Rule Amendments to Clarify Settlement Calculation Procedures on Business Day Immediately Preceding Exchange Holiday for Three Minute-Marker Futures Contracts and Three Calendar Month Swap Futures Contracts for Crude Oil, RBOB Gasoline and Heating Oil

Please be advised that the New York Mercantile Exchange, Inc. (“NYMEX” or the “Exchange”) will implement amendments to the floating price rules for the contracts listed below effective July 2, 2009 in order to clarify settlement calculation procedures on business days immediately preceding Exchange holidays for the NYMEX Light Sweet Crude Oil, RBOB Gasoline, and Heating Oil futures contracts.  These amendments will take effect beginning with the August 2009 contract month.

The amendments are intended to clarify the determination of the Floating Price such that the minute-marker contracts and calendar month contracts will have set procedures for calculation of settlement on business days immediately preceding Exchange holidays. 

With specific regard to the August 2009 contract month for each of these contracts, the minute marker price associated with business day July 2, 2009 will be calculated based on the 1:30 p.m. minute marker price instead of the 3:15 p.m. minute marker price.  Minute marker prices for all other business days during the August 2009 contract month will continue to be calculated based on the 3:15 p.m. minute marker price.

Should you have any questions, please contact Daniel Brusstar at (212) 299-2604.

The rule amendments are as follows:

(Underline indicates insertion, and strikethrough indicates deletion)

NYMEX Crude Oil Minute-Marker Futures

231.01  Scope

The provisions of these rules shall apply to all contracts bought or sold on the Exchange for cash settlement based on the Floating Daily Settlement Price.

231.02  Floating Daily Settlement Price

The Floating Daily Settlement Price for each contract is equal to the daily 3:15 p.m. (New York time) minute-marker price of the NYMEX Light Sweet Crude Oil Futures contract, as determined by the Exchange, except as follows: for business days immediately preceding Exchange holidays during which the Exchange determines that physical market trading will subside prior to the scheduled close of futures trading, the Exchange will announce in advance of that business day the Daily Settlement Price procedures for that business day.

[remainder of this rule is unchanged]

NYMEX Crude Oil Minute-Marker Calendar Month Swap Futures

232.02  Floating Price

The Floating Price for each contract month is equal to the arithmetic average of the daily 3:15 p.m. (New York time) minute-marker prices of the NYMEX Light Sweet Crude Oil Futures front month contract for each business day that it is determined during the contract month, except for business days immediately preceding Exchange holidays; then, the Floating Price shall equal the arithmetic average of the daily minute marker prices determined pursuant to Rule 231.02.

[remainder of this rule is unchanged]

NYMEX RBOB Gasoline Minute-Marker Futures

235.01  Scope

The provisions of these rules shall apply to all contracts bought or sold on the Exchange for cash settlement based on the Floating Daily Settlement Price.

235.02  Floating Daily Settlement Price

The Floating Daily Settlement Price for each contract is equal to the daily 3:15 p.m. (New York time) minute-marker price of the NYMEX New York Harbor RBOB Gasoline Futures contract, as determined by the Exchange, except as follows: for business days immediately preceding Exchange holidays during which the Exchange determines that physical market trading will subside prior to the scheduled close of futures trading, the Exchange will announce in advance of that business day the Daily Settlement Price procedures for that business day.

[remainder of this rule is unchanged]

NYMEX RBOB Gasoline Minute-Marker Calendar Month Swap Futures

236.02  Floating Price

The Floating Price for each contract month is equal to the arithmetic average of the daily 3:15 p.m. (New York time) minute-marker prices of the NYMEX New York Harbor RBOB Gasoline Futures front month contract for each business day that it is determined during the contract month, except for business days immediately preceding Exchange holidays; then, the Floating Price shall equal the arithmetic average of the daily minute marker prices determined pursuant to Rule 235.02.

[remainder of this rule is unchanged]

NYMEX Heating Oil Minute-Marker Futures

239.01  Scope

The provisions of these rules shall apply to all contracts bought or sold on the Exchange for cash settlement based on the Floating Daily Settlement Price.

239.02  Floating Daily Settlement Price

The Floating Daily Settlement Price for each contract is equal to the daily 3:15 p.m. (New York time) minute-marker price of the NYMEX New York Harbor Heating Oil Futures contract, as determined by the Exchange, except as follows: for business days immediately preceding Exchange holidays during which the Exchange determines that physical market trading will subside prior to the scheduled close of futures trading, the Exchange will announce in advance of that business day the Daily Settlement Price procedures for that business day. 

[remainder of this rule is unchanged]

NYMEX Heating Oil Minute-Marker Calendar Month Swap Futures

240.02  Floating Price

The Floating Price for each contract month is equal to the arithmetic average of the daily 3:15 p.m. (New York time) minute-marker prices of the NYMEX New York Harbor Heating Oil Futures front month contract for each business day that it is determined during the contract month, except for business days immediately preceding Exchange holidays; then, the Floating Price shall equal the arithmetic average of the daily minute marker prices determined pursuant to Rule 239.02.

[remainder of this rule is unchanged]