After a week characterized by somewhat directionless trade in many of CME Group’s major products, we wanted to snapshot exactly how much (or how little) these products actually move in terms of price, volatility and skew. In a format that should be familiar to regular In FOCUS readers, here is a week in review, using QuikStrike data (remember, to meet publishing deadlines, we compiled this around mid-day so it will not reflect Friday afternoon moves). We’ve added Bitcoin and Natural Gas futures to our chart as they are currently a couple of the more volatile products. One of the benefits of CME Group’s diverse product offering is that when a certain product or asset class might experience a period of lower volatility, there is a good chance that a different one could be in the middle of heightened volatility.
As you can see, below, while Equities, WTI Crude Oil and Metals were relatively quiet and saw declines in implied volatility levels, Soybean, Natural Gas and Bitcoin options implied volatility all increased. Bitcoin futures prices continued the dramatic rally, topping 19,000 today.
As always, we wish all of our readers a safe and happy weekend. We will be publishing In FOCUS from Monday through Wednesday of next week but will not Thursday nor Friday in observance of the Thanksgiving holiday.