Posted on 08/29/2005 10:55:11 AM PDT by snowsislander
The delivery committee of the New York Mercantile Exchange, Inc., convened this morning to review deliveries in progress related to the NYMEX Division natural gas futures contract for August 2005. Based upon the shutdown and force majeure declaration by the Sabine Pipeline, which operates the Henry Hub facility in Louisiana, all remaining delivery obligations in the August contract month are operating under force majeure considerations subject to NYMEX rule 220.18.
The committee is currently in contact with Sabine regarding handling of any outstanding delivery obligations as expressly prescribed in NYMEX rule 220.18, section (C)(6). All market participants with any outstanding August 2005 natural gas futures obligations will be advised of any further decisions by the committee. All parties have available now, as always, the ability to mutually agree to execute an ADP pursuant to NYMEX rule 220.17A for the August 2005 delivery obligations. Further, the committee will be considering any appropriate decisions and actions pursuant to the rules regarding any upcoming obligations in the September 2005 natural gas futures as conditions at the Henry Hub are evaluated.
Forward Looking and Cautionary Statements This press release may contain forward–looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to our future performance, operating results, strategy, and other future events. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, and similar words and terms, in connection with any discussion of future results. Forward–looking statements involve a number of assumptions, risks, and uncertainties, any of which may cause actual results to differ materially from the anticipated, estimated, or projected results referenced in forward–looking statements. In particular, the forward–looking statements of NYMEX Holdings, Inc., and its subsidiaries are subject to the following risks and uncertainties: the success and timing of new futures contracts and products; changes in political, economic, or industry conditions; the unfavorable resolution of material legal proceedings; the impact and timing of technological changes and the adequacy of intellectual property protection; the impact of legislative and regulatory actions, including without limitation, actions by the Commodity Futures Trading Commission; and terrorist activities and international hostilities, which may affect the general economy as well as oil and other commodity markets. We assume no obligation to update or supplement our forward–looking statements.
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