Enerfax GOLD
NORTH AMERICA'S FREE  GAS, OIL, LIQUIDS & DERIVATIVES
INFORMATION SOURCE
   Wednesday, November 21, 2001  No. 430
Visit our website at: http://www.enerfaxgold.com/,

PETROLEUM PRICES
| Bonny Light      |  $18.65
| Brent            |  $18.48
| Butane           |  $ 0.36
| Fuel Oil #2      |  $ 0.52
| Louisiana        |  $19.20
| Medit.           |  $17.83
| Propane Non-tet  |  $ 0.31
| Propane Wet-tet  |  $ 0.31
| W. Tx Int Cush   |  $18.88
| W. Tx Sour       |  $16.70

| Euro in US equiv |  0.8829
--------------------------------------------------------

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--------------------------------------------------------
Today's Gas Bullitins
 * Due to planned merger with Ultramar Diamond Shamrock , Valero
Energy Corp.
may sell California refinery to meet anti-trust regulations
 * Michael J. Wallace announced President of Constellation Energy as
Eric P.
Grubman Decides to Leave Constellation Energy
 * Phillips Petroleum Co. announced plans to merge with Conoco Inc.
and move
its headquarters from Bartlesville to Houston
 * U.S. spot natural gas prices rose due to cold holiday weather
 * Weather derivatives are now available on InterContinental Exchange
(ICE)
-------------------------------------------------------
NYMEX - NY Harbor Heating Oil
Month   High   Low    Last   Change
DEC 01 0.5480 0.5290 0.5376 +0.0138
JAN 02 0.5585 0.5340 0.5472 +0.0140
FEB 02 0.5625 0.5480 0.5517 +0.0145
MAR 02 0.5570 0.5440 0.5477 +0.0140
APR 02 0.5520 0.5410 0.5432 +0.0125
MAY 02 0.5470 0.5390 0.5377 +0.0115
JUN 02 0.5480 0.5400 0.5402 +0.0110
JUL 02 0.5550 0.5495 0.5467 +0.0105
AUG 02 0.5630 0.5530 0.5542 +0.0105
SEP 02 0.5510 0.5390 0.5527 +0.0041
-------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel)
Month  Open  High   Low  Last  Change
JAN 02 19.30 19.43 18.75 19.15 +0.72
FEB 02 19.50 19.61 18.95 19.37 +0.71
MAR 02 19.50 19.74 19.20 19.51 +0.63
APR 02 19.70 19.80 19.07 19.65 +0.58
MAY 02 19.95 20.00 19.41 19.79 +0.53
JUN 02 19.95 20.12 19.70 19.93 +0.49
JUL 02 20.10 20.15 20.00 20.04 +0.43
AUG 02 20.20 20.20 20.20 20.14 +0.39
SEP 02 19.88 19.88 19.88 19.88 +0.24
OCT 02 19.35 20.35 20.35 20.33 +0.32
----------------------------------------------------
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NYMEX Henry Hub Natural Gas Futures
12 Month Strip  3.1159  +0.0267
18 Month Strip  3.2583  +0.0171
| Month | High  |  Low  | Close | Change |
| DEC   | 2.895 | 2.680 | 2.852 | +0.061 |
| JAN   | 3.060 | 2.870 | 3.041 | +0.045 |
| FEB   | 3.131 | 2.935 | 3.081 | +0.045 |
| MAR   | 3.090 | 2.930 | 3.066 | +0.038 |
| APR   | 3.040 | 2.920 | 3.026 | +0.026 |
| MAY   | 3.080 | 2.940 | 3.068 | +0.025 |
| JUN   | 3.100 | 3.000 | 3.108 | +0.023 |
| JUL   | 3.140 | 3.100 | 3.146 | +0.021 |
| AUG   | 3.200 | 3.120 | 3.182 | +0.017 |
| SEP   | 3.200 | 3.140 | 3.194 | +0.017 |
| OCT   | 3.260 | 3.175 | 3.221 | +0.004 |
| NOV   | 3.450 | 3.360 | 3.406 | -0.001 |
----------------------------------------------------
World Wide Rig Utilization Rate
Updated November 21

                This Week Last Week Last Month Last Year

Under Contract 483     482                 489         530
Idle                170       171                164         115
Total               653      653                653         645


%Utilization       74 % 74 %               75 %       82 %


Supply & Demand By Region
Updated November 21

                    This Week Last Week Last Month Last Year

Gulf of Mexico 120              122            130           177
North Sea         78                78             80             69
Mediterranean     6                 6                6             6
Latin America 82 79 80 99
Eastern Europe 12 12 12 12
Pacific Rim 35 35 35 34
Far East 17 17 19 15
Middle East 66 66 65 51
South Asia 24 24 21 26
West Africa 37 37 36 35
East Coast Canada 4 4 4 3
Rest of World 2 2 1 3


Total Demand 483 482 489 530
Rig Supply 653 653 653 645



%Utilization 74 % 74 % 75 % 82 %


Supply & Demand By Rig Type
Updated November 21

  This Week Last Week Last Month Last Year

Barge 26 26 26 30
Drill Ship 33 33 33 30
Jackup  280 279 286 335
Semisub 140 140 140 130
Submersible 4 4 4 5


Total Demand 483 482 489 530
Rig Supply 653 653 653 645


%Utilization 74 % 74 % 75 % 82 %
 ----------------------------------------------------
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-------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month  First  High  Low   Sett  Chg
JAN 02 17.79 19.12 17.79 18.75 +0.74
FEB 02 17.90 19.07 17.88 18.74 +0.77
MAR 02 18.04 19.04 18.04 18.72 +0.63
APR 02 18.42 19.04 18.15 18.78 +0.56
MAY 02 18.55 19.13 18.55 18.88 +0.51
JUN 02 18.68 19.15 18.40 18.97 +0.45
JUL 02 18.80 19.20 18.80 19.08 +0.41
AUG 02 18.83 19.16 18.83 19.19 +0.38
SEP 02 19.30 19.30 19.27 19.29 +0.34
OCT 02 19.20 19.37 19.20 19.39 +0.31
----------------------------------------------------------
NYMEX-Mont Belvieu Propane
Gas Futures($ / Gallon)
Month    High   Low   Last   Change
Dec 01 0.3150 0.3030 0.3125 +0.0200
Jan 02 0.3175 0.3125 0.3175 +0.0225
Feb 02 0.3100 0.3060 0.3075 +0.0200
Mar 02 0.3800 0.3075 0.3075 +0.0200
Apr 02 0.3400 0.3125 0.3125 +0.0200
May 02 0.3150 0.3100 0.3150 +0.0200
Jun 02 0.3150 0.3150 0.3150 +0.0200
Jul 02 0.0000 0.0000 0.3150 +0.0200
Aug 02 0.0000 0.0000 0.3300 +0.0200
Sep 02 0.0000 0.0000 0.3300 +0.0200
----------------------------------------------------
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----------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month   High   Low    Sett  Change
DEC 01 170.75 160.25 167.25 + 11.75
JAN 02 172.00 161.75 169.50 + 12.25
FEB 02 170.50 162.50 169.00 + 12.00
MAR 02 171.00 163.00 168.75 + 11.75
APR 02 170.00 162.25 168.50 + 11.75
MAY 02 169.50 162.75 169.00 + 11.50
JUN 02 172.25 165.00 170.00 + 11.00
JUL 02 170.25 167.25 171.75 + 11.00
AUG 02 172.00 169.25 173.50 + 11.00
SEP 02 171.25 171.25 175.00 + 10.75
-----------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month   High   Low    Last   Change
DEC 01 0.5340 0.5180 0.5281 +0.0202
JAN 02 0.5400 0.5195 0.5344 +0.0190
FEB 02 0.5480 0.5360 0.5436 +0.0186
MAR 02 0.5610 0.5500 0.5548 -0.0087
APR 02 0.6200 0.6130 0.6153 +0.0173
MAY 02 0.6270 0.6210 0.6203 +0.0168
JUN 02 0.6300 0.6250 0.6218 +0.0168
JUL 02 0.6250 0.6205 0.6198 +0.0168
AUG 02 0.6125 0.6050 0.6143 +0.0168
SEP 02 0.5788 0.5788 0.5895 +0.0027
------------------------------------------------------
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--------------------------------------------------
PHYSICAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 2.45  |
| ANR SE                  | 2.61  |
| Carthage TG             | 2.56  |
| Chicago Citygate        | 2.70  |
| Columbia Gulf Onshore   | 2.55  |
| Dominion South Point    | 2.90  |
| Henry Hub               | 2.63  |
| Houston Ship Channel    | 2.67  |
| Katy Hub                | 2.61  |
| NGPL LA Pool            | 2.52  |
| NGPL - Midcontinent     | 2.48  |
| NGPL STX                | 2.55  |
| NGPL TX/OK              | 2.53  |
| NNG Demarc.             | 2.51  |
| Niagara                 | 2.74  |
| Sonat Tier 1            | 2.62  |
| TCO IPP Pool            | 2.72  |
| Tetco ELa               | 2.62  |
| Tetco M-3               | 3.05  |
| Tetco STX               | 2.54  |
| TGP Zone 0              | 2.51  |
| TGP Zone 1 (500 Leg)    | 2.54  |
| TGT Zone SL             | 2.62  |
| New York Citygate       | 3.26  |
| Transco Station 65      | 2.72  |
| Transco Zone 6 (NY)     | 3.27  |
| Trunk ELa               | 2.55  |
| Western Region
| California Border       | 2.59  |
| El Paso Keystone        | 2.45  |
| El Paso San Juan-Blanco | 2.35  |
| Waha Hub                | 2.53  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 3.28  |
| Dawn Hub/Union          | 2.79  |
| Northwest Stanfield     | 2.39  |
| Wyoming Pool            | 2.26  |
| Opal/Kern River         | 2.25  |
| PGT-Malin               | 2.44  |
| Sumas                   | 2.38  |
         Flow Date 11/21
------------------------------------------------
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--------------------------------------------------------
FINANCIAL SUMMARY
 The TSE 300 fell 41.55 points to 7381.21
 The CRB Index gained 0.55 points to 189.52
 The US Dollar dipped 0.21 points to 116.71
 The Dow declined 75.08 points to 9901.38
 The S&P 500 dropped 12.41 points to 1151.06
 The Nasdaq decreased 53.91 points to 1880.51
 January NYMEX Crude Oil rose 0.72 to 19.15
 Canadian-US Exchange lost 0.012 to 1.5833 >>
------------------------------------------------------
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