News Release

Exchange to Change Margins on Natural Gas Futures and Other Related Contracts

Wed May 11 2005
NEW YORK, N.Y., May 11, 2005 — The New York Mercantile Exchange, Inc., announced today that it will change the margins on its natural gas futures, Henry Hub natural gas swap futures, e-miNYsm natural gas futures, Henry Hub natural gas penultimate swap futures, and Henry Hub natural gas swing swap futures contracts at the close of business tomorrow.

The margins on the first and second nearby months of the natural gas futures contract will decrease to $4,500 from $5,500 for clearing members, to $4,950 from $6,050 for members, and to $6,075 from $7,425 for customers.

Margins on the third month will decrease to $4,000 from $4,750 for clearing members, to $4,400 from $5,225 for members, and to $5,400 from $6,413 for customers.

Margins on the fourth through sixth months will decrease to $4,000 from $4,500 for clearing members, to $4,400 from $4,950 for members, and to $5,400 from $6,075 for customers.

Margins on the seventh through 10th months will increase to $5,000 from $4,250 for clearing members, to $5,500 from $4,675 for members, and to $6,750 from $5,738 for customers.

Margins on the 11th through 20th months will decrease to $3,000 from $4,000 for clearing members, to $3,300 from $4,400 for members, and to $4,050 from $5,400 for customers.

Margins on the 21st through 31st months will increase to $2,750 from $2,000 for clearing members, to $3,025 from $2,200 for members, and to $3,713 from $2,700 for customers.

Margins on the 32nd through 43rd months will increase to $2,500 from $1,500 for clearing members, to $2,750 from $1,650 for members, and to $3,375 from $2,025 for customers.

Margins on all other months will increase to $2,500 from $1,250 for clearing members, to $2,750 from $1,375 for members, and to $3,375 from $1,688 for customers.

The margins on the first and second nearby months of the Henry Hub natural gas swap futures contract will decrease to $1,125 from $1,375 for clearing members, to $1,238 from $1,513 for members, and to $1,519 from $1,856 for customers.

Margins on the third month will decrease to $1,000 from $1,188 for clearing members, to $1,100 from $1,306 for members, and to $1,350 from $1,603 for customers.

Margins on the fourth through sixth months will decrease to $1,000 from $1,125 for clearing members, to $1,100 from $1,238 for members, and to $1,350 from $1,519 for customers.

Margins on the seventh through 10th months will increase to $1,250 from $1,063 for clearing members, to $1,375 from $1,169 for members, and to $1,688 from $1,434 for customers.

Margins on the 11th through 20th months will decrease to $750 from $1,000 for clearing members, to $825 from $1,100 for members, and to $1,013 from $1,350 for customers.

Margins on the 21st through 31st months will increase to $688 from $500 for clearing members, to $756 from $550 for members, and to $928 from $675 for customers.

Margins on the 32nd through 43rd months will increase to $625 from $375 for clearing members, to $688 from $413 for members, and to $844 from $506 for customers.

Margins on all other months will increase to $625 from $313 for clearing members, to $688 from $344 for members, and to $844 from $422 for customers.

Margins on both listed months of the e-miNYsm natural gas futures contract will decrease to $2,250 from $2,750 for clearing members, to $2,475 from $3,025 for members, and to $3,038 from $3,713 for customers.

Margins on the spot month of the Henry Hub natural gas penultimate swap futures contract will decrease to $1,125 from $1,625 for clearing members, to $1,238 from $1,788 for members, and to $1,519 from $2,194 for customers.

Margins on the second month will decrease to $1,125 from $1,500 for clearing members, to $1,238 from $1,650 for members, and to $1,519 from $2,025 for customers.

Margins on the third through sixth months will decrease to $1,000 from $1,500 for clearing members, to $1,100 from $1,650 for members, and to $1,350 from $2,025 for customers.

Margins on the seventh through 10th months will decrease to $1,250 from $1,375 for clearing members, to $1,375 from $1,513 for members, and to $1,688 from $1,856 for customers.

Margins on the 11th through 20th months will decrease to $750 from $875 for clearing members, to $825 from $963 for members, and to $1,013 from $1,181 for customers.

Margins on the 21st through 31st months will decrease to $688 from $750 for clearing members, to $756 from $825 for members, and to $928 from $1,013 for customers.

Margins on the 32nd to 43rd months will increase to $625 from $375 for clearing members, to $688 from $413 for members, and to $844 from $506 for customers.

Margins on all other months will increase to $625 from $250 for clearing members, to $688 from $275 for members, and to $844 from $338 for customers.

Margins on the spot month of the Henry Hub natural gas swing swap futures contract will decrease to $1,125 from $1,875 for clearing members, to $1,238 from $2,063 for members, and to $1,519 from $2,531 for customers. All other months will remain unchanged.



###

Forward Looking and Cautionary Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to our future performance, operating results, strategy, and other future events. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, and similar words and terms, in connection with any discussion of future results. Forward-looking statements involve a number of assumptions, risks, and uncertainties, any of which may cause actual results to differ materially from the anticipated, estimated, or projected results referenced in forward-looking statements. In particular, the forward-looking statements of NYMEX Holdings, Inc., and its subsidiaries are subject to the following risks and uncertainties: the success and timing of new futures contracts and products; changes in political, economic, or industry conditions; the unfavorable resolution of material legal proceedings; the impact and timing of technological changes and the adequacy of intellectual property protection; the impact of legislative and regulatory actions, including without limitation, actions by the Commodity Futures Trading Commission; and terrorist activities and international hostilities, which may affect the general economy as well as oil and other commodity markets. We assume no obligation to update or supplement our forward-looking statements.

Corporate Communications

+1 312 930 3434
Email