NYMEX Board Votes To Lower Delivery Discount For Forties Blend And Create Qua Iboe Premium

The New York Mercantile Exchange board of directors has voted to decrease the discount received for delivery of Forties from $.35 per barrel to $.30 per barrel and to create a premium of $.05 per barrel for delivery of Qua Iboe. The rule change is subject to Commodity Futures Trading Commission approval and is expected to take effect with the delivery of the April 2000 crude oil futures contract. The differentials for delivery of the other foreign crude oil streams will remain unchanged, with buyers receiving discounts of $.30 per barrel for delivery of Brent Blend and Osberg Blend, and sellers receiving a premium of $.15 per barrel for Cusiana and Bonny Light.