News Release

Exchange to Change Margins on Natural Gas Swap Futures Contracts

Tue Apr 04 2006

NEW YORK, N.Y., April 4, 2006 — The New York Mercantile Exchange, Inc., today announced margin changes for its natural gas basis and index swap futures contracts, as of the close of business on April 5.

Margins for the first month of the Alberta gas basis swap futures contract will not change. The margins on the second month will decrease to $600 from $1,000 for clearing members, to $660 from $1,100 for members, and to $810 from $1,350 for customers. Margins on the third to sixth months will decrease to $450 from $550 for clearing members, to $495 from $605 for members, and to $608 from $743 for customers. The margins on the seventh to 12th months will decrease to $200 from $400 for clearing members, to $220 from $440 for members, and to $270 from $540 for customers. Margins on all other months will decrease to $100 from $300 for clearing members, to $110 from $330 for members, and to $135 from $405 for customers.

Margins for the first month of the Houston Ship Channel basis swap futures contract will decrease to $800 from $900 for clearing members, to $880 from $990 for members, and to $1,080 from $1,215 for customers. The margins on all other months will not change.

Margins for the first month of the San Juan basis swap futures contract will decrease to $800 from $1,200 for clearing members, to $880 from $1,320 for members, and to $1,080 from $1,620 for customers. The margins on the second month will decrease to $600 from $775 for clearing members, to $660 from $853 for members, and to $810 from $1,046 for customers. The margins in the third to sixth months will incur no changes. The margins on the seventh to 12th months will decrease to $300 from $400 for clearing members, to $330 from $440 for members, and to $405 from $540 for customers. The margins on all other months will decrease to $250 from $300 for clearing members, to $275 from $330 for members, and to $338 from $405 for customers.

Margins for the first month of the SoCal basis swap futures contract will decrease to $1,000 from $1,500 for clearing members, to $1,110 from $1,650 for members, and to $1,350 from $2,025 for customers. The margins on all other months will decrease to $400 from $650 for clearing members, to $440 from $715 for members, and to $540 from $878 for customers.

The margins for the first month to second month of the Transco zone 6 basis swap futures contract will decrease to $300 from $500 for clearing members, to $330 from $550 for members, and to $405 from $675 for customers. Margins on the third to sixth months will decrease to $200 from $300 for clearing members, to $220 from $330 for members, and to $270 from $405 for customers. The margins on the seventh to 12th months will decrease to $400 from $800 for clearing members, to $440 from $880 for members, and to $540 from $1,080 for customers. Margins on all other months will increase to $500 from $200 for clearing members, to $550 from $220 for members, and to $675 from $270 for customers.

Margins for the first month of the Northwest Pipeline Rockies basis swap futures contract will decrease to $800 from $1,200 for clearing members, to $880 from $1,320 for members, and to $1,080 from $1,620 for customers. The margins on the second month will decrease to $500 from $800 for clearing members, to $550 from $880 for members, and to $675 from $1,080 for customers. Margins on the third to sixth months will decrease to $400 from $500 for clearing members, to $440 from $550 for members, and to $540 from $675 for customers. The margins on the seventh to 12th months will decrease to $300 from $500 for clearing members, to $330 from $550 for members, and to $405 from $675 for customers. Margins on all other months will decrease to $200 from $300 for clearing members, to $220 from $330 for members, and to $270 from $405 for customers.

Margins for the first month of the Panhandle basis swap futures contract will decrease to $500 from $900 for clearing members, to $550 from $990 for members, and to $675 from $1,215 for customers. Margins on all other months will decrease to $200 from $500 for clearing members, to $220 from $550 for members, and to $270 from $675 for customers.

Margins for the first month of the MichCon basis swap futures contract will be unchanged. The margins on all other months will decrease to $200 from $300 for clearing members, to $220 from $330 for members, and to $270 from $405 for customers.

Margins for the first month of the Permian basis swap futures contract will decrease to $800 from $1,200 for clearing members, to $880 from $1,320 for members, and to $1,080 from $1,620 for customers. The margins on all other months will decrease to $500 from $700 for clearing members, to $550 from $770 for members, and to $675 from $945 for customers.

Margins for the first month of the Texas eastern zone M-3 basis swap futures contract will decrease to $600 from $1,000 for clearing members, to $660 from $1,100 for members, and to $810 from $1,350 for customers. The margins on all other months will be unchanged.

Margins for the first month of the PGE&E Malin basis swap futures contract will decrease to $100 from $1,500 for clearing members, to $110 from $1,650 for members, and to $135 from $2,025 for customers. The margins on all other months will decrease to $400 from $700 for clearing members, to $440 from $770 for members, and to $540 from $945 for customers.

Margins for the first month of the PGE&E Citygate and SUMAS basis swap futures contracts will increase to $1,000 from $1,500 for clearing members, to $1,110 from $1,650 for members, and to $1,350 from $2,025 for customers. The margins on all other months will decrease to $300 from $500 for clearing members, to $330 from $550 for members, and to $405 from $675 for customers.

Margins for the first month of the NGPL Tex/OK basis swap futures contract will decrease to $500 from $800 for clearing members, to $550 from $880 for members, and to $675 from $1,080 for customers. The margins on all other months will decrease to $300 from $500 for clearing members, to $330 from $550 for members, and to $405 from $675 for customers.

The margins for the first month of the ANR Oklahoma basis swap futures contract will decrease to $1,000 from $1,200 for clearing members, to $1,100 from $1,320 for members, and to $1,350 from $1,620 for customers. The margins on all other months will decrease to $500 from $600 for clearing members, to $550 from $660 for members, and to $675 from $810 for customers.

Margins for the first month of the NGPL mid-continent basis swap futures contract will decrease to $600 from $925 for clearing members, to $660 from $1,018 for members, and to $810 from $1,249 for customers. The margins on the second month will decrease to $400 from $475 for clearing members, to $440 from $523 for members, and to $540 from $641 for customers. The margins on the third through sixth months will decrease to $300 from $675 for clearing members, to $330 from $743 for members, and to $405 from $911 for customers. The margins seventh to 12th months will decrease to $300 from $450 for clearing members, to $330 from $495 for members, and to $405 from $608 for customers. The margins on all other months will not change.

The margins for the first month of the Northern natural gas demarcation basis swap futures contract will decrease to $800 from $1,300 for clearing members, to $880 from $1,430 for members, and to $1,080 from $1,755 for customers. The margins on all other months will not change.

The margins for the first month of the Northern natural gas Ventura, Iowa basis swap futures contract will decrease to $800 from $1,300 for clearing members, to $880 from $1,430 for members, and to $1,080 from $1,755 for customers. The margins on all other months will decrease to $300 from $500 for clearing members, to $330 from $550 for members, and to $405 from $675 for customers.

Margins for the first month of the CIG Rockies basis swap futures contract will decrease to $1,500 from $2,000 for clearing members, to $1,650 from $2,200 for members, and to $2,025 from $2,700 for customers. The margins on the second month will decrease to $600 from $800 for clearing members, to $660 from $880 for members, and to $810 from $1,080 for customers. The margins on the third through sixth months will decrease to $450 from $600 for clearing members, to $495 from $660 for members, and to $608 from $810 for customers. The margins on the seventh to 12th months will decrease to $200 from $500 for clearing members, to $220 from $550 for members, and to $270 from $675 for customers. The margins on all other months will increase to $450 from $350 for clearing members, to $495 from $385 for members, and to $608 from $473 for customers. The margins for the first month of the Waha basis swap futures contract will decrease to $1,000 from $1,300 for clearing members, to $1,100 from $1,430 for members, and to $1,350 from $1,755 for customers. The margins on all other months will decrease to $500 from $600 for clearing members, to $550 from $660 for members, and to $675 from $810 for customers.

The margins for the first month of the Tennessee Zone 0 basis swap futures contract will decrease to $500 from $900 for clearing members, to $550 from $990 for members, and to $675 from $1,215 for customers. The margins on all other months will decrease to $400 from $600 for clearing members, to $440 from $660 for members, and to $540 from $810 for customers.

The margins for the first month of the Texas gas SL basis swap futures contract will decrease to $300 from $500 for clearing members, to $330 from $550 for members, and to $405 from $675 for customers. The margins on all other months will decrease to $100 from $200 for clearing members, to $110 from $220 for members, and to $135 from $270 for customers.

Margins for the first month of the Henry Hub, Chicago City Gate, El Paso/Permian, SoCal, Tetco M-3, and Transco Zone 6 index swap futures contracts will decrease to $2,000 from $3,000 for clearing members, to $2,200 from $3,330 for members, and to $2,700 from $4,050 for customers. The margins on all other months will remain the same.

The margins for the first month of the Houston Ship Channel, Panhandle, and Waha index swap futures contracts will decrease to $2,000 from $3,500 for clearing members, to $2,200 from $3,850 for members, and to $2,700 from $4,725 for customers. The margins on all other months will remain the same.

The margins for the first month of the Dominion index swap futures contract will increase to $1,500 from $1,000 for clearing members, to $1,650 from $1,100 for members, and to $2,025 from $1,350 for customers. The margins on all other months will remain the same.

Margins for the first month of the PG&E City Gate index swap futures contract will increase to $1,500 from $2,800 for clearing members, to $1,650 from $3,080 for members, and to $2,025 from $3,780 for customers. The margins on all other months will remain the same.

The margins for the first month of the Rockies index swap futures contract will decrease to $2,500 from $3,200 for clearing members, to $2,750 from $3,520 for members, and to $3,375 from $4,320 for customers. The margins on all other months will remain the same.

Margins for the first month of the Sumas index swap futures contract will decrease to $1,500 from $2,600 for clearing members, to $1,650 from $2,860 for members, and to $2,025 from $3,510 for customers. The margins on all other months will remain the same.

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Forward Looking and Cautionary Statements
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