Week In Review

By Craig Bewick
JUL 23 2021

That was quite a week.  After stocks, energy and longer term US Treasury yields all declined on Monday, they mostly spent the rest of the week recovering.  As you can see from the chart below, generated by QuikStrike data, the net change in price and volatility in some of CME Group’s major futures and options products since last Friday, turned out much different than it looked at Monday’s close (at least when this column was written with about two hours left in the trading week).

  • Both the E-mini S&P 500 and Nasdaq-100 futures prices were higher on the week while volatility declined to 12.6% and 16% respectively.  On Monday volatility was trading at 17.5% and 20.6%.
  • WTI Crude Oil futures prices climbed back to near steady on the week while 30-day implied volatility dropped to 31%.  It was trading at 41% at Monday’s close.
  • The price of the US T-Bond future was also near steady on the week while volatility remained elevated versus last week but off of Monday’s lows.
  • Grains prices and volatility declined on the week
  • The price of Natural Gas futures has risen to levels we haven’t seen since December, 2018 while implied volatility has risen off of recent low levels and is trading near the 3-year average level.  We will continue to report on this next week.

So, with all of the different headlines impacting the price of financial and commodity instruments, we’ll be back on Monday to report on CME Group products.  Have a great summer (for those in the Northern Hemisphere) weekend!

ABOUT THE AUTHOR

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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