CME Sets Timetable For Diesel Futures To Replace Heating Oil

The world's inaugural energy futures contract, for heating oil delivered to New York Harbor, will be discontinued after April 2013, replaced on the New York Mercantile Exchange by a contract for ultra-low sulfur diesel fuel, in response to changing environmental laws, CME Group said Wednesday.

The demise of the heating oil contract, which began trading in 1978, had long been heralded, but CME set the precise timing with the announcement.

Heating oil futures currently are listed for trading through January 2013. CME said that effective Aug. 22 three additional months will be listed, allowing the contract to trade through the end of winter before going off the board for good with the April 2013 contract settlement at the end of March.

Also on Aug. 22, the New York Harbor ultra-low sulfur diesel futures contract, currently listed through January 2013, will be listed for trade more than five years forward.

-By David Bird, Dow Jones Newswires, 1-212-416-2141

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