CME Declares Force Majeure on New York Heating Oil Deliveries
The CME Group Inc. (CME) has declared a force majeure for heating oil shipments into New York for August because of Hurricane Irene.
“The delivery facility that is scheduled to process those deliveries was impacted this past weekend by weather associated with Hurricane Irene,” the company said in a statement yesterday.
The order gives an extension of five days from the originally scheduled date to make the deliveries, it said.
Force majeure is a legal clause that allows companies to miss scheduled shipments because circumstances beyond their control.
To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net
To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net
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