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

Starting July 22, 2024*, WTI Crude Oil Tuesday and Thursday Weekly options will be available for trading on CME Globex and for submission of clearing via CME ClearPort.

*Pending regulatory review


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

WTI Crude Oil Weekly options are one of the fastest growing energy products at CME Group. Last year, CME Group launched WTI Crude Oil options with expirations on Monday and Wednesday, which were one of the most successful commodity options launches in CME Group history. 

Based on the demand from customers for options expirations on the remaining two days of the week, CME Group plans to introduce WTI Crude Oil options with expirations on Tuesday and Thursday to provide additional tools for market participants to express their view on the Crude Oil market and hedge short-term risk related to market moving crude oil events.


3. How will these products be different from currently listed WTI Crude Oil Weekly options?

WTI Crude Oil Tuesday and Thursday Weekly options will have the same contract specifications and exercise procedures as the current suite of WTI Crude Oil Weekly options but will expire on Tuesdays and Thursdays.


4. What are the contract specifications?

  WTI CRUDE OIL WEEKLY OPTIONS
  MONDAY NEW TUESDAY WEDNESDAY NEW THURSDAY FRIDAY
CONTRACT SIZE 1,000 barrels 1,000 barrels 1,000 barrels 1,000 barrels 1,000 barrels
MINIMUM STRIKE INCREMENT $0.25 per barrel $0.25 per barrel $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 $0.01 per barrel $0.01 per barrel
DOLLAR VALUE OF ONE TICK $10 per contract $10 per contract $10 per contract $10 per contract $10 per contract
PRODUCT CODE ML1-ML5 NL1-NL5 WL1-WL5 XL1-XL5 LO1 - LO5
SETTLEMENT Physical Physical 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

Full contract specs will be available at launch, July 22. Please reference Friday WTI Crude Oil Weekly options, as these specs will align with Tuesday and Thursday Weekly options.


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

The next four weekly options will be listed at any one time. No weekly option contract will be listed on Exchange holidays. Similar to the WTI Crude Oil Weekly options, if the weekly Tuesday or Thursday contract expires on the same day as the monthly WTI Crude Oil (LO) options contract, the weekly option will exercise into the second listed underlying futures contract month.


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

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


7. Are these options eligible for block trading?

Yes, WTI Crude Oil Tuesday and Thursday Weekly options will be 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 Tuesday and Thursday Weekly options will be part of the NYMEX fee schedule.


9. What are the exercise procedures for these contracts?

WTI Crude Oil Tuesday and Thursday Weekly options will be 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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