Key Takeaways with Craig

After the Good Friday Holiday-shortened first week of April that “felt” quieter, we thought we’d take a look at the price and volatility changes to see if the numbers suggest a quieter week as well.  Using QuikStrike and CVOL data, we compiled the chart below that would suggest that the price and volatility action in some of CME’s major products was, indeed, a bit muted this week.   Interestingly, implied volatility (“vol”) in the options markets ticked up in most of the products we looked at although WTI Crude Oil options vol, which saw one of the larger moves in futures, declined. 

  • Energy products were a bit more active than some of the other asset classes we looked at although much of the 6.5% move in WTI Crude Oil came on Monday after the OPEC production cut.  Nat Gas futures prices declined another 8.5% to trade at the lowest levels we’ve seen since July, 2020.
  • US Equity Index prices were slightly lower and implied volatility in the options ticked up.
  • Micro 10-Year Yield fell by about 20 basis points while CVOL was up by over 8%.
  • Gold futures prices are trading near 1-Year highs and CVOL was up by about 8% this week.

Remember, CME will have shortened hours tomorrow and we are expecting the release of the March Employment Situation report.  We wish all of our readers a happy and safe long weekend and we’ll be back on Monday.  

Today's Future Price Action

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