Enerfax GOLD
NORTH AMERICA'S FREE  GAS, OIL, LIQUIDS & DERIVATIVES
INFORMATION SOURCE
   Tuesday, November 27, 2001  No. 431
Visit our website at: http://www.enerfaxgold.com/,

PETROLEUM PRICES
| Bonny Light      |  $18.66
| Brent            |  $18.46
| Butane           |  $ 0.36
| Fuel Oil #2      |  $ 0.50
| Louisiana        |  $19.15
| Medit.           |  $17.81
| Propane Non-tet  |  $ 0.29
| Propane Wet-tet  |  $ 0.29
| W. Tx Int Cush   |  $18.68
| W. Tx Sour       |  $16.65

| Euro in US equiv |  0.8804
--------------------------------------------------------
Todays Petro Bulletins
 * Frontier Oil Appoints William Miller VP Planning and Development
 * Diamond-Koch III LP Signs Letter of Intent to Sell Interest in
Propylene Splitters to
Enterprise Products Partners
 * BP Standardizes on TIBCO Software to Manage Business Processes
Across Its Global Energy Trading Businesses
 * Enbridge to Acquire 25% Interest in Spanish Refined Products
Transportation and Storage Business for C$530 Million
 * Construction of Mexico's First Privately Owned Ethylene Complex
Hinges on Availability of Feedstock
 * DRI-WEFA Predicts A Brief Downturn and Recovery of Oil Prices as
Most Likely Scenario
 * Retail Gasoline Prices Lowest Since July 1999; Down $0.04 to
$1.127 Last Week.
Dow Chemical Pins Hopes on Software to Cut Costs
 * Sasol Gas and Tractebel Sign Memoranda of Understanding
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--------------------------------------------------------
NYMEX - NY Harbor Heating Oil
Month   High   Low    Last   Change
DEC 01 0.5355 0.5200 0.5217 -0.0125
JAN 02 0.5410 0.5300 0.5316 -0.0119
FEB 02 0.5440 0.5350 0.5371 -0.0114
MAR 02 0.5410 0.5340 0.5341 -0.0104
APR 02 0.5350 0.5325 0.5301 -0.0094
MAY 02 0.5325 0.5290 0.5246 -0.0089
JUN 02 0.5350 0.5300 0.5271 -0.0084
JUL 02 0.5420 0.5390 0.5341 -0.0079
AUG 02 0.5480 0.5480 0.5421 -0.0074
SEP 02 0.5695 0.5655 0.5585 -0.0047
------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel)
Month  Open  High   Low  Last  Change
DEC 01 17.15 18.10 16.70 17.72 -0.31
JAN 02 18.80 18.95 17.67 18.69 -0.27
FEB 02 19.00 19.15 18.65 18.88 -0.31
MAR 02 19.10 19.25 18.80 19.03 -0.30
APR 02 19.02 19.40 19.02 19.17 -0.29
MAY 02 19.50 19.50 19.50 19.31 -0.28
JUN 02 19.40 19.60 19.30 19.44 -0.28
JUL 02 19.55 19.57 19.55 19.56 -0.27
AUG 02 19.68 19.70 19.68 19.66 -0.27
SEP 02 19.75 19.75 19.75 19.76 -0.27
----------------------------------------------------
Crude Oil Futures Rise as US Urges Tighter Controls on Iraq

    Crude oil rose as much as 1.4% yesterday as the US renewed
efforts to force Iraq to allow more weapons inspections, raising
concern OPEC's 4th-biggest oil producer may temporarily halt
shipments in retaliation. President Bush said the war in Afghanistan
is only the beginning of his fight on terrorism and urged Iraq to
accept a change to trade sanctions that would tighten control of
weapons supply. That may prompt Iraq to refuse to renew a 6-month oil-
for-food program that expires Friday. Crude oil for January delivery
rose as much as $0.27 to $18.96 per barrel in after-hours NYMEX
electronic trading. Oil prices have dropped 29% in the past 3 months
as economic slowdown reduced demand. In London, Brent crude oil on
the IPE fell $0.92 cents yesterday, or 4.8%, to $18.36 per barrel
because of OPEC's failure to persuade Russia to agree to bigger
production cuts.
----------------------------------------------------
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-------------------------------------------------------
NYMEX Henry Hub Natural Gas Futures
12 Month Strip  2.9671  -0.0711
18 Month Strip  3.0928  -0.0723
| Month | High  |  Low  | Close | Change |
| DEC   | 2.730 | 2.610 | 2.696 | -0.117 |
| JAN   | 2.950 | 2.811 | 2.935 | -0.056 |
| FEB   | 2.990 | 2.865 | 2.982 | -0.054 |
| MAR   | 2.950 | 2.841 | 2.942 | -0.063 |
| APR   | 2.880 | 2.796 | 2.875 | -0.070 |
| MAY   | 2.910 | 2.830 | 2.913 | -0.070 |
| JUN   | 2.960 | 2.870 | 2.953 | -0.070 |
| JUL   | 2.990 | 2.920 | 2.990 | -0.070 |
| AUG   | 3.035 | 2.945 | 3.023 | -0.070 |
| SEP   | 3.035 | 2.965 | 3.026 | -0.069 |
| OCT   | 3.055 | 2.990 | 3.045 | -0.072 |
| NOV   | 3.220 | 3.210 | 3.225 | -0.072 |
----------------------------------------------------
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----------------------------------------------------
World Energy Security and Commerce Forum

    Representatives from the world's leading energy companies, policy
makers and industry experts will gather January 24, 2002 in
Washington DC at the World Energy Security and Commerce forum
(www.wesc.org) to discuss the new realities facing executives
responsible for securing energy assets, transporting them to market
and balancing changing political climates. Led by Lawrence
Eagleburger, former U.S. Secretary of State, and the CIA's Special
unit on Counter-Terrorism, and a distinguished panel of experts, the
delegates will detail the costs and threats the energy industry must
tackle as the war on terrorism continues in the face of a global
economic slowdown.
-----------------------------------------------------
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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 0.3125 0.2900 0.2925 -0.0175
Jan 02 0.3050 0.2975 0.2975 -0.0225
Feb 02 0.2950 0.2870 0.2950 -0.0150
Mar 02 0.2925 0.2850 0.2925 +0.0000
Apr 02 0.2950 0.2930 0.2950 +0.0025
May 02 0.3125 0.2975 0.2975 +0.0025
Jun 02 0.3240 0.3050 0.3050 +0.0100
Jul 02 0.0000 0.0000 0.3050 +0.0100
Aug 02 0.0000 0.0000 0.3125 +0.0000
Sep 02 0.3250 0.3250 0.3250 +0.0000
----------------------------------------------------
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----------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month   High   Low    Sett  Change
DEC 01 164.75 160.00 162.50 - 5.25
JAN 02 166.50 161.75 164.25 - 5.50
FEB 02 167.00 162.75 165.00 - 5.25
MAR 02 167.50 164.50 165.75 - 5.00
APR 02 167.50 164.75 165.75 - 4.75
MAY 02 000.00 000.00 166.25 - 4.75
JUN 02 167.25 166.00 167.25 - 4.75
JUL 02 169.50 167.75 169.00 - 4.50
AUG 02 171.50 170.50 170.75 - 4.25
SEP 02 172.00 172.00 172.50 - 4.00
-----------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month   High   Low    Last   Change
DEC 01 0.5300 0.5115 0.5217 -0.0056
JAN 02 0.5350 0.5175 0.5268 -0.0058
FEB 02 0.5405 0.5290 0.5353 -0.0061
MAR 02 0.5510 0.5415 0.5458 -0.0066
APR 02 0.6040 0.6040 0.6058 -0.0071
MAY 02 0.6220 0.6200 0.6179 -0.0024
JUN 02 0.6194 0.6194 0.6194 -0.0024
JUL 02 0.6240 0.6210 0.6174 -0.0024
AUG 02 0.6180 0.6180 0.6119 -0.0024
SEP 02 0.6039 0.6039 0.6039 -0.0024
------------------------------------------------------
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--------------------------------------------------
PHYSICAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 1.55  |
| ANR SE                  | 1.79  |
| Carthage TG             | 1.81  |
| Chicago Citygate        | 1.73  |
| Columbia Gulf Onshore   | 1.73  |
| Dominion South Point    | 1.75  |
| Henry Hub               | 1.82  |
| Houston Ship Channel    | 2.01  |
| Katy Hub                | 1.94  |
| NGPL LA Pool            | 1.80  |
| NGPL - Midcontinent     | 1.80  |
| NGPL STX                | 1.65  |
| NGPL TX/OK              | 1.82  |
| NNG Demarc.             | 2.08  |
| Niagara                 | 2.08  |
| Sonat Tier 1            | 1.74  |
| TCO IPP Pool            | 1.74  |
| Tetco ELa               | 1.64  |
| Tetco M-3               | 1.91  |
| Tetco STX               | 1.53  |
| TGP Zone 0              | 1.58  |
| TGP Zone 1 (500 Leg)    | 1.62  |
| TGT Zone SL             | 1.75  |
| New York Citygate       | 2.07  |
| Transco Station 65      | 1.82  |
| Transco Zone 6 (NY)     | 2.08  |
| Trunk ELa               | 1.70  |
| Western Region
| California Border       | 2.19  |
| El Paso Keystone        | 1.98  |
| El Paso San Juan-Blanco | 1.97  |
| Waha Hub                | 2.02  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 3.03  |
| Dawn Hub/Union          | 2.10  |
| Northwest Stanfield     | 2.18  |
| Wyoming Pool            | 1.92  |
| Opal/Kern River         | 1.89  |
| PGT-Malin               | 2.27  |
| Sumas                   | 2.19  |
         Flow Date 11/27
------------------------------------------------
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December 12 - Houston
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------------------------------------------------
Dolphin Gas Project Moving Ahead

    Qatar and Abu Dhabi are expected to sign a $3.5 billion agreement
on the inter-Gulf Dolphin natural gas project within a week.
Bureaucracy and red-tape had delayed the final signing of a
development and production sharing agreement. The DPSA will allow the
project sponsor, Dolphin Energy Ltd, to produce up to 2 Bcf per day
from a North Field block and transport it via an sub-sea pipeline to
Abu Dhabi initially. A 2nd phase would increase production to 3 Bcf
per day. DEL will spend $2 billion to drill about 16 wells and build
a production platform and treatment facilities and provide an
additional $1.5 billion for the construction of a 350 km, undersea
pipeline from Qatar to Taweelah, Abu Dhabi. Qatar will own all the
condensate, sulfur, NGL and LPG, extracted from the wet gas, and
charge $1.30 per MMBtu for the dry gas, which will be exported by
DEL. The first delivery of gas to Taweelah is expected in about 2
years. DEL is expected to appoint a financial adviser for the project
soon and select a partner to replace Enron, which pulled out of the
project. State-owned UAE Offsets Group, which holds a 75.5% stake in
DEL, has asked Exxon Mobil, BP, Royal Dutch/Shell, Conoco and
Occidental to submit bids for a 24.5% stake in the project,
previously held by Enron. The selected firm will be in charge of the
building and operation of the subsea pipeline. France's TotalFinaElf,
which also holds a 24.5% share, will oversee the upstream section of
the project.
-----------------------------------------------
Natural Gas Options
|       | Closing | Days | Implied ATM |
| Month |  Price  | Left | Volatility  |
| DEC   |  2.696  |  2   |   73.28%    |
----------------------------------------------
Heating Oil Options
|       | Closing | Days | Implied ATM |
| Month |  Price  | Left | Volatility  |
| DEC   | 0.5217  |  2   |   50.79%    |
--------------------------------------------
Unleaded Gas Options
|       | Closing | Days | Implied ATM |
| Month |  Price  | Left | Volatility  |
| DEC   | 0.5217  |  2   |   50.79%    |
--------------------------------------------
Angolan LNG Plant May Be Delayed

    A proposed $2 billion liquid natural gas plant in Angola has been
delayed by at least a year due to the merger between Chevron and
Texaco and the possible addition of new partners in the project.
Texaco, which launched the project about 3 years ago, had scheduled
the plant opening in 2005, but it will now likely be 2006.
ChevronTexaco and state oil company, Sonangol, expects to announce
project partners before entering the engineering and design phase in
the next few months. The partners are expected to be BP, TotalFinaElf
and ExxonMobil, all of which operate several offshore blocks
northeast of the capital, Luanda. The LNG plant will be built on a
refinery site operated by TotalFinaElf in northern Luanda. The site 
has capacity for four trains. The refinery and the 4 million tonne
per year LNG plant would save by sharing water, security and other
services. ChevronTexaco produces about 600,000 bpd of Angola's total
750,000 bpd output. Since the merger was approved last month, the
companies have been mapping out the new companies projects and it is
still not clear what priority will be given to the project. Angola is
expected to grant approval quickly because of concerns about properly
using its gas reserves and eliminating flaring. The gas will be
marketed in Europe and the Americas, but will face tough competition
from countries such as Nigeria, which leads Angola in sub-Sahara oil
production.
--------------------------------------------
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-----------------------------------------------------------
FBI Warns of Possible Pipeline Attacks

    The FBI has warned oil and natural gas companies that Osama bin
Laden may have called for an attack on US natural gas facilities if
he is captured or killed. Federal investigators received a report of
undetermined reliability that natural gas supplies could be targeted.
Energy companies already have increased security at pipelines,
refineries, nuclear power plants and other facilities.
-------------------------------------------------------
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Possible Law Suits Could Threaten OPEC Production Cut


    If oil companies like Venezuela's PDVSA, Mexico's Pemex, Norway's
Statoil and Russia's Lukoil join OPEC in cutting exports in order to
lift oil prices, they could become the target of lawsuits by airlines
for price fixing. If the proposed cut in exports is judged to be an
illegal conspiracy under US antitrust statutes, direct purchasers
could sue for treble damages. Citgo could be a target because it
sells jet fuel directly to airlines. It has been rumored that at
least 2 airlines are considering legal action. Such an action would
certainly be a threat to OPEC's plans to cut another 1.5 million bpd
to raise sagging prices, but the deal hinges on the cooperation of
non-OPEC producers. Private companies exposure to legal action would
be greater than OPEC states, which claim exemption from antitrust
laws as sovereign nations. Private lawsuits could prevent accused oil
firms from operating in US capital markets or acquiring US assets.
--------------------------------------------------------
Baker Hughes Rig Counts

    The number of rigs searching for oil and natural gas in the US
fell by 7 to 986 last week, according to Baker Hughes.  There were
1064 a year ago. The number of rigs exploring in Canada was down 14
to 254, compared to 380 last year. The number in the Gulf of Mexico
was unchanged at 129, compared to 141 a year ago. The number of rigs
searching on land was 832, down 8, and the number of offshore rigs
was steady at 134. There were 20 inland rigs, up one. The total North
American rig count dropped by 21 to 1,240, compared to 1,444 a year
ago. The number of rigs searching for oil fell by 1 to 172, and the
number searching for natural gas dipped 6 to 814.
--------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 was up 34.00 points to 7466.43
The CRB Index lost 0.59 points to 189.53
The US Dollar dropped 0.36 points to 116.98
The Dow advanced 23.67 points to 9982.75
The S&P 500 added 7.08 points to 1157.72
The Nasdaq increased 38.03 points to 1941.23
January NYMEX Crude Oil lost 0.27 to 18.69
Canadian-US Exchange rose 0.048 to 1.5981
------------------------------------------------------
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