NYMEX MAY DROP COLONIAL SPECIFICATIONS

NYMEX MAY DROP COLONIAL SPECIFICATIONS

The New York Mercantile Exchange's executive committee was to recommend to the board last night that the exchange no longer base the specifications for its unleaded gasoline contract on those of Colonial Pipeline Co., Lou Guttman, Nymex chairman, said.

Colonial Wednesday said it was tightening its summertime Reid Vapor

Pressure specifications. (See story, Page 6B).The board will have to take into consideration the maintaining of an orderly market, the limited time remaining on the May contract, the open interest in the unleaded gasoline contracts and anticipated availability of gasoline with Reid Vapor Pressure of 8.5 pounds a square inch and 9 psi in New York, Mr. Guttman said.