• Clearing Advisory - Update on Force Majeure Declaration with Respect to NYMEX - Effective August 31, 2008

      • To
      • Clearing Member Firms
      • From
      • CME Clearing
      • #
      • 08-205
      • Notice Date
      • 31 August 2008
      • Effective Date
      • 02 September 2008
    • (also published as NYMEX Notice to Members #454)
      The Delivery Committee (the “Committee”) convened today, Tuesday, September 2, 2008, to review the status of the Force Majeure declaration by Sabine Pipe Line that became effective at 6:00 a.m. on August 31, 2008, along with the associated shut-down of all of its facilities at approximately noon on the same day (see NYMEX Notice No. 08-452 dated August 31, 2008). All unfulfilled NYMEX delivery obligations in the August and September 2008 contract months continue to be subject to the Force Majeure considerations under NYMEX Rule 220.18.
      The Committee is continuing contact with Sabine regarding its recovery of the facilities at the Henry Hub, as well as the handling of all outstanding delivery obligations as expressly prescribed in NYMEX Rule 220.18 Section (C)(6). All market participants with outstanding August and September 2008 NYMEX Natural Gas obligations will be advised of 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 ADP (Alternative Delivery Procedure) pursuant to NYMEX Rule 220.17(A) to satisfy their August and September 2008 delivery obligations.
      Please address any questions regarding this matter to Thomas LaSala, NYMEX Chief Regulatory Officer, at (212) 299-2897, Brad Leach, NYMEX Research, at (212) 299-2609, or for clearing specific questions, Anthony DiBenedetto at (212) 299-2152.