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WTI Options Liquidity During European Morning Hours

Highlights:

  • A record 83% of WTI Options (LO) volume electronically traded in April
  • WTI Options (LO) volume is up 77% YoY during European morning hours,
  • 40% of total WTI Options (LO) electronic volume is a result of on-screen spread trading via RFQ

New Expiration Rules for Options

Highlights:

The new options expirations rules include the elimination of contrary exercise instructions for all physically-settled Crude Oil, Natural Gas, Refined Products, and Metals options contracts that expire after January 1, 2018.  Brent (BZO), Coal, Power, and Emissions options are excluded.

In addition, for exact at-the-money settlements, the auto-exercise rule has changed. If the underlying settlement price falls exactly on a strike price at expiration, the at-the-money calls will be exercised and the at-the-money puts will be abandoned.

For More Information:

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
LO LO - LO Crude Oil Options Crude Oil NYMEX 129,821 2,687,554
LN LNE - LN Natural Gas Options (European) Natural Gas NYMEX 72,031 1,808,143
ON ON - ON Natural Gas Options (American) Natural Gas NYMEX 10,817 118,365
BE BE - BE Brent Last Day Financial (European) Options Crude Oil NYMEX 4,000 93,689
BZO BZO - BZO Brent Crude Oil Futures-Style Margin Option Crude Oil NYMEX 3,446 222,395
BV ABV - BV WTI-Brent Crude Oil Spread Options Crude Oil NYMEX 2,650 236,490
OH OH - OH NY Harbor ULSD Option Refined Products NYMEX 2,107 55,917
LO4 LO4 - LO4 Crude Oil Weekly Options Wk 4 Crude Oil NYMEX 1,718 7,269
OB OB - OB RBOB Gasoline Options Refined Products NYMEX 1,445 16,965
G4 G4X - G4 Natural Gas (Henry Hub) Last-day Financial 1 Month Spread Options Natural Gas NYMEX 1,200 5,150
Trade Date: 23 May 2018 | PRELIMINARY

Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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