09/26/2005
Based upon this, the Committee determined that their prior declaration of Force Majeure relating to all remaining delivery obligations in the NYMEX September 2005 Natural Gas contract month continues. Accordingly, any further action as may be made by the Committee will be undertaken pursuant to its authority as set forth in NYMEX Rule 220.18, in particular Rule 220.18 Section (C)(6). The Committee will continue to be in close contact with Sabine regarding handling of all outstanding delivery obligations. The Committee further notes that Sabine is posting updates as they are available regarding the conditions of their systems at www.sabinepipeline.com. Click on the topic heading "Informational Postings," then "Notices" from the drop down menu, and finally on "Critical."
All market participants with outstanding September 2005 NYMEX NG obligations will be advised of any further decisions of the Committee via their Clearing Members and through additional Notices To Members posted on the NYMEX website (www.nymex.com). 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 2005 delivery obligations.
Furthermore, the Committee is evaluating the conditions at the Henry Hub regarding upcoming obligations in the October 2005 NG contract and will be advising market participants of any actions or decisions through appropriate Notice To Members and press releases.