In this report

Traders look to micros and options to take positions in volatile commodity markets

Tariff updates continue to make global headlines, and the markets are reacting. As traders strategize how to insulate their portfolios from volatility, market participants are increasingly turning to tools that provide extra flexibility and precision.

WTI options trading is up 30% year-on-year, while futures trading of the standard benchmark is up 15%. With options volumes up across the board, open interest in WTI Calendar Spread options is also up 40% year-on-year.

Traders with an agricultural inclination have been using our suite of Micro Ag products, including micro-sized contracts for Corn (MZC), Wheat (MZS), Soybean (MZW), Soybean Oil (MZL) and Soybean Meal (MZM). Average daily open interest (OI) is up 69.7% since the contracts launched in February. These contracts, also priced at 1/10 the size of their standard counterparts, offer precise exposure to global grains and oilseeds.

While things in the market have been changing, gold has maintained a steady climb, gaining over 50% in the past year. Between GC, MGC, 1OZ futures and OG options, metals traders have a variety of different Gold contracts designed to suit their portfolio’s trading strategies.


Energy options fuel risk-hedging strategies with record-breaking volume

Energy options broke their single highest volume day in history on April 4, with 1,136,603 contracts trading, surpassing the previous record of 1,027,799 set over six years ago. Energy options open interest (OI) is at its highest point in nearly a decade at 9.65M. These sophisticated risk management tools coupled with diverse options strategies can help traders gain an advantage in the energy market.


Energy options traders choose CME Direct

Traders are executing options strategies on CME Direct, the top trading platform for Energy options volume, and home to the only liquid screen market for Natural Gas (LN) options.

CME Direct offers professional traders access to unparalleled options liquidity alongside advanced functionality and analytics. Seamlessly execute Request for Quote (RFQ) strategies, create a tailored, enhanced options trading grid and view live market activity all on a single screen. With Vertical Trader, view full market depth in a ladder format, enter orders with a single click, place market orders and manage multiple bids/offers for any given contract.


Micro Ags, major wins: 500K contracts traded in first two months

Since launch on February 24, traders have incorporated Micro Ag contracts into their trading strategies to hedge risk and navigate volatility. With over 500K contracts trading since launch, market participants have used Micro Corn (MZC), Wheat (MZW), Soybeans (MZS), Soybean Oil (MZL) and Soybean Meal (MZM) futures to diversify portfolios and produce opportunities from major crops that feed the world.


Gold maintains its strong performance during market volatility

Gold is the star performer across the entire traded markets space this year to date, with the June-25 contract rising over 20% since early January. A confluence of factors, namely geopolitical risk, trade tensions and resurfacing inflation fears, have pushed the yellow metal well above the $3,000/ troy ounce mark. Traders can access the benchmark Gold (GC) futures contract, Micro Gold (MGC) futures, E-mini Gold (QO) futures as well as the newly launched 1-Ounce Gold (1OZ) futures contract. These contracts offer traders an entire suite of products tailored to each individual’s needs, wallet size and risk appetite.


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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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