Notice to Members
Notice No. 161
04/27/2004
Foreign Crude Oil Delivery
The NYMEX Executive Committee has approved amendments to Rule 200.12 of the NYMEX Light Sweet Crude Oil Futures Contract to adjust the discount paid for delivery of Oseberg Blend crude oil from $0.30 per barrel to $0.55 per barrel. This change to the Oseberg differential will commence with delivery against the June 2004 contract month.

The differential for Oseberg will be amended as follows:

Foreign Crude Oil Revised Differential
Oseberg Blend $0.55 / barrel Discount

The differentials for the other foreign crude oil streams will remain unchanged, with Brent Blend and Forties Blend at $0.30 per barrel discounts; Cusiana, Bonny Light, and Qua Iboe will remain unchanged at $0.15 per barrel premiums.

The rule amendment is provided below. If you have any questions, please contact Daniel Brusstar at (212) 299-2604.

RULE AMENDMENT
(Bold represents an addition, and strikethrough a deletion)

NYMEX Division 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 15 cent per barrel premium above the last settlement price)

Norway: Oseberg Blend (for which seller shall receive a 30 cent 55 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.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com