News Release

Exchange to List Additional Differential to Natural Gas Calendar Spread Options Contracts

Thu Mar 24 2005
NEW YORK, N.Y., March 24, 2005 — The New York Mercantile Exchange, Inc., will list an additional natural gas calendar spread options contract based on December to March differentials beginning Monday.

The options contract will be based on the differential between the closest December natural gas futures contract and the closest March natural gas futures contract. Under the current schedule, the new contracts will represent the spread between the December 2005 and March 2006 natural gas futures contracts.

Exchange President James E. Newsome said, "We are please to increase the variety of price risk management tools with this most recent expansion of contract trading months for natural gas calendar spread options."

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