Enerfax GOLD
NORTH AMERICA'S FREE  GAS, OIL, LIQUIDS & DERIVATIVES
INFORMATION SOURCE
   Monday, November 26, 2001  No. 430
Visit our website at: http://www.enerfaxgold.com/,

PETROLEUM PRICES
| Bonny Light      |  $19.72
| Brent            |  $19.47
| Butane           |  $ 0.36
| Fuel Oil #2      |  $ 0.52
| Louisiana        |  $19.20
| Medit.           |  $18.82
| 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 |  0.8783
--------------------------------------------------------
Todays Petro Bulletins
 * Canadian Energy Stocks Drop as Russia Stalls Cuts
 * Brazil Officials Assess Oil Spill in Scenic Rio Bay
 * Strike Forces Majors to Cut French Refinery Output
 * Halliburton Closes Deal to Acquire Magic Earth
 * Repsol and Hess Group Find Natural Gas and Condensate in Indonesia
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NYMEX - NY Harbor Heating Oil
Month   High   Low    Last   Change
DEC 01 0.5480 0.5320 0.5342 -0.0034
JAN 02 0.5570 0.5420 0.5435 -0.0037
FEB 02 0.5600 0.5460 0.5485 -0.0032
MAR 02 0.5540 0.5410 0.5445 -0.0032
APR 02 0.5525 0.5450 0.5395 -0.0037
MAY 02 0.5460 0.5400 0.5335 -0.0042
JUN 02 0.5525 0.5420 0.5355 -0.0047
JUL 02 0.5575 0.5475 0.5420 -0.0047
AUG 02 0.5640 0.5560 0.5495 -0.0047
------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel)
Month  Open  High   Low  Last  Change
DEC 01 17.15 18.10 16.70 17.72 -0.31
JAN 02 19.40 19.45 18.80 18.96 -0.19
FEB 02 19.55 19.65 19.05 19.19 -0.18
MAR 02 19.67 19.73 19.27 19.33 -0.18
APR 02 19.80 19.80 19.50 19.46 -0.40
MAY 02 19.85 19.85 19.60 19.59 -0.20
JUN 02 19.90 19.95 19.70 19.72 -0.34
JUL 02 20.10 20.05 19.80 19.83 -0.21
AUG 02 19.80 20.00 19.80 19.93 -0.21
SEP 02 20.20 20.20 20.05 20.03 -0.20
----------------------------------------------------
Crude Oil Futures Fall on OPEC Stalemate with Russia


    Crude oil futures for January delivery on the NYMEX dipped $0.18
to $18.96 per barrel on Wednesday. Global oil prices climbed on
Thursday after Russia indicated it was willing to make larger cuts
than its previously announced 30,000 bpd. But on Friday, Russia said
it would cut 50,000 bpd for the 4th quarter, but made no future
commitments to curb production, which produced another drop in global
oil prices. However, the former Soviet country said further cuts were
possible before its December 10th deadline for setting next years
production levels. Although, Russia's top economic advisor said that
it would be ridiculous to try to lift oil prices when the world was
entering a recession. In response to bulging crude oil inventories,
plummeting demand and prices, OPEC was expected to cut production by
up to 1.5 million bpd at its Vienna meeting last week, but instead
said it will not make any cuts in production without a meaningful
slice in Russian output. The cartel has sought cooperation from non-
OPEC members, specifically Russia, Norway and Mexico to trim exports
by a combined 500,000 bpd. So far, the organization has received
pledges from Mexico and Norway to reduce production by 100,000 and
200,000 bpd respectively. December gasoline futures on the NYMEX fell
0.0008 to $0.5273 per gallon on Wednesday. Heating oil futures for
December delivery on the NYMEX lost $0.0034 to $0.5342 per gallon. In
London, Brent crude oil futures for January delivery climbed $1.17 to
$19.90 per barrel on Thursday, but were down $0.62 to $19.28 per
barrel on Friday.
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NYMEX Henry Hub Natural Gas Futures
12 Month Strip  3.0382  -0.0777
18 Month Strip  3.1651  -0.0932
| Month | High  |  Low  | Close | Change |
| DEC   | 2.880 | 2.735 | 2.813 | -0.039 |
| JAN   | 3.050 | 2.790 | 2.991 | -0.050 |
| FEB   | 3.090 | 3.000 | 3.036 | -0.045 |
| MAR   | 3.080 | 2.970 | 3.005 | -0.061 |
| APR   | 3.052 | 2.910 | 2.945 | -0.081 |
| MAY   | 3.060 | 2.960 | 2.983 | -0.085 |
| JUN   | 3.080 | 3.020 | 3.023 | -0.085 |
| JUL   | 3.120 | 3.090 | 3.060 | -0.086 |
| AUG   | 3.170 | 3.090 | 3.093 | -0.089 |
| SEP   | 3.180 | 3.100 | 3.095 | -0.099 |
| OCT   | 3.200 | 3.150 | 3.117 | -0.071 |
| NOV   | 3.390 | 3.330 | 3.297 | -0.109 |
----------------------------------------------------
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----------------------------------------------------
LPG Unit at Texas Refinery Explodes


Witnesses say a huge fire-ball erupted over the 100,000 bpd Crown
Central Petroleum oil refinery in Pasadena, TX last Friday. Damage
was limited to the liquefied petroleum gas unit where the explosion
occurred. The privately held Crown Central said the blast occurred
during early phases of a scheduled 4-week maintenance period at its
Houston Ship Channel refinery. Although none of the refinery's other
units seemed to have been damaged, the whole plant was closed down as
a precautionary measure.
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IPE-Brent Crude futures (US $/barrel)
Month  First  High  Low   Sett  Chg
JAN 02 19.90 20.02 18.60 19.28 -0.62
FEB 02 19.90 19.95 18.58 19.23 -0.60
MAR 02 19.25 19.30 18.80 19.21 -0.55
APR 02 19.25 19.25 18.85 19.23 -0.53
MAY 02 18.88 19.15 18.88 19.30 -0.50
JUN 02 19.16 19.16 19.15 19.37 -0.48
JUL 02 19.25 19.34 19.25 19.44 -0.47
AUG 02 19.34 19.34 19.34 19.51 -0.46
SEP 02 00.00 00.00 00.00 19.58 -0.45
OCT 02 00.00 00.00 00.00 19.65 -0.44
----------------------------------------------------------
NYMEX-Mont Belvieu Propane
Gas Futures($ / Gallon)
Month    High   Low   Last   Change
DEC 01 0.3150 0.3125 0.3150 +0.0000
JAN 02 0.3200 0.3200 0.3200 +0.0000
FEB 02 0.3100 0.3060 0.3075 +0.0000
MAR 02 0.2875 0.2875 0.2875 +0.0000
APR 02 0.3925 0.3925 0.2925 +0.0000
MAY 02 0.3950 0.3950 0.2950 +0.0000
JUN 02 0.3950 0.3950 0.2950 +0.0000
JUL 02 0.2950 0.2950 0.2950 +0.0000
----------------------------------------------------
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----------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month   High   Low    Sett  Change
DEC 01 175.75 165.75 167.75 - 5.25
JAN 02 177.50 167.00 169.75 - 5.25
FEB 02 177.00 168.50 170.25 - 4.75
MAR 02 169.50 169.50 170.75 - 4.25
APR 02 169.50 169.50 170.50 - 3.75
MAY 02 169.75 169.75 171.00 - 3.50
JUN 02 000.00 000.00 172.00 - 3.00
JUL 02 000.00 000.00 173.50 - 3.00
AUG 02 000.00 000.00 175.00 - 3.00
SEP 02 176.25 176.25 176.50 - 3.00
-----------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month   High   Low    Last   Change
DEC 01 0.5370 0.5240 0.5273 -0.0008
JAN 02 0.5410 0.5310 0.5326 -0.0018
FEB 02 0.5475 0.5390 0.5414 -0.0022
MAR 02 0.5540 0.5490 0.5524 -0.0024
APR 02 0.6200 0.6130 0.6153 -0.0024
MAY 02 0.6220 0.6200 0.6179 -0.0024
JUN 02 0.6300 0.6250 0.6218 -0.0024
JUL 02 0.6240 0.6210 0.6174 -0.0024
AUG 02 0.6180 0.6180 0.6119 -0.0024
SEP 02 0.5788 0.5788 0.5895 -0.0024
------------------------------------------------------
Russia Becomes Lone Hold-Out

    In yet another attempt to convince Russia to commit to
significant output curbs, OPEC is calling on non-members to cooperate
in an effort to lift sinking oil prices. OPEC has said it will not
act alone in reducing exports. Earlier this month, the cartel said it
would trim production by 1.5 million bpd if non-members such as
Mexico, Norway and Russia contribute another 500,000 bpd. Mexico has
said it would make an 100,000 bpd cut. And last week Norway chimed in
with pledge of a 200,000 bpd reduction. But so far, Russia, the
worlds 2nd largest oil producer does not seem inclined to join the
party, despite raising their planned output reduction to 50,000 bpd
from a previously announced 30,000 bpd. OPEC's secretary general says
the organization is working to prevent a catastrophe in oil prices.
------------------------------------------------------
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--------------------------------------------------
PHYSICAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 1.66  |
| ANR SE                  | 1.86  |
| Carthage TG             | 1.74  |
| Chicago Citygate        | 1.88  |
| Columbia Gulf Onshore   | 1.83  |
| Dominion South Point    | 2.14  |
| Henry Hub               | 1.93  |
| Houston Ship Channel    | 1.82  |
| Katy Hub                | 1.75  |
| NGPL LA Pool            | 1.80  |
| NGPL - Midcontinent     | 1.70  |
| NGPL STX                | 1.71  |
| NGPL TX/OK              | 1.76  |
| NNG Demarc.             | 1.75  |
| Niagara                 | 2.01  |
| Sonat Tier 1            | 1.86  |
| TCO IPP Pool            | 1.98  |
| Tetco ELa               | 1.88  |
| Tetco M-3               | 2.17  |
| Tetco STX               | 1.80  |
| TGP Zone 0              | 1.75  |
| TGP Zone 1 (500 Leg)    | 1.77  |
| TGT Zone SL             | 1.90  |
| New York Citygate       | 2.33  |
| Transco Station 65      | 1.98  |
| Transco Zone 6 (NY)     | 2.35  |
| Trunk ELa               | 1.81  |
| Western Region
| California Border       | 1.57  |
| El Paso Keystone        | 1.59  |
| El Paso San Juan-Blanco | 1.44  |
| Waha Hub                | 1.66  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 2.48  |
| Dawn Hub/Union          | 2.08  |
| Northwest Stanfield     | 1.57  |
| Wyoming Pool            | 1.43  |
| Opal/Kern River         | 1.46  |
| PGT-Malin               | 1.62  |
| Sumas                   | 1.71  |
------------------------------------------------
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------------------------------------------------
Lawsuit Filed Over Phillips, Conoco Merger

    Conoco has been sued over a planned $15.4 billion merger with
Phillips to form the 3rd largest US oil company. The lawsuit contends
that the merger undervalues Conoco shares. The deal would exchange
0.4677 share of the new company for each Conoco share. Shares of
Conoco were up $0.54 to $27.30 per share last week while shares of
Phillips gained $0.72 to $55.00, valuing Conoco at $25.72 relative to
Phillips. Conoco shares have seen an 8.1% increase from $24.30 per
share on November 16th, just before the merger was announced. The
lawsuit alleges that Conocos directors failed to fulfill their
obligations by not properly seeking the best alternative for its
shareholders. The suit also contends that the transaction includes no
premium for Conoco shareholders and also seeks class-action status
and an order forcing directors to explore available alternatives to
the deal.
-----------------------------------------------
Natural Gas Options
|       | Closing | Days  | Implied ATM  |
| Month |  Price  | Left  |  Volatility  |
| DEC   |  2.813  |   5   |    87.53%    |
----------------------------------------------
Heating Oil Options
|       | Closing | Days  | Implied ATM |
| Month |  Price  | Left  | Volatility  |
| DEC   | 0.5342  |   5   |   56.18%    |
--------------------------------------------
Unleaded Gas Options
|       | Closing  | Days  | Implied ATM |
| Month |  Price   | Left  | Volatility  |
| DEC   |  0.5273  |   5   |   58.40%    |
--------------------------------------------
Arctic Drilling Effected by Lower Natural Gas Prices

     The drilling industry ready for an active winter season on the
tundra of Canada's far north, but low natural gas prices and a weak
economy have lowered expectations of a boom time. Most companies such
as Petro-Canada and Paramount Resources  are pressing ahead with
exploration in the rugged Northwest Territories. Due to marshy
conditions for the rest of the year, wells are drilled in winter when
the ground freezes. Petro-Canada plans to drill three 9,840-foot deep
wells in the Mackenzie Delta and Paramount intends to drill two wells 
farther south, near Fort Liard, below the Arctic Circle. The region
could hold trillions of cubic feet of natural gas. In recent
federally supervised land sales, producers committed to spending
C$650 million on exploration over the next few years just in the
Mackenzie Delta. But some wells in theYukon and the Northwest
Territories' central Mackenzie Valley have been canceled or delayed
by Canadian Natural Resources. But the troubled economy and the drop
in prices from $10 per MMBtu last January are having an impact. Akita
Drilling is keeping two new rigs in Alberta this winter and delaying
the move of the C$18 million units to the Mackenzie Delta until later
in 2002. Imperial Oil, Shell Canada and Conoco are studying building
a C$3 billion pipeline to transport about a Bcf per day of Arctic
volumes to southern Canada and the US.
--------------------------------------------
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Nigeria Orders Oil Meeting Cancelled


      Nigeria has ordered British and US diplomats to cancel a
meeting with the governors of the West African nation's oil-producing
states, calling it a threat its sovereignty. Nigeria's minister of
state for foreign affairs summoned the US ambassador and British
Deputy High Commissioner to tell them the meeting scheduled for today
must be called off. British and American diplomats said the meeting
never meant to undermine the central government. The meeting was to
share information with the governors on some environmental issues
that would be beneficial to the oil producing communities. Royal
Dutch Shell is Nigeria's largest producer accounting for about half
of the country's daily crude oil output of about two million barrels,
followed by ExxonMobil, which pumps about 620,000 bpd. Nigeria's oil-
producing states and the federal government have been fighting over
control of its oil resources.
-------------------------------------------------------
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Duke to Import Natural Gas to Italy

  Duke Energy is selling natural gas and electricity into the Italian
market via its energy trading business, and could also bid for one of
the generating companies to be sold by Enel. Duke's effort to boost
its presence in Italy includes plans to open offices in Milan.  Duke
is interested in acquiring generating capacity in the Italian market,
either through acquisitions or contracts involving the rental of
generators. If Duke does actually bid for generating capacity, its
target would be Interpower, the third of a group of generating units
that Italian power giant Enel is selling off to comply with EU rules
aimed at fostering competition in Italy's energy market.
--------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 was up 49.90 points to 7432.43
The CRB Index gained 0.34 points to 190.12
The US Dollar climbed 0.63 points to 117.34
The Dow advanced 58.33 points to 9959.71
The S&P 500 added 13.31 points to 1150.34
The Nasdaq increased 28.15 points to 1903.20
January NYMEX Crude Oil fell 0.19 to 18.96
Canadian-US Exchange rose 0.048 to 1.5981
------------------------------------------------------
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