Notice to Members

Notice No. 502
11/11/2005

Posting of Crude Oil, Heating Oil, and Unleaded Gasoline Average Price Options on ClearPort(r) Clearing

Please be advised that Average Price Option trades on Crude Oil (AO), Heating Oil (AT), and Unleaded Gasoline (AU) will be eligible to be cleared on ClearPort® Clearing beginning Monday, November 14, 2005. These options currently trade in open-outcry on the Exchange trading floor and will continue to do so. The initial listings will coincide with the floor traded options beginning with November 2005 contract month. The following summarizes the main characteristics of these options:

Trading Unit: On expiration day, a Call option is financially settled by subtracting the exercise price from the final settlement price of the underlying futures contract multiplied by a constant, or zero, whichever is greater. A put option is financially settled by subtracting the underlying futures price from the exercise price multiplied by a constant, or zero, whichever is greater.

	Option	Underlying Futures	Multiplier
Crude Oil	AO	CS	1,000
Heating Oil	AT	MP	42,000
Unleaded Gasoline	AU	MS	42,000

Exercise Style: The options can only be financially settled on expiration day.

Expiration Date: The last business day of the calendar month.

Option Months to be Traded: Beginning with the November 2005 contract, there will be an option for each listed futures contract. This includes 72 consecutive months for Crude Oil, and 36 consecutive months for Heating Oil and Unleaded Gasoline

Strike Price Intervals:
Strike Prices will be listed at $.50 intervals for Crude Oil and $.0100 for both Heating Oil and Unleaded Gasoline.

Minimum Price Increment:

$.01/barrel for Crude Oil and $.0001/gallon for both Heating Oil and Unleaded Gasoline.

Fees For ClearPort® Trades:

Non-Member Rate/Side // Member Rate/Side
Clearing Fees: $2.50 / $1.75
Cash Settlement Fee: $1.15 / $0.90

Should you have any questions or require any further information, please contact exchangeinfo@nymex.com