Exchange To Lower Delivery Discount For Forties Blend And Create Qua Iboe Premium

The New York Mercantile Exchange today announced that it will decrease the discount for delivery of Forties Blend crude oil from $.35 per barrel to $.30 per barrel and create a premium of $.05 per barrel for delivery of the Qua Iboe grade beginning with the delivery of the April 2000 light, sweet crude oil futures contract. The Exchange recently received approval for the change from the Commodity Futures Trading Commission. The differentials for delivery of other foreign crude streams will remain unchanged, with buyers receiving discounts of $.30 per barrel for the delivery of Brent Blend and Oseberg Blend, and sellers receiving a premium of $.15 per barrel for Cusiana and Bonny Light