News Release

Exchange Announces Margin Rates Change for Natural Gas Basis Swap Futures Contracts

Fri Sep 30 2005

NEW YORK, N.Y., September 30, 2005 — The New York Mercantile Exchange, Inc., announced today it would change the margins for several natural gas basis swap futures contracts at the close of business on October 3.

Margins on the first month of the Houston Ship Channel basis swap futures contract will increase to $525 from $250 for clearing members, to $578 from $275 for members, and to $709 from $338 for customers. Margins on all other months will increase to $325 from $125 for clearing members, to $358 from $138 for members, and to $439 from $169 for customers.

The margins on the first month of the Panhandle basis swap futures contract will increase to $800 from $625 for clearing members, to $880 from $688 for members, and to $1,080 from $844 for customers. Margins on all other months will increase to $400 from $375 for clearing members, to $440 from $413 for members, and to $540 from $506 for customers.

Margins on all the first month of the Permian Basin basis swap futures contract will increase to $800 from $625 for clearing members, to $880 from $688 for members, and to $1,080 from $844 for customers. Thr margins on all other months will increase to $450 from $375 for clearing members, to $495 from $413 for members, and to $608 from $506 for customers.

The margins on the first month of the PGE&E Malin basis swap futures contract will increase to $875 from $625 for clearing members, to $963 from $688 for members, and to $1,181 from $844 for customers. Margins on all other months will increase to $400 from $250 for clearing members, to $440 from $275 for members, and to $540 from $338 for customers.

Margins on the first month of the PGE&E Citygate basis swap futures contract will increase to $925 from $625 for clearing members, to $1,018 from $688 for members, and to $1,249 from $844 for customers. The margins on all other months will increase to $475 from $375 for clearing members, to $523 from $413 for members, and to $641 from $506 for customers.

Margins on the first month of the NGPL Tex/OK and the Northern Natural Gas Ventura, Iowa basis swap futures contracts will increase to $425 from $200 for clearing members, to $486 from $220 for members, and to $574 from $270 for customers. Margins on all other months will increase to $275 from $175 for clearing members, to $303 from $193 for members, and to $371 from $236 for customers.

Margins the first month of the ANR Oklahoma basis swap futures contract will increase to $825 from $250 for clearing members, to $908 from $275 for members, and to $1,114 from $338 for customers. Margins on all other months will increase to $325 from $250 for clearing members, to $358 from $275 for members, and to $439 from $338 for customers.

The margins on the first month of the Northern Natural Gas Demarcation basis swap futures contract will increase to $450 from $250 for clearing members, to $495 from $275 for members, and to $608 from $338 for customers. Margins on all other months will increase to $275 from $200 for clearing members, to $303 from $220 for members, and to $371 from $270 for customers.

Margins on the first month of the Waha basis swap futures contract will increase to $725 from $250 for clearing members, to $798 from $275 for members, and to $979 from $338 for customers. The margins on all other months will increase to $325 from $250 for clearing members, to $358 from $275 for members, and to $439 from $338 for customers.

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