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Crude Oil Options Contract Specs

Options
Underlying Futures Light Sweet Crude Oil Futures (CL)
Product Symbol LO
Venue CME Globex, CME ClearPort, Open Outcry (New York)
Hours
(All Times are New York Time/ET)
CME ClearPort: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
CME Globex: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Open Outcry: Monday – Friday 9:00 AM to 2:30 PM (8:00 AM to 1:30 PM CT)
Contract Unit A Light Sweet Crude Oil Put (Call) Option traded on the Exchange represents an option to assume a short (long) position in the underlying Light Sweet Crude Oil Futures traded on the Exchange.
Price Quotation U.S. dollars and cents per barrel.
Option Style American
Minimum Fluctuation $0.01 per barrel
Expiration of Trading Trading ends three business days before the termination of trading in the underlying futures contract.
Listed Contracts CME Globex: 36 Consecutive Months, plus all June and December contracts through nine years
CME ClearPort and Open Outcry: Nine years forward using the following listing schedule: consecutive months are listed for the current year and the next five years; in addition, the June and December contract months are listed beyond the sixth year. Additional months will be added on an annual basis after the December contract expires, so that an additional June and December contract would be added nine years forward, and the consecutive months in the sixth calendar year will be filled in
Strike Prices One hundred strike prices in increments of $0.50 per bbls above and below the at-the-money strike price; and additional tewnty strike prices in increments of $2.50 per bbls above and below the highest and lowest fifty increment as described before; and additional 10 strike prices in increments of $5.00 per bbls above and below the highest and lowest 250 increment as described before. Strike price boundaries are adjusted according to futures price movements.
Settlement Type Exercise into Futures
Position Limits NYMEX Position Limits
Rulebook Chapter 310
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.