USGC distillate basis to switch to June on April 30

On April 30, 2009, Platts will apply the June NYMEX heating oil contract to all US Gulf Coast prompt cycle (24th cycle) ultra low sulfur diesel, off-road low sulfur diesel and on-road low sulfur diesel information received during the Platts Market on Close assessment process.

The June NYMEX heating oil contract will also be used as the basis for the Platts assessment.

This change is being made because the May NYMEX heating oil contract expires at 2:30 pm EDT (1:30 pm CDT) on April 30, well before the Platts 3:15 pm EDT (2:15 pm CDT) MOC assessment timestamp.

While Colonial Pipeline's 24th shipping cycle has been trading versus the May NYMEX, it will be impossible to transact on the NYMEX portion of a distillate trade versus May during the MOC process.

This is an unusual situation caused by Colonial's scheduling deadline, and only applies to the aforementioned distillate grades on the 24th cycle.