Expanding the Range of Standardized, Short-Dated Options

Regional crude oil and natural gas storage data, weather anomalies and other macroeconomic factors can have a dramatic impact on the energy markets. Weekly crude oil and natural gas options provide market participants with greater flexibility to manage volatility arising from these events, with the added benefit of shorter expirations to implement strategies at a lower premium.

Weekly Option Monthly Option Underlying Future
WTI Crude Oil LO1-LO5 LO CL
Brent Crude Oil BW1-BW5 OS BZ
Natural Gas (Physical) ON1-ON5 ON NG
Natural Gas (Financial) LN1-LN5 LN NG

Key Benefits

  • Flexibility to manage short-term volatility and risk
  • Precision timing to target specific market movements or events
  • More expirations (4 weeklies and 1 monthly); more options to limit exposure
  • Shorter expirations to gain market exposure at a lower premium
  • American style with automatic exercise

Features

  • Expire every Friday that is not already a monthly option expiration
  • Exercise into the active futures expiry
  • Same strike price intervals and minimum tick sizes as the monthly options
  • Trade via open outcry and electronically on CME Globex or via CME Direct and clear through CME ClearPort
  • New weekly options listed the business day following an expiration

Weekly Options Now Available on Bloomberg

Bloomberg Ticker
Product (Globex Ticker) Weekly Option Underlying Future
WTI Crude Oil (LO1-LO5) CLWA Comdty CLA Comdty
Brent Crude Oil (BW1-BW5) BZCA Comdty BZAA Comdty
Natural Gas Physical (ON1-ON5) ONWA Comdty NGA Comdty
Natural Gas Financial (LN1-LN5) GKWA Comdty GKA Comdty

Resources for Weekly Energy Options