At-a-Glance
Key Takeaways with Craig
US Equity Index futures were mixed to begin the week, as the Dow was up by just less than 1% while the Nasdaq, while well off its lows, was trading lower by about .5% in late afternoon action. US Treasuries were little changed on the day, as the market looks to later this week when the PPI and CPI reports will be released tomorrow and Wednesday, respectively.
The price of WTI Crude Oil futures rose by nearly 3% to 3-month highs and are approaching 6-month highs after reports that the US will be placing further sanctions on Russian oil companies. CVOL levels rose in CME’s WTI Crude Oil options markets, though the skew was not significantly impacted.
Finally, Gold futures prices came off of recent highs today, trading lower by about 1%, as you can see in the top CVOL chart below. CVOL in CME’s Gold options markets traded slightly lower today, but remains elevated as you can see in the blue line in the lower chart below. The purple line depicts the skew in the Gold options and shows that the Puts were bid relative to the Calls today, though there remains a Call skew in the options.
And speaking of Gold futures, CME has launched a new, 1 OZ Gold futures contract that allows traders to gain exposure to the price of Gold with additional precision and flexibility. The contract, which began trading when CME’s markets opened last night, has a notional value equivalent to the price of Gold (currently around 2,679) and has traded more than 4,100 contracts at the time of this writing today. Please click here for more information on this exciting new contract.
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