(01-101) ARGIN RATE CHANGE FOR CRUDE OIL, HEATING OIL, AND UNLEADED ,
 Notice No. 01-101
March 23, 2001

TO:
ALL NYMEX DIVISION MEMBERS AND MEMBER FIRMS
ALL NYMEX DIVISION CLEARING FIRMS
ALL NYMEX DIVISION OPERATIONS MANAGERS

FROM:
Neal Wolkoff, Executive Vice President

SUBJECT:
MARGIN RATE CHANGE FOR CRUDE OIL, HEATING OIL, AND UNLEADED GASOLINE  FUTURES 
CONTRACTS.

Effective Date:       Friday, March 23, 2001 (close of business)
Futures Contracts:    Crude Oil Futures
                      Unleaded Gasoline Futures
                      Heating Oil Futures
Contract Months:      All Months
Rate Change:

NYMEX Division Margins on Crude Oil, Unleaded Gasoline, and Heating Oil 
Futures Contracts
Clearing Member (Maintenance Margin): Old:  $3,000 New:  $2,500
Member Customer (Initial Margin): Old:  $3,300 New:  $2,750
Non-Member Customer (Initial Margin):   Old:  $4,050 New:  $3,375

The margin credit for NYMEX Light Sweet Crude/IPE Brent Crude Oil futures 
spread positions will also be decreased, from $2,500 to $2,000 (at the 
Clearing Member level), as of Thursday, March 21, 2001.  The net margin after 
the spread will remain unchanged.

NYMEX Light Sweet Crude/IPE Brent Crude Oil Futures Spread

NYMEX Light Sweet Crude:
Clearing Member (Maintenance Margin):   $2,500
Member Customer (Initial Margin):  $2,750
Non-Member Customer (Initial Margin):  $3,375

Less: NYMEX Light Sweet/IPE Brent Crude Spread Credit:
Clearing Member (Maintenance Margin):   $2,000
Member Customer (Initial Margin):  $2,200
Non-Member Customer (Initial Margin):  $2,700

Net Spread Margin:
Clearing Member (Maintenance Margin):   $500
Member Customer (Initial Margin):  $550
Non-Member Customer (Initial Margin):  $675

Should you have any questions regarding these changes, please contact Arthur 
McCoy at (212) 299-2928 or Joe Sanguedolce at (212) 299-2855.  This notice 
supersedes all previous notices regarding outright margins for the NYMEX 
Crude Oil, Unleaded Gasoline, or Heating Oil Futures Contracts and the margin 
credit for the NYMEX Light Sweet Crude Oil/IPE Brent Crude Oil futures spread 
positions.




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