Enerfax GOLD
NORTH AMERICA'S FREE  GAS, OIL, LIQUIDS & DERIVATIVES
INFORMATION SOURCE
   Monday, November 19, 2001  No. 428
Visit our website at: http://www.enerfaxgold.com/,

PETROLEUM PRICES
| Bonny Light      |  $17.15
| Brent            |  $16.98
| Butane           |  $ 0.37
| Fuel Oil #2      |  $ 0.51
| Louisiana        |  $18.10
| Medit.           |  $16.33
| Propane Non-tet  |  $ 0.31
| Propane Wet-tet  |  $ 0.31
| W. Tx Int Cush   |  $18.03
| W. Tx Sour       |  $16.10

| Euro in US equiv |  0.8843
--------------------------------------------------------
Todays Petro Bulletins
 * Kerr-Mcgee to Close Plant in Antwerp; Takes 4th Quarter After Tax
Charge of
$20 Million
 * Deutsche Banc Alex. Brown Cuts Ratings on Many Major Oil Producers
as Prices Tumble
 * Petro-Canada Drills Well at Far East Terra Nova
 * Fitch Rates $500 Million PDVSA Finance Notes `A-'
 * Rowan Wins Against BP in Gorilla V Contract Dispute
 * NCE Petrofund Reports A 51% Increase in Daily Production in 3rd
Quarter of 2001.
Eni Sees Oil Back at $20 per Barrel; Opportunities in Russia
 * Iran Oil Minister Urges Non-OPEC Countries to Cut Production to
Help Boost Prices
 * Heating Oil Prices May Decline More; Supply Now at 129.8 Million
Barrels, 2-Year High and up 31% from Year Ago
 * Imperial Petroleum Signs Agreement to Acquire Oil and Natural Gas
Properties
 * Weatherford Closes Acquisition of CiDRA's Optical Sensing Systems
Business Unit
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NYMEX - NY Harbor Heating Oil
Month   High   Low    Last   Change
DEC 01 0.5295 0.5080 0.5218 +0.0109
JAN 02 0.5390 0.5190 0.5316 +0.0104
FEB 02 0.5440 0.5240 0.5366 +0.0109
MAR 02 0.5390 0.5220 0.5321 +0.0119
APR 02 0.5350 0.5180 0.5281 +0.0129
MAY 02 0.5310 0.5185 0.5226 +0.0139
JUN 02 0.5350 0.5155 0.5256 +0.0144
JUL 02 0.5410 0.5239 0.5321 +0.0144
AUG 02 0.5500 0.5340 0.5396 +0.0144
SEP 02 0.5600 0.5390 0.5486 +0.0149
-------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel)
Month  Open  High   Low  Last  Change
DEC 01 17.55 18.20 17.30 18.03 +0.58
JAN 02 17.90 18.55 17.71 18.37 +0.53
FEB 02 18.20 18.75 18.00 18.59 +0.53
MAR 02 18.40 18.80 18.27 18.79 +0.52
APR 02 18.45 18.94 18.45 18.96 +0.52
MAY 02 18.55 19.02 18.60 19.12 +0.52
JUN 02 18.95 19.37 18.76 19.28 +0.52
JUL 02 19.25 19.40 19.05 19.42 +0.51
AUG 02 19.20 19.50 19.20 19.53 +0.49
SEP 02 19.55 19.55 19.40 19.64 +0.47
----------------------------------------------------
Crude Oil Futures Regain Some of Last Weeks Losses

    Crude oil futures for December delivery on the NYMEX climbed
$0.58 to $18.03 per barrel on Friday. After OPEC decided last week to
the delay in its plan to trim 1.5 million bpd from its output, crude
prices plunged 19%, likely in an overreaction to a looming price war.
Traders may have realized that a price war will not happen until at
least January 1st, and that meanwhile OPEC and non-member producers
may reach an agreement. Only Mexico has indicated willingness to aid
OPEC by saying it would cut production by 100,000 bpd if others
outside of OPEC also make cuts. Norway says it will discuss possible
cuts later this week. The IEA says that demand tumbled by 2.5% in
September, the sharpest monthly drop in 2001. However, the drop in
oil prices could help stimulate the US economy by puttig more
spending money in consumers pockets. In addition, lower jet fuel
costs could help the airline industry to recover from its meltdown in
the wake of the September 11th terrorist attacks. December gasoline
futures on the NYMEX rose $0.0138 to $0.5022 per gallon. Heating oil
futures for December delivery on the NYMEX gained $0.0109 to $0.5218
per gallon. In London, Brent crude oil futures for January delivery
on the IPE were up $0.42 to $17.75 per barrel.
----------------------------------------------------
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NYMEX Henry Hub Natural Gas Futures
12 Month Strip  2.9649  +0.0680
18 Month Strip  3.1324  +0.0593
| Month | High  |  Low  | Close | Change |
| DEC   | 2.650 | 2.500 | 2.637 | +0.086 |
| JAN   | 2.865 | 2.720 | 2.850 | +0.083 |
| FEB   | 2.925 | 2.790 | 2.903 | +0.078 |
| MAR   | 2.905 | 2.790 | 2.898 | +0.076 |
| APR   | 2.900 | 2.780 | 2.878 | +0.069 |
| MAY   | 2.940 | 2.830 | 2.921 | +0.069 |
| JUN   | 2.990 | 2.900 | 2.966 | +0.064 |
| JUL   | 3.010 | 2.930 | 3.009 | +0.062 |
| AUG   | 3.050 | 2.980 | 3.052 | +0.060 |
| SEP   | 3.080 | 2.980 | 3.064 | +0.057 |
| OCT   | 3.110 | 3.040 | 3.104 | +0.057 |
| NOV   | 3.300 | 3.240 | 3.297 | +0.055 |
----------------------------------------------------
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----------------------------------------------------
Russia Defends Stand on Crude Oil Production Cuts


Defending Russia's decision to not cooperate with OPEC on production
cuts to lift oil prices, its prime minister said that no one could
make demands of the country and that lower prices were not that much
of a concern for Moscow. OPEC recently decided to delay a much
anticipated 1.5 million bpd reduction in output until Russia agrees
to join other non-OPEC members in production cuts of 500,000 bpd.
Russia's prime minister contends that market fluctuations have
happened in the past and will continue to happen and a calm attitude
is needed. He said that a waiting period was needed in order to
properly judge what was happening on the market. He also added that
the country's policy was to balance its own interests and those of
producers and consumers. Russia needs to keep pumping oil in order to
meet repayments on $140 billion of foreign debt. Mexico's energy
secretary has visited Moscow to urge them to consider bigger
reductions in output. Mexico has said it would cut exports by 100,000
bpd if other non-OPEC producers would cut commensurately. Norway, the
worlds 3rd largest producer, has not offered to slice output so far,
but has said it will review its position next week. Venezuela's
energy minister also said he would visit Russia in December to lobby
for support. Russia's oil companies seem to have conflicting opinions
on the wisdom of making a big production cut. YUKOS, the country's
2nd largest oil company, has said it would fight output cuts and that
any reduction by Russia would simply lead other regional producers
such as Kazakhstan supplying volumes instead. Meanwhile, LUKOIL,
Russia's largest oil producer, said it could close some unprofitable
wells and that there other ways for Russia to manage under low oil
revenues. The company believes that the balance of the rouble and the
dollar is the key. If oil prices stay at $15 per barrel and the
government and the central bank decide to devalue the rouble to 33-35
per dollar, currently at 30, it would be equal to the price of $21-22
per barrel.
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-------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month  First  High  Low   Sett  Chg
JAN 02 17.63 18.10 17.25 17.75 +0.42
FEB 02 17.97 18.17 17.36 17.88 +0.37
MAR 02 18.18 18.25 17.60 17.99 +0.38
APR 02 18.20 18.40 17.70 18.12 +0.39
MAY 02 18.34 18.34 17.96 18.28 +0.42
JUN 02 18.46 18.46 18.05 18.43 +0.45
JUL 02 18.58 18.58 18.13 18.54 +0.50
AUG 02 18.48 18.48 18.48 18.66 +0.55
SEP 02 00.00 18.86 18.60 18.78 +0.60
OCT 02 00.00 00.00 00.00 18.90 +0.65
----------------------------------------------------------
NYMEX-Mont Belvieu Propane
Gas Futures($ / Gallon)
Month    High   Low   Last   Change
Dec 01 0.3170 0.3100 0.3100 -0.0050
Jan 02 0.3125 0.3125 0.3125 -0.0050
Feb 02 0.3075 0.3050 0.3050 +0.0025
Mar 02 0.3800 0.3050 0.3050 +0.0075
Apr 02 0.3400 0.3100 0.3100 +0.0050
May 02 0.3125 0.3100 0.3125 +0.0175
Jun 02 0.3150 0.3150 0.3150 +0.0175
Jul 02 0.0000 0.0000 0.3150 +0.0175
Aug 02 0.0000 0.0000 0.3175 +0.0175
Sep 02 0.0000 0.0000 0.3200 +0.0175
----------------------------------------------------
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----------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month   High   Low    Sett  Change
DEC 01 165.25 158.50 160.50 + 0.50
JAN 02 166.25 159.75 162.50 + 0.75
FEB 02 165.25 159.50 161.75 + 0.50
MAR 02 164.75 159.00 161.25 + 0.25
APR 02 163.75 159.25 160.50 + 0.25
MAY 02 164.00 161.00 161.00 + 0.75
JUN 02 163.75 160.00 162.00 + 0.75
JUL 02 163.75 162.50 163.75 + 0.75
AUG 02 164.50 164.50 165.50 + 0.75
SEP 02 000.00 000.00 167.25 + 0.75
-----------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month   High   Low    Last   Change
DEC 01 0.5075 0.4840 0.5022 +0.0138
JAN 02 0.5180 0.4940 0.5110 +0.0135
FEB 02 0.5270 0.5050 0.5213 +0.0123
MAR 02 0.5390 0.5190 0.5338 +0.0125
APR 02 0.5975 0.5830 0.5948 +0.0125
------------------------------------------------------
Russian Oil Companies See No Reason to Back OPEC Cuts

    The reborn Russian oil industry, which almost fell to ruin after
the Soviet Union toppled, may soon find itself involved in an price
war with OPEC. The cartel has trimmed output 3 times so far this year
and says it won't cut more unless Russia cooperates with significant
reductions of its own. However, the former communist country does not
appear willing to cooperate, despite a 45% plunge in prices from a
year ago, offering a token cut of 30,000 bpd from its 7 million bpd
production. Former state-owned companies in Russia have boosted oil
output by resurrecting fields in Siberia. Higher oil prices over the
last 2 years aided the turnaround in the Russian oil industry,
providing funding for new drilling and boosting production. After
communism fell, many companies were acquired cheaply by influential
members of the previous regime, who exhibit a reluctance to slice
output even with oil prices around $17.50 per barrel as they try to
boost their global market share. Some in Russia say that $16  $22 per
barrel is a fair price and that the country should work with Norway
and the EU to maintain that price. Traders say they do not expect any
significant reductions from Russia. Although the government maintains
leverage over its oil companies by controlling export pipelines, the
current administration has set its sights on improving relations with
the US, which many think want cheaper oil. The country has a
population of 150 million and exports only 33% of its oil and 19% of
refined products, which can be shipped by railways and tankers,
bypassing state-controlled pipelines.
------------------------------------------------------
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--------------------------------------------------
PHYSICAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 1.46  |
| ANR SE                  | 1.61  |
| Carthage TG             | 1.57  |
| Chicago Citygate        | 1.66  |
| Columbia Gulf Onshore   | 1.63  |
| Dominion South Point    | 1.80  |
| Henry Hub               | 1.72  |
| Houston Ship Channel    | 1.60  |
| Katy Hub                | 1.53  |
| NGPL LA Pool            | 1.59  |
| NGPL - Midcontinent     | 1.39  |
| NGPL STX                | 1.48  |
| NGPL TX/OK              | 1.59  |
| NNG Demarc.             | 1.49  |
| Niagara                 | 1.84  |
| Sonat Tier 1            | 1.58  |
| TCO IPP Pool            | 1.75  |
| Tetco ELa               | 1.65  |
| Tetco M-3               | 1.99  |
| Tetco STX               | 1.57  |
| TGP Zone 0              | 1.54  |
| TGP Zone 1 (500 Leg)    | 1.60  |
| TGT Zone SL             | 1.66  |
| New York Citygate       | 1.98  |
| Transco Station 65      | 1.72  |
| Transco Zone 6 (NY)     | 1.98  |
| Trunk ELa               | 1.54  |
| Western Region
| California Border       | 1.42  |
| El Paso Keystone        | 1.29  |
| El Paso San Juan-Blanco | 1.16  |
| Waha Hub                | 1.37  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 1.68  |
| Dawn Hub/Union          | 1.86  |
| Northwest Stanfield     | 1.27  |
| Wyoming Pool            | 1.20  |
| Opal/Kern River         | 1.21  |
| PGT-Malin               | 1.31  |
| Sumas                   | 1.29  |
       Flow Dates 11/17-19
------------------------------------------------
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------------------------------------------------
Chemical Stocks Rally on Lower Oil Prices

    Tumbling oil prices may give some relief to the chemical industry
in its worst downturn in nearly two decades, although the boost may
not be enough to offset already crippled demand. Chemical stocks have
rallied since oil prices began a steady decline to two-year lows in
mid-September. Shares of the larger companies have gained about 20%,
while the Standard & Poor's chemical composite index is up more than
9%. The rally occurred despite a dismal 3rd quarter results.  Crude
oil prices plunged last Thursday and hit 2-year lows.
-----------------------------------------------
Natural Gas Options
|       | Closing | Days  | Implied ATM |
| Month |  Price  | Left  | Volatility  |
| DEC   |  2.617  |   8   |   80.00%    |
----------------------------------------------
Heating Oil Options
|       | Closing | Days  | Implied ATM |
| Month |  Price  | Left  | Volatility  |
| DEC   | 0.5218  |   8   |   58.11%    |
--------------------------------------------
Unleaded Gas Options
|       | Closing | Days  | Implied ATM |
| Month |  Price  | Left  | Volatility  |
| DEC   | 0.5022  |   8   |   62.12%    |
--------------------------------------------
FERC Reconsiders Maryland LNG Plant


    The FERC has concluded a conference with state and local
officials on national security concerns associated with re-opening
the Cove Point LNG plant, which is 3.5 miles from the Calvert Cliffs
nuclear power plant in southern Maryland. The commission had given
Williams permission to restart the plant last month. However,
concerns about possible sabotage on tankers from Algeria or other
foreign countries, under foreign flags with foreign crews, delivering
LNG to the plant prompted the commission to re-think its decision.
The conference was closed to the public because of the security-
sensitive nature of the subject being discussed. A tanker carrying
LNG was recently the focal point of a public battle between local and
federal officials. The Coast Guard had closed Boston's Harbor to the
tanker following the September 11th attacks because of worries that
the highly flammable substance could cause mass destruction if it
became the target of a terrorist attack. The Coast Guard eventually
decided to allow the tanker to be unloaded, but Boston's mayor was
outraged and proceeded with legal action, which was denied.
Washington Gas, whose customers are served by the Cove Point
pipeline, said that communications should be improved between the LNG
plant and state and federal officials in case of a threat. In FERC's
approval last month, it ordered the facility to establish a direct
independent communication link with staff at the nuclear power plant,
and develop a backup plan.
--------------------------------------------
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-------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 was up 52.39 points to 7315.30
The CRB Index climbed 2.02 points to 188.39
The US Dollar gained 0.04 points to 116.41
The Dow declined 5.40 points to 9866.99
The S&P 500 decreased 3.59 points to 1138.65
The Nasdaq lost 1.99 points to 1898.58
December NYMEX Crude Oil rose 0.58 to 18.03
Canadian-US Exchange added 0.0007 to 1.5875
------------------------------------------------------
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