Two basis swap contracts based on NGI’s bidweek indexes atChicago and the Southern California border were among a number ofenergy products approved yesterday for listing on enymex, the NewYork Mercantile Exchange’s Internet-based trading system. Nymexexpects to launch the new system during the second quarter of 2001.

“These products were designed to replicate the most activelytraded over-the-counter energy instruments,” said Exchange ChairmanDaniel Rappaport, “introducing the added benefits of clearingservices; a neutral, centralized marketplace; and a highlysophisticated technological platform. While there may be additionalproducts developed for introduction at launch, including moreinternationally based contracts, and there will certainly be moreshortly thereafter, these contracts were selected as naturaladjuncts to our established markets because of their closerelationships to these liquid benchmarks.”

Two of the products are basis swap contracts based on thedifferential between the exchange Henry Hub natural gas futuresprice and the Natural Gas Intelligence quoted index prices forChicago City Gate and the Southern California border. Terms of thenew instruments include the following:

Enymex also will list a number of other products, including aWest Texas Intermediate crude oil calendar swap contract; a HenryHub natural gas swap contract based on the final settlement pricefor the exchange’s futures contract; basis swap contracts based onthe differential between the final settlement price for the HenryHub natural gas futures contract and Inside FERC’s Gas MarketReport quoted indexes for Henry Hub; El Paso San Juan Basin;Houston Ship Channel; and Transco Zone 6; basis swap contractsbased on the differential between the exchange Henry Hub naturalgas futures contract and the Canadian Gas Price Reporter Albertaspot month price (based on AECO C/NIT); and several other crude andheating oil products.

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