Week In Review

By Craig Bewick
MAR 26 2021

As we wrap up the last full week of March, we’ll look back at the price and volatility changes on the week in several major CME Group products using QuikStrike data in a familiar format (at least to regular readers of this column - remember, we compile this data around midday so late afternoon price and volatility action will not be represented). 

Interestingly, the weekly net changes in most of the products we looked at were fairly muted, even though there was some back and forth action along the way.  Generally speaking though, implied volatility was lower in most products.  The following are some highlights:

  • Implied volatility in WTI Crude Oil options increased from 39.4% to nearly 44%
  • Gold prices were near steady on the week but implied volatility in the options continued to drop.  In fact, we haven’t seen implied vols this low since last February prior to the pandemic-induced economic shutdowns
  • Corn implied volatility was up measurably
  • Both prices and implied volatility in Bitcoin futures and options fell substantially
  • Implied volatility in Natural Gas options has fallen and is now near the lower range of where we’ve been at this time of year in the years since 2015

As always, we wish all of our In FOCUS readers a safe and happy weekend and we’ll be back to finish up the first quarter next week… along with another chance to win a gift certificate in our “Question of the Day”. 


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. 

Connect with Craig at activetrader@cmegroup.com

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