Notice to Members
Notice No. 350
06/27/2006
Rule Amendments to Three NYMEX ClearPort® Swap Contracts
Beginning effective for the July 2006 contract month, the settlement price methodology is amended for the following NYMEX ClearPort® contracts:

Contract Name
Symbol
WTI-Brent (ICE) Calendar Swap
BK
WTI-Brent Crude Oil Spread Swap
SB
Singapore Gasoil vs. Rdam Gasoil Swap
GA


The rule amendments appear below.

* * * * *


Rule Amendments

(Bold-Italics indicate insertion, and strikethrough indicates deletion)

WTI-Brent (ICE) Calendar Swap (Code BK)

Rule 694.02 Floating Price
The Floating Price for each contract month is the arithmetic average of the NYMEX Light Sweet Crude Oil first nearby contract settlement price for each business day that it is determined minus the Brent Crude Oil (ICE) Futures first nearby contract settlement price for each business day that it is determined both are determined during the contract month, except as set forth in Section (B) below.

(B) The settlement price of the first nearby contract month for will be used except on the last day of trading for the expiring Brent Crude Oil Futures contract when the settlement price of the second nearby Brent contract will be used.
WTI-Brent Crude Oil Spread Swap (Code SB)

Rule 649.02 Floating Price
The Floating Price for each contract month is the arithmetic average of the NYMEX Light Sweet Crude Oil first nearby contract settlement price for each business day that it is determined minus the NYMEX Brent Crude Oil Futures first nearby contract settlement price for each business day that it is determined both are determined during the contract month, except as set forth in Section (B) below.

(B) The settlement price of the first nearby contract month for will be used except on the last day of trading for the expiring Brent Crude Oil Futures contract when the settlement price of the second nearby Brent contract will be used.
Singapore Gasoil vs. Rdam Gasoil Swap Contract (Code GA)

Rule 724.02 Floating Price
The Floating Price for each contract month is equal to the arithmetic average of the mid-point between the high and low quotations from the Platts Asia-Pacific Marketscan for Singapore Physical Cargoes of Gasoil 0.5% Sulfur for each business day that it is determined minus the arithmetic average quotation for first line Gasoil (ICE) Futures settlement price for each business day that it is determined both are determined during the contract month.

For purposes of determining the Floating Price, the Gasoil Futures first nearby contract month settlement price will be converted each day to U.S. dollars and cents per barrel, rounded to the nearest cent. The conversion factor will be 7.45 barrels per metric ton.

(B) The settlement prices for the first nearby contract month will be used except on the last day of trading for the expiring Gasoil Futures contract when the settlement prices of the second nearby Gasoil contract will be used.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com