News Release

NYMEX Reiterates Rule in Light of EPA Gasoline Announcement

Wed Aug 31 2005

NEW YORK, N.Y., August 31, 2005 — Today, the EPA, in a press conference, announced that it was providing a limited waiver to 46 states, including New York and New Jersey, regarding volatility requirements in unleaded gasoline effective immediately through September 15, 2005. As soon as the specifics of the announcement are provided, they will be forwarded.

The following are the grade and quality specifications of the New York Mercantile Exchange unleaded gasoline futures contract:

190.03 Grade and Quality Specifications The oil delivered shall be a hydrocarbon oil free from alkali, mineral acid, grit, fibrous or other foreign matter, meeting the specifications then in effect at the time of delivery of the Colonial Pipeline Company (Atlanta, Georgia) for:

(A) Fungible A Grade, 87 Octane Index Gasoline or any other fungible grade 87 Octane Index Gasoline listed by the Colonial Pipeline as being properly designated for sale as Reformulated Gasoline (in New York Harbor) in accordance with U.S. Environmental Protection Agency (EPA) regulations; provided, however, and notwithstanding anything to the contrary in the Colonial Pipeline Company specifications, the specifications set forth in Subsections (A)(1) through(A)(6) below shall apply for the gravity, lead content, octane, Reid Vapor Pressure, and EPA Reformulated Gasoline requirements:

(1) Gravity: A.P.I. 52 degrees minimum (A.S.T.M. Test Method D287).

(2) Lead: maximum 0.03 grams per gallon (A.S.T.M. Test Method D2599 or equivalent).

(3) Octane: (RON+MON)/2 maximum less than 91.0. All other octane specifications shall conform to the Colonial Pipeline Company specifications then in effect.

(4) Reid Vapor Pressure: Gasoline delivered pursuant to this contract shall have Reid Vapor Pressure no greater than the following maximum levels:

September 1-15
September 16-30

Provided that, deliveries on the September contract originally nominated for delivery on or before September 15 shall not exceed 9.0 p.s.i., regardless of the time of actual delivery.

(5)(A) Gasoline deliveries shall comply with EPA Reformulated Gasoline requirements at all times, including the minimum and maximum standards set forth in 40 C.F.R. Part 80 as are in effect for downstream parties at the time and place of delivery, and shall be adjusted by the amount of any increase or decrease in such standards as required by EPA for Reformulated Gasoline sold and distributed for consumption in the New York Harbor area. Gasoline deliveries shall comply with New Jersey requirements for oxygen content for gasoline sold for consumption as are in effect at the time and place of delivery, to the extent that such State requirements are not superseded by EPA requirements for gasoline sold for consumption in Northern New Jersey.

(B) Gasoline shall be designated as VOC-Controlled Reformulated Gasoline in accordance with EPA regulations during the period April 1 through September 15, including any deliveries on the September contract originally nominated for delivery on or before September 15, regardless of the date of actual delivery.

The Exchange continues to monitor the situation and will update accordingly.

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