1. When will the new WTI Crude Oil Monday and Wednesday Weekly options products be listed for trading?

Starting July 31, 2023, WTI Crude Oil Monday and Wednesday Weekly options are available for trading on CME Globex and for submission of clearing via CME ClearPort.

The existing WTI Crude Oil Weekly options have been renamed to WTI Crude Oil Friday Weekly options.


2. Why is CME Group choosing to launch these products?

WTI Crude Oil Friday Weekly options are one of the fastest growing energy products at CME Group in 2023. Based on the demand for additional options expirations, CME Group introduced WTI Crude Oil options with expirations on Monday and Wednesday to provide another tool for market participants to express their view on the crude oil market and hedge risk related to market moving crude oil events.


3. How are these products different from WTI Crude Oil Friday Weekly options?

WTI Crude Oil Monday and Wednesday Weekly options have the same contract specifications and exercise procedures as WTI Crude Oil Friday options but will expire on Mondays and Wednesdays.


4. What are the contract specifications?

 

NEW WTI CRUDE OIL MONDAY WEEKLY OPTIONS

NEW WTI CRUDE OIL WEDNESDAY WEEKLY OPTIONS

WTI CRUDE OIL FRIDAY WEEKLY OPTIONS

CONTRACT SIZE

1,000 barrels

1,000 barrels

1,000 barrels

MINIMUM STRIKE INCREMENT

$0.25 per barrel

$0.25 per barrel

$0.25 per barrel

MINIMUM TICK INCREMENT

$0.01 per barrel

$0.01 per barrel

$0.01 per barrel

DOLLAR VALUE OF ONE TICK

$10 per contract

$10 per contract

$10 per contract

PRODUCT CODE

ML1-ML5

WL1-WL5

LO1 - LO5

SETTLEMENT

Physical

Physical

Physical

 

TRADING HOURS

CME Globex: Sunday – Friday: 5:00 p.m. to 4:00 p.m. Central Time (CT) Monday – Friday: 60-minute daily trading halt beginning at 4:00 p.m. CT

LISTING EXCHANGE

NYMEX

EXPIRATION RULES

Auto exercise and no contrary instructions


5. How many contracts are listed at a given time?

The next four weekly options will be listed at any one time. 

Similar to the WTI Crude Oil Friday options, if the weekly Monday or Wednesday contract expires on the same day as the monthly WTI Crude Oil (LO) options contract, the weekly options will exercise into the second listed underlying futures contract month.


6. What are the trading hours on CME Globex and submission hours on ClearPort?

Sunday – Friday 6:00 p.m. – 5:00 p.m. Eastern Time (ET) with a trading halt from 5:00 p.m.  – 6:00 p.m. ET. Please refer to this link.


7. Are these options eligible for block trading?

Yes, WTI Crude Oil Monday and Wednesday Weekly options are eligible for block trading. The minimum block threshold is 10 contracts. All block trading is subject to Rule 526.


8. What are the fees for the WTI Crude Oil Monday and Wednesday Weekly options contract?

WTI Crude Oil Monday and Wednesday Weekly options are part of the NYMEX fee schedule.


9. What are the exercise procedures for these contracts?

WTI Crude Oil Monday and Wednesday Weekly options are physically settled into WTI Crude Oil (CL) futures and can be exercised on any business day until expiration.

On the last day of trading, in-the-money options are automatically exercised, and out-of-the-money options will be abandoned. Contrary instructions are not allowed.


All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.

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