 02 0.5655 0.5570 0.5570 -0.0135 Aug 02 0.5720 0.5640 0.5640 -0.0135 Sep 02 0.5810 0.5725 0.5725 -0.0135 Oct 02 0.5930 0.5810 0.5810 -0.0135 Nov 02 0.5980 0.5885 0.5885 -0.0135 Dec 02 0.6060 0.5955 0.5955 -0.0135 ------------------------------------------------------------- NYMEX Crude Oil Futures ($ / Barrel) Month ?Open ?High ??Low ?Last Change Mar 02 21.00 21.20 20.85 20.88 -0.62 Apr 02 21.25 21.45 21.10 21.12 -0.62 May 02 21.46 21.55 21.25 21.27 -0.55 Jun 02 21.45 21.60 21.28 21.29 -0.51 Jul 02 21.45 21.52 21.25 21.25 -0.48 Aug 02 21.35 21.45 21.21 21.21 -0.46 Sep 02 21.35 21.40 21.18 21.18 -0.43 Oct 02 21.25 21.25 21.16 21.16 -0.41 Nov 02 21.11 21.30 21.14 21.14 -0.40 Dec 02 21.21 21.35 21.12 21.12 -0.39 ------------------------------------------------------------- Crude Oil Futures Slide Downward Crude oil futures for March delivery on the NYMEX slid $0.62 to $20.88 per barrel yesterday, on concerns that Russia's pledge to trim 150,000 bpd from exports will end in March. Prices took a hit after Russia said the export cuts executed last month by OPEC and other big oil producers had stabilized oil prices, leading many to believe that it will move to end its output curbs by the end of the 1st quarter. Early in March, OPEC will send a high-level delegation to Moscow to push for a continuation of the curbs until the end of June. The curbs have produced a surplus of crude and oil products in Russia's domestic markets, lowering prices by an average of $4.00-$5.00 per barrel. Some Russian firms have planned to export more refined product to replace lost crude sales. In addition, Russia's big oil companies have said that they plan to raise oil production by as much as 27% this year. According to IEA data, OPEC did not live up to its pledge to trim production as members cut output by less than 50% of the 1.5 million bpd it pledged. Non-OPEC Oman agreed to trim 40,000 bpd, but made no changes in output. Angola, committed to cut 22,500 bpd then boosted output by 70,000 bpd. Heating oil futures for March delivery on the NYMEX trimmed $0.0149 to $0.544 per gallon. March gasoline futures on the NYMEX lost $0.0184 to $0.5925 per gallon. In London, Brent crude oil futures for April delivery on the IPE were up $0.19 to $20.52 per barrel. ------------------------------------------------------------- NYMEX Henry Hub Natural Gas Futures 12 Month Strip ?2.7519 +0.1334 ? ? ? 18 Month Strip ?2.8435 +0.1220 ? ? | Month | High | Low | Close | Change | | MAR | 2.405 | 2.270 | 2.397 | +0.191 | | APR | 2.435 | 2.310 | 2.427 | +0.170 | | MAY | 2.500 | 2.385 | 2.492 | +0.155 | | JUN | 2.557 | 2.450 | 2.557 | +0.143 | | JUL | 2.625 | 2.530 | 2.622 | +0.134 | | AUG | 2.675 | 2.600 | 2.670 | +0.127 | | SEP | 2.674 | 2.595 | 2.674 | +0.125 | | OCT | 2.700 | 2.640 | 2.700 | +0.119 | | NOV | 2.925 | 2.855 | 2.925 | +0.110 | | DEC | 3.143 | 3.100 | 3.143 | +0.110 | | JAN | 3.238 | 3.195 | 3.238 | +0.110 | | FEB | 3.180 | 3.150 | 3.178 | +0.107 | ------------------------------------------------------------- Consultants Say MTBE Phase Out Too Costly The California Energy Commission has been told by its consultants that the cost to phase out MTBE may be prohibitively expensive. The consultants from Stillwater Associates told say that keeping the current phase out date for MTBE of January 1, 2003, will cause a 5% to 10% gasoline supply shortfall, and retail price increases of 50% - 100%. The consultants recommended delaying the MTBE phase out to November 2005. The CEC consultants pointed out many ominous similarities between the electric power and gasoline markets. A few corporate players dominate both markets, and access to supply from outside the state is restricted by logistics. ------------------------------------------------------------- ??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 ????? ------------------------------------------------------------- Unocal Gasoline Patent Rejected An alleged Unocal patent for cleaner gasoline was rejected in a preliminary review by the US Patent and Trademark Office after protests from refiners that face millions of dollars in license fees. The review last month by the patent office determined that Unocal did not invent anything new or novel in its number 393 patented gasoline blend, according to Valero Energy. Unocal accused Valero last month of infringing on its fuel patents. Unocal says it still expects its patent will be supported and borne out by the very documents that the other parties are using to support their argument. Unocal's 5 patents on cleaner-burning gasoline may generate about $75 million to $150 million per year in royalties. Eight companies have signed license agreements, which require them to pay from $0.012 ? $0.034 per gallon to Unocal. Shares of Unocal fell $0.46 to $34.91. ------------------------------------------------------------- IPE-Brent Crude futures (US $/barrel) Month ?First ?High ?Low ??Sett ?Chg APR 02 20.39 20.70 20.35 20.52 +0.19 MAY 02 20.50 20.75 20.42 20.60 +0.11 JUN 02 20.36 20.63 20.34 20.48 +0.13 JUL 02 20.26 20.50 20.25 20.38 +0.13 AUG 02 20.31 20.37 20.31 20.37 +0.13 SEP 02 20.30 20.36 20.30 20.36 +0.13 OCT 02 20.33 20.33 20.33 20.33 +0.12 NOV 02 20.30 20.30 20.30 20.30 +0.12 DEC 02 20.20 20.42 20.16 20.28 +0.13 JAN 02 20.24 20.24 20.24 20.24 +0.15 ------------------------------------------------------------ NYMEX-Mont Belvieu Propane Gas Futures($ / Gallon) Month ? ?High ??Low ??Last ? Change Mar 02 0.3195 0.3125 0.3125 -0.0025 Apr 02 0.3200 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 ------------------------------------------------------------- TotalFinaElf Pursues Middle East Natural Gas Deals TotalFinaElf is pursuing natural gas deals with Iran and Saudi Arabia. It has already produced oil from Iran's Sirri field, and is currently starting production from the South Pars natural gas project. TotalFinaElf says that full commercial production of natural gas from the $2 billion South Pars project is expected before the end of the 1st quarter. The company said it would insist on a minimum return of 15% on capital in real terms for any new investments in Iran. Saudi Arabia is expected to sign agreements on its $25 billion natural gas reserves soon. The deals, which mark the end of 25 years of state control of Saudi Arabia's natural gas fields, were divided between upstream and downstream activities. Iran is opening the doors to foreign investment after 20 years of isolation. The Iran Libya Sanctions Act does not permit US companies to invest in Iran but European are anxious to cash in on the country's vast reserves. Recent declarations by President Bush that Iran was part of an axis of evil is not likely to change the way TotalFinaElf looks at possible investments in Iran, the company's CEO said. He contends that there is a certain level of political risk in the oil and natural gas industry because the Middle East controls 2/3 of the world's oil reserves and 1/3 of its natural gas. TotalFinaElf is expected to meet its target of 10% growth in production in 2002, despite cuts by OPEC. It expects to boost its current 2.2 million bpd of oil equivalent to 2.8 million bpd by 2006. ------------------------------------------------------------- IPE - ARA Gas Oil Futures $ / Tonne Month ??High ??Low ???Sett ?Change MAR 02 168.50 165.50 166.50 + 1.00 APR 02 170.25 167.50 169.25 + 1.25 MAY 02 171.25 169.75 171.25 + 1.25 JUN 02 173.00 171.75 173.00 + 1.00 JUL 02 175.00 175.00 175.00 + 1.00 AUG 02 177.00 176.50 177.00 + 1.00 SEP 02 179.00 179.00 179.00 + 1.00 OCT 02 181.00 181.00 181.00 + 1.00 NOV 02 181.75 181.75 181.75 + 1.00 DEC 02 182.00 180.00 182.00 + 1.00 ------------------------------------------------------------- NY HARBOR UNLEADED GAS FUTURES Month? ?High ? Low ???Last ??Change Mar 02 0.6040 0.5910 0.5925 -0.0184 Apr 02 0.6725 0.6590 0.6599 -0.0199 May 02 0.6800 0.6650 0.6674 -0.0194 Jun 02 0.6790 0.6700 0.6700 -0.0188 Jul 02 0.6760 0.6650 0.6650 -0.0183 Aug 02 0.6630 0.6530 0.6530 -0.0183 Sep 02 0.6510 0.6345 0.6345 -0.0178 Oct 02 0.6215 0.6070 0.6070 -0.0173 Nov 02 0.5970 0.5810 0.5970 -0.0173 Dec 02 0.6120 0.5945 0.5945 -0.0173 ------------------------------------------------------------- PetroChina Interested in Husky Energy PetroChina is considering the purchase of Husky Energy's exploration and production assets. Hong Kong tycoon Li Ka-shing owns 72% of Husky. Trading of Husky's stock was halted on the TSE after word got out that PetroChina was interested in acquiring its assets, which are valued at $4.4 billion. Husky's stock jumped last fall after it was thought that TotalFinaElf might be making a bid for the company. PetroChina is conducting an internal feasibility study for the purchase but has not entered into formal negotiations with Husky. PetroChina is also in talks on a $2 billion, 1,490-mile oil pipeline running from Siberia to China. Husky has an interest in the Terra Nova oil field off Newfoundland and could possibly proceed on another project in the area, White Rose. Along with these assets, Husky has oil and natural gas fields, heavy crude production projects in western Canada and it operates a chain of service stations and the 60,000 bpd Husky Upgrader, which transforms heavy oil into light crude. It also has a 40% share in the Wenchang development in the South China Sea in partnership CNOOC. PetroChina has proven reserves of 11 billion barrels of oil and 32.5 Tcf of natural gas. Husky owns proven reserves of about 600 million barrels of oil and about 2 Tcf of natural gas. Phillips and another Canadian company have also been mentioned as potential bidders for Husky. ------------------------------------------------------------- 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 | 2.20 | | ANR SE | 2.26 | | Carthage TG | 2.26 | | Chicago Citygate | 2.32 | | Columbia Gulf Onshore | 2.28 | | Dominion South Point | 2.51 | | Henry Hub | 2.32 | | Houston Ship Channel | 2.32 | | Katy Hub | 2.28 | | NGPL LA Pool | 2.25 | | NGPL - Midcontinent | 2.20 | | NGPL STX | 2.23 | | NGPL TX/OK | 2.25 | | NNG Demarc. | 2.24 | | Niagara | 2.46 | | Sonat Tier 1 | 2.27 | | TCO IPP Pool | 2.39 | | Tetco ELa | 2.26 | | Tetco M-3 | 2.57 | | Tetco STX | 2.21 | | TGP Zone 0 | 2.23 | | TGP Zone 1 (500 Leg) | 2.27 | | TGT Zone SL | 2.29 | | New York Citygate | 2.58 | | Transco Station 65 | 2.30 | | Transco Zone 6 (NY) | 2.57 | | Trunk ELa | 2.24 | | Western Region | California Border | 2.30 | | El Paso Keystone | 2.17 | | El Paso San Juan-Blanco | 2.17 | | Waha Hub | 2.21 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 3.03 | | Dawn Hub/Union | 2.39 | | Northwest Stanfield | 2.13 | | Wyoming Pool | 2.06 | | Opal | 2.06 | | PGT-Malin | 2.19 | | Sumas | 2.07 | Flow Date 2/20 ------------------------------------------------------------- Nymex Option Volatility Supplied by "The Daily Hedger" http://www.energyinstitution.org West Texas Intermediate Days Left Implied Month Settlement to Expire Volatility Apr $21.12 24 50.7% May $21.27 57 47.2% Jun $21.29 86 45.4% Jul $21.25 118 43.6% Aug $21.21 148 42.3% Sep $21.18 177 40.5% Oct $21.16 210 39.4% Nov $21.14 240 38.8% Dec $21.12 269 35.6% Jan $21.10 300 37.0% Heating Oil Futures Days left Implied Month Settlement to Expire Volatility Mar $0.5440 6 47.7% Apr $0.5470 34 42.0% May $0.5490 65 40.8% Jun $0.5525 98 39.7% Jul $0.5570 126 38.3% Aug $0.5640 157 37.6% Sep $0.5725 189 37.0% Oct $0.5810 218 35.1% Nov $0.5885 251 34.9% Dec $0.5955 278 34.0% Unleaded Futures Days left Implied Month Settlement to Expire Volatility Mar $0.5925 6 47.4% Apr $0.6599 34 45.6% May $0.6674 65 43.8% Jun $0.6700 98 42.7% Jul $0.6650 126 40.8% Aug $0.6530 157 39.2% Sep $0.6345 189 37.2% Natural Gas Implied Month Settlement Days Left Volatility Mar $2.397 6 81.2% Apr $2.427 34 58.9% May $2.492 65 50.8% Jun $2.557 98 47.4% Jul $2.622 126 45.9% Aug $2.670 157 45.3% Sep $2.674 189 45.4% Oct $2.700 218 45.2% Nov $2.925 251 43.0% Dec $3.143 279 46.1% ------------------------------------------------------------- Weekly Retail Gasoline Prices Jump Higher The retail price for gasoline increased $0.009 last week to $1.116 per gallon, according to the DOE. The price of regular unleaded gasoline is down $0.33 from a year ago due to a drop in overall petroleum demand from the slowing economy, plenty of gasoline supplies and lower crude oil costs. The national average price for RFG was up $0.017 to $1.169 per gallon. Prices on the West Coast increased $0.016 to $1.244 per gallon. The lower Atlantic states had the cheapest fuel an average price up $0.001 to $1.049 per gallon. The average price for diesel fuel nationwide increased $0.003 to $1.156 per gallon, but down $0.32 from a year ago. New England had the highest diesel fuel at $1.29 per gallon, up $0.005. The Gulf Coast states had the cheapest diesel at $1.126 per gallon, up $0.004. ------------------------------------------------------------- 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 ------------------------------------------------------------- Saudi Arabia Expects Russia to Extend Cuts through June A battle could be brewing after Saudi Arabia said it expects Russian oil companies to extend export curbs through the end of the 2nd quarter. OPEC and other producing countries, including Oman, Mexico and Norway, committed to maintain their cuts through June, but Russia has been vague on the duration of its output reductions. Russia's prime minister will meet today with oil companies to discuss ending its 150,000 bpd cut. Russian officials have said that it wants a stable oil market and that the current cuts have achieved the country's aims. Russia, which wants to reclaim its position as the world's top oil producer, produced 7.6% more crude last year than in 2000 and increased exports by 11%. Some Russian oil companies have said that they plan to increase production by up to 27% this year. The IEA has said that Russia was not alone in not living up to its pledge to cut production as OPEC members cut output by less than half of the 1.5 million bpd it pledged. Non-OPEC Oman agreed to cut 40,000 bpd, but made no changes in output. Angola, committed to cut 22,500 bpd then boosted output by 70,000 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 dropped 87.65 points to 7470.98 The CRB Index slipped 1.43 points to 190.15 The US Dollar decreased 0.27 points to 118.33 The Dow declined 157.90 points to 9745.14 The S&P 500 fell 20.84 points to 1083.34 The Nasdaq was down 54.59 points to 1750.61 March NYMEX Crude Oil dipped 0.62 to 20.88 Canadian-US Exchange lost 0.0027 to 1.5885 ------------------------------------------------------------- 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. 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