Notice to Members
Notice No. 200 07/11/2002
Foreign Crude Oil Delivery
The NYMEX Board of Directors has approved amendments to Rule 200.12 of the NYMEX Light Sweet Crude Oil Futures Contract to adjust the premium paid for delivery of Qua Iboe crude oil from $0.05 per barrel to $0.15 per barrel. The differentials applicable to the other deliverable foreign crude oil streams will remain unchanged. Contingent upon CFTC approval, the Exchange intends for this amendment to be implemented commencing with delivery against the September 2002 contract month. The differential for Qua Iboe will be amended as follows: Crude Oil Proposed Change to Differential Qua Iboe $0.15/barrel Premium The differentials for the other foreign crude oil streams will remain unchanged, with Brent Blend, Forties Blend and Oseberg Blend at $0.30 per barrel discounts, and Cusiana and Bonny Light at $0.15 per barrel premiums. A copy of the proposed rule amendments is attached. PROPOSED RULE AMENDMENTS Bold indicates additions, strikeouts indicate deletions NYMEX Light Sweet Crude Oil Futures Contract Rule 200.12 Grade and Quality Specifications Section (A) remains unchanged. (B) Foreign Crudes (1) Deliverable Crude Streams UK: Brent Blend (for which seller shall receive a 30 cent per barrel discount below the last settlement price) UK: Forties Blend (for which seller shall receive a 30 cent per barrel discount below the last settlement price) Nigeria: Bonny Light (for which seller shall receive a 15 cent per barrel premium above the last settlement price) Nigeria: Qua Iboe (for which seller shall receive a 5 cent ** 15 cent ** per barrel premium above the last settlement price) Norway: Oseberg Blend (for which seller shall receive a 30 cent per barrel discount below the last settlement price) Colombia: Cusiana (for which seller shall receive a 15 cent per barrel premium above the last settlement price) Subsections B(2), B(3) and B(4) remain unchanged.
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