Notice to Members
Notice No. 461 10/04/2005
Update on September and October 2005 NYMEX Natural Gas Deliveries: Lifting of NYMEX Force Majeure Declaration
A Delivery Committee Panel (the "Committee"), which has been reviewing the conditions at the Henry Hub relating to NYMEX Natural Gas (NG) delivery obligations for September 2005 and October 2005, convened earlier today, Tuesday, October 4, 2005. The Committee notes that the Force Majeure declaration issued by Sabine Pipeline, the operator of the Henry Hub in Louisiana that became effective at 1:00 PM CST Thursday, September 22, 2005, has been lifted by Sabine with regard to the Gulf South and Columbia Gulf interconnections at the Henry Hub. Sabine has posted an update regarding the details of the conditions of their system at www.sabinepipeline.com. Click on the topic heading "Informational Postings," then "Notices" from the drop down menu, and finally on "Critical." Based upon the information available and in conformance with Rule 220.18, the Committee has determined that it is lifting the NYMEX Force Majeure condition for both September and October 2005 NYMEX delivery obligations effective for gas day October 5, 2005. All participants who have outstanding obligations for these delivery months should commence nomination procedures in conformance with prescribed practices of Sabine, Gulf South and Columbia Gulf for gas day Wednesday, October 5 2005. Any remaining September NYMEX NG obligations and all October NYMEX NG obligations should commence and complete ratable delivery in the calendar month of October 2005. Timing of payment as it relates to the September deliveries will be extended to those consistent with October delivery due to the extension of the delivery period. Timing of payment for October deliveries will be consistent with standard contract requirements. The Committee will continue to be in close contact with Sabine regarding this matter. All parties have available now, as always, the ability to mutually agree to execute an alternative delivery procedure pursuant to NYMEX Rule 220.17(A) for the September and October 2005 delivery obligations.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com