Enerfax GOLD
NORTH AMERICA'S FREE  GAS, OIL, LIQUIDS & DERIVATIVES
INFORMATION SOURCE
   Tuesday, November 20, 2001  No. 429
Visit our website at: http://www.enerfaxgold.com/,

PETROLEUM PRICES
| Bonny Light      |  $16.83
| Brent            |  $16.66
| Butane           |  $ 0.35
| Fuel Oil #2      |  $ 0.51
| Louisiana        |  $18.43
| Medit.           |  $16.01
| Propane Non-tet  |  $ 0.29
| Propane Wet-tet  |  $ 0.29
| W. Tx Int Cush   |  $18.08
| W. Tx Sour       |  $16.00

| Euro in US equiv |  0.8789
--------------------------------------------------------
Todays Petro Bulletins
 * Shell Begins Producing from Iran's Offshore Soroush Oil Field
 * BP Announces Winners of The 2001 Leader Awards Totaling $500,000
for Innovative Programs in Education, Community and Economic
Development, Environment, Youth, and Science & Technology
 * Fitch Places Both Phillips and Conoco on Rating Watch with
Positive Implications
 * US Retail Gasoline Prices Lowest for Thanksgiving Since 1998
 * Poland Reshuffles Oil Agency; May Hurt PKN Sale
 * Ukraine Energy Minister Removed from Post
 * Fitch Assigns `BB+' to Pemex Master Trust $750 Million Issuance
 * European  Forecast Calls for Slightly Colder-than-Normal Winter
with Average
Number of Storms Sweeping Atlantic Coasts
 * Amerada Hess Discovers Hydrocarbons in Faroe Islands
 * Venus Exploration Receives Nasdaq Letter Granting Continuance of
Listing on Nasdaq SmallCap Market Via an Exception
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--------------------------------------------------------
NYMEX - NY Harbor Heating Oil
Month   High   Low    Last   Change
DEC 01 0.5290 0.4970 0.5238 +0.0020
JAN 02 0.5360 0.5070 0.5332 +0.0016
FEB 02 0.5380 0.5150 0.5372 +0.0006
MAR 02 0.5360 0.5130 0.5337 +0.0016
APR 02 0.5355 0.5135 0.5307 +0.0000
MAY 02 0.5290 0.5100 0.5262 +0.0036
JUN 02 0.5260 0.5110 0.5292 +0.0036
JUL 02 0.5340 0.5210 0.5362 +0.0041
AUG 02 0.5500 0.5300 0.5437 +0.0041
SEP 02 0.5510 0.5390 0.5527 +0.0041
-------------------------------------------------------
NYMEX Crude Oil Futures ($ / Barrel)
Month  Open  High   Low  Last  Change
DEC 01 17.15 18.10 16.70 17.72 -0.31
JAN 02 17.55 18.50 17.12 18.43 +0.06
FEB 02 17.75 18.75 17.30 18.66 +0.07
MAR 02 18.10 18.85 17.55 18.88 +0.09
APR 02 17.95 18.50 17.95 19.07 +0.11
MAY 02 18.35 19.00 18.20 19.26 +0.14
JUN 02 18.70 19.40 18.40 19.44 +0.16
JUL 02 18.75 18.75 18.75 19.61 +0.19
AUG 02 19.20 19.50 19.20 19.53 +0.49
SEP 02 19.55 19.55 19.40 19.64 +0.47
----------------------------------------------------
December Crude Oil Futures Fall on Expiration


    Crude oil futures for December delivery on the NYMEX lost $0.31
to $17.72 per barrel as the contract expired yesterday. January crude
oil futures on the NYMEX gained $0.06 to $18.43 per barrel. December
crude futures sank to $16.70 per barrel soon after the opening bell,
but recovered some of losses before the sessions end. The market
appears to be monitoring the fray between Russia and OPEC over
production cuts. OPEC has delayed a planned 1.5 million bpd cut until
Russia agrees to significant output curbs. So far, Mexico has agreed
to a 100,000 bpd cut and Norway said it would discuss production
limits this week. Russia's privately held oil companies, however do
not seem inclined to make any major changes in production and say
that they can live with lower oil prices and still make a profit,
further increasing speculation of a price war. December gasoline
futures on the NYMEX gained 0.0057 to 0.5079 per gallon. Heating oil
futures for December delivery on the NYMEX rose $0.002 to $0.5328 per
gallon. In London, Brent crude oil futures for January delivery on
the IPE were up $0.26 to $18.01 per barrel.
----------------------------------------------------
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NYMEX Henry Hub Natural Gas Futures
12 Month Strip  3.0892  +0.1243
18 Month Strip  3.2412  +0.1088
| Month |  High  |  Low  | Close | Change |
| DEC   | 2.800  | 2.520 | 2.791 | +0.154 |
| JAN   | 3.005  | 2.741 | 2.996 | +0.146 |
| FEB   | 3.030  | 2.810 | 3.036 | +0.133 |
| MAR   | 3.050  | 2.794 | 3.028 | +0.130 |
| APR   | 3.030  | 2.790 | 3.000 | +0.122 |
| MAY   | 3.020  | 2.830 | 3.043 | +0.122 |
| JUN   | 3.070  | 2.890 | 3.085 | +0.119 |
| JUL   | 3.070  | 2.935 | 3.125 | +0.116 |
| AUG   | 3.110  | 2.980 | 3.165 | +0.113 |
| SEP   | 3.150  | 2.990 | 3.177 | +0.113 |
| OCT   | 3.185  | 3.060 | 3.217 | +0.113 |
| NOV   | 3.370  | 3.220 | 3.407 | +0.110 |
----------------------------------------------------
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----------------------------------------------------
ChevronTexaco to Cut Additional Jobs

    ChevronTexaco now says it will cut 4500 jobs, 500 additional cuts
from its previous estimate. ChevronTexaco expects to achieve $1.8
million in yearly savings by 2003 by eliminating jobs that became
redundant when the two companies merged earlier this year. The
company also affirmed its $1.2 billion synergy savings within 6 - 9
months of the merger's completion. The cost cuts will be made across
the board, with the largest percentage expected in the refining and
marketing sector. ChevronTexaco projects that its return on capital
employed will increase from 2% to 3% within the next 2 years. It also
expects its oil and natural gas production to grow 2.5% - 3% annually
over the next 5 years, although output will rise only 1% next year
because of matters related to OPEC. The company says that its
investment in Dynegy, which recently has agreed to buy Enron, offers
a combination of significant upside potential and terms that will
protect its investment.
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-------------------------------------------------------
IPE-Brent Crude futures (US $/barrel)
Month  First  High  Low   Sett  Chg
JAN 02 17.40 18.05 16.65 18.01 +0.26
FEB 02 17.50 17.98 16.82 17.97 +0.09
MAR 02 17.53 18.05 17.02 18.09 +0.10
APR 02 17.90 18.00 17.40 18.22 +0.10
MAY 02 18.05 18.15 17.57 18.37 +0.09
JUN 02 18.20 18.30 17.70 18.52 +0.09
JUL 02 18.11 18.11 17.92 18.67 +0.13
AUG 02 18.07 18.28 17.95 18.81 +0.15
SEP 02 18.40 18.40 18.19 18.95 +0.17
OCT 02 18.49 18.49 18.30 19.08 +0.18
----------------------------------------------------------
NYMEX-Mont Belvieu Propane
Gas Futures($ / Gallon)
Month    High   Low   Last   Change
Dec 01 0.2990 0.2900 0.2925 -0.0175
Jan 02 0.2950 0.2860 0.2950 -0.0175
Feb 02 0.3075 0.2875 0.2875 -0.0175
Mar 02 0.3800 0.2875 0.2875 -0.0175
Apr 02 0.3400 0.2925 0.2925 -0.0175
May 02 0.3125 0.2950 0.2950 -0.0175
Jun 02 0.3150 0.2950 0.2950 -0.0175
Jul 02 0.0000 0.0000 0.2950 -0.0175
Aug 02 0.0000 0.0000 0.3100 -0.0075
Sep 02 0.0000 0.0000 0.3100 -0.0100
----------------------------------------------------
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----------------------------------------------------
IPE - ARA Gas Oil Futures $ / Tonne
Month   High   Low    Sett  Change
DEC 01 159.50 152.50 155.50 - 5.00
JAN 02 159.25 155.00 157.25 - 5.25
FEB 02 158.50 156.00 157.00 - 4.75
MAR 02 158.50 157.00 157.00 - 4.25
APR 02 158.00 156.25 156.75 - 3.75
MAY 02 158.00 157.50 157.50 - 3.50
JUN 02 160.00 158.50 159.00 - 3.00
JUL 02 161.00 160.00 160.75 - 3.00
AUG 02 000.00 000.00 162.50 - 3.00
SEP 02 000.00 000.00 164.25 - 3.00
-----------------------------------------------------
NY HARBOR UNLEADED GAS FUTURES
Month   High   Low    Last   Change
DEC 01 0.5160 0.4780 0.5079 +0.0057
JAN 02 0.5225 0.4895 0.5154 +0.0044
FEB 02 0.5300 0.5000 0.5250 +0.0037
MAR 02 0.5390 0.5190 0.5370 +0.0032
APR 02 0.5975 0.5830 0.5948 +0.0025
MAY 02 0.6080 0.5850 0.6035 +0.0027
JUN 02 0.5950 0.5900 0.6050 +0.0027
JUL 02 0.5960 0.5925 0.6030 +0.0027
AUG 02 0.6050 0.5800 0.5975 +0.0027
SEP 02 0.5788 0.5788 0.5895 +0.0027
------------------------------------------------------
Mergers Spark Lack of Competition Concerns


    The latest merger in the oil industry, the $35 billion Phillips
and Conoco deal, has sparked worries that the lack of competition
could lead to volatile prices. As smaller companies leave the market,
the handful that remain will be dealing in progressively larger
volumes, which could result in increased price volatility. So far,
the FTC has presented very little in the way of a roadblock to the
mergers and takeovers. However, critics fear that if the fast-paced
trend in combining companies continues, the nation could perhaps end
up with only 3 super-giant oil companies, promoting a lack of
competition and causing consumers to pay much higher prices. But if
crude oil and natural gas prices collapse, only the biggest companies
will survive. The big mergers not only cut corporate costs, but also
increases a company's ability to deal in the Middle East. Some
analysts see the merger mania as an ongoing cyclical process and say
that at some point in the future there could be a rash of spin-offs
in the industry. Conoco-Phillips will become the 6th largest oil
company in the world and the 3rd largest in the US, behind Exxon
Mobil and ChevronTexaco. The Conoco-Phillips merger is seen by many
as a partnership of equals, made to survive in an industry of giants,
as the combined company will only be a quarter of the size of Exxon
Mobil.
------------------------------------------------------
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--------------------------------------------------
PHYSICAL GAS PRICES
Gulf/Eastern Region
| Agua Dulce              | 1.86  |
| ANR SE                  | 2.03  |
| Carthage TG             | 1.96  |
| Chicago Citygate        | 2.02  |
| Columbia Gulf Onshore   | 2.15  |
| Dominion South Point    | 2.34  |
| Henry Hub               | 2.06  |
| Houston Ship Channel    | 2.01  |
| Katy Hub                | 1.95  |
| NGPL LA Pool            | 1.97  |
| NGPL - Midcontinent     | 1.79  |
| NGPL STX                | 1.90  |
| NGPL TX/OK              | 1.97  |
| NNG Demarc.             | 2.07  |
| Niagara                 | 2.27  |
| Sonat Tier 1            | 2.03  |
| TCO IPP Pool            | 2.15  |
| Tetco ELa               | 2.14  |
| Tetco M-3               | 2.53  |
| Tetco STX               | 1.92  |
| TGP Zone 0              | 1.89  |
| TGP Zone 1 (500 Leg)    | 2.04  |
| TGT Zone SL             | 2.10  |
| New York Citygate       | 2.62  |
| Transco Station 65      | 2.12  |
| Transco Zone 6 (NY)     | 2.61  |
| Trunk ELa               | 1.99  |
| Western Region
| California Border       | 1.93  |
| El Paso Keystone        | 1.76  |
| El Paso San Juan-Blanco | 1.71  |
| Waha Hub                | 1.87  |
| Canadian/Rockies Region
| Nova/Aeco (C$/gig)      | 2.79  |
| Dawn Hub/Union          | 2.39  |
| Northwest Stanfield     | 1.97  |
| Wyoming Pool            | 1.61  |
| Opal/Kern River         | 1.58  |
| PGT-Malin               | 2.03  |
| Sumas                   | 1.85  |
         Flow Date 11/20
------------------------------------------------
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------------------------------------------------
Shareholders Approve Phillips Conoco Merger


    The merger between Phillips and Conoco has received approval from
shareholders. The deal will make the new company, called
ConocoPhillips, the world's 6th largest publicly held oil company
with a market value of $35 billion, although it will still be only a
quarter of ExxonMobil's size. In what seems to many to be a
partnership of equals, Phillips has agreed to pay $15.2 billion in a
stock exchange at the rate of 0.4677 per share of Phillips for each
share of Conoco and assume $9 billion in debt. Shares of Phillips
gained $1.53, almost 3%, to $53.35 and Conoco's shares climbed $1.68,
almost 7%, to $25.98 per share yesterday. Some of Conoco's investors
were disappointed by the sale price because no premium on their stock
was included. However, they were pleased to hear projections of $750 
million yearly in cost savings and 4% annual growth in oil and
natural gas production as a result of deal.
-----------------------------------------------
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%    |
--------------------------------------------
Heating Oil Prices May Decline More

    Even though heating oil futures rose $0.0109 last Friday to
finish at $0.05218 per gallon on the NYMEX, prices are still hovering
near their lowest point since August 1999. Existing stocks and an
impending OPEC price war are contributing to the decline in price for
heating oil and diesel. The nation's heating oil supply is now at
129.8 million barrels, a two-year high and 31% higher than a year
ago.
--------------------------------------------
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-----------------------------------------------------------
Society of Petroleum Engineers Launches New SPE.org

      The Society of Petroleum Engineers announces official launch of
SPE.org , the Society's new Website that offers a powerful, industry-
specific search engine, content personalization, member-only e-mail,
and easy navigation. The launch marks the initial rollout in a multi-
stage effort by SPE, whose membership of more than 51,000 upstream
professionals reaches every major oil and natural gas producing
region in the world. SPE.org is the largest single initiative in the
Society's history. The first phase of SPE.org includes: --  Industry
search engine - A powerful tool developed by technology  provider
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-------------------------------------------------------
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Russia Continues to Resist OPEC

    Russia continues to resist OPEC's pressure to help support
tumbling world oil prices, with both the government and companies
offering no new cuts in output or exports to support the market.
Russia's repeated rejection to reduce its supplies of crude oil again
sent prices falling yesterday. Russia reiterated its resistance to
others demands during talks with the energy minister of Mexico, which
has said it would make export reductions of its own. OPEC wants
Russia and other non-OPEC producers like Mexico and Norway to cut
production by 500,000 barrels in January. If they do, OPEC says it
will cut 1.5 million bpd. Russia says the world economy would grow
faster if prices stay at the $17-$19 per barrel range. It is also
technically more difficult for Russia to cut output than the Middle
East.
--------------------------------------------------------
FINANCIAL SUMMARY
The TSE 300 gained 107.45 points to 7422.75
The CRB Index climbed 0.58 points to 188.97
The US Dollar was up 0.51 points to 116.92
The Dow advanced 109.47 points to 9976.46
The S&P 500 rose 12.41 points to 1151.06
The Nasdaq added 35.84 points to 1934.42
December NYMEX Crude Oil fell 0.31 to 17.72
Canadian-US Exchange lost 0.003 to 1.5845
------------------------------------------------------
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