Focus On Crude Oil Again

By Craig Bewick
JUL 22 2021

US Equities wound up mostly higher today, though performance was mixed among the 4 major indexes.  The tech-heavy Nasdaq was up by about .75%, the Russell 2000 was down by over 1% and the Dow and S&P 500 were little changed.  Implied volatility in CME Group’s equity index options markets continues to fall after the spike we saw on Monday; E-mini S&P 500 30-day implied volatility has fallen back to the three month average with the E-mini Nasdaq-100 is nearing the low end of a one standard deviation move. 

Commodity markets were active today at CME Group as grains futures prices were down by between 1% and 2.5%, the price of WTI Crude Oil futures rose by another 2% and Copper futures price were up by about 1.5%.  Implied volatility in the WTI Crude Oil options markets, which we talked about a couple of days ago, has fallen back to about 31% after spiking to over 41%.  The QuikStrike graph below illustrates the significant price and volatility moves we’ve seen recently in the crude oil markets. 


Craig Bewick has spent 25 years in futures and options markets, starting at CBOT and CME working in risk management, regulatory, technology, product management and client development. 

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