Q2 2021 Energy Report

  • 19 Apr 2021
  • By CME Group

Product Insights

WTI futures open interest has continued an upward trend in Q1 2021 with an improving demand picture, while TTF futures ADV has continued to grow to record levels with the globalization of natural gas.

Crude Oil

  • WTI futures (CL) ADV of 1.10mm in Q1 2021, up 40% from Q4
  • WTI options (LO) volume executed as RFQs was 64% of total volume in Q1, up from 60% in 2020

Refined products

  • RBOB Gasoline futures (RB) YTD average open interest is 412K, up 6% YoY
  • NY Harbor ULSD futures (HO) ADV of 170k in Q1 2021, up 7% from Q4

Natural Gas

  • Henry Hub futures (NG) ADV during non-US trading hours is a record 10% of total ADV in 2021
  • Henry Hub options (LN) ADV during non-US hours is at record levels in 2021
  • Record TTF futures (TTF) ADV of 3K in March, up 25% YoY

The globalization of natural gas drove record ADV in TTF futures in March

Customers accessing CME Group's global benchmark, Henry Hub (NG), are increasingly trading our TTF futures (TTF) and options (TFO) contracts, which are listed alongside NG on a single venue for customer efficiency and risk management optimization.

In an increasingly connected Global Gas market, customers can hedge all of their natural risk on NYMEX, which is bringing growth in liquidity for our European TTF futures and options. Access TTF futures Trayport, CME Direct, and TT.

Global Emissions Offset (GEO) futures are live and actively trading on CME Globex and ClearPort

Since the launch of GEO in March, there have been over 100,000 carbon offsets tied to GEO futures traded at CME Group. GEO futures offer the first physically settled, exchange-traded risk management tool for voluntary carbon offsets. The contract allows for delivery of CORSIA-eligible voluntary carbon offset credits from three registries: Verified Carbon Standard, American Carbon Registry, and Climate Action Reserve.

Learn more about GEO futures

WTI futures open interest increased in Q1 following the announcement of sustained OPEC production cuts and positive vaccine news.

In early March, OPEC and its allies agreed to hold steady on crude oil production cuts, sending WTI futures (CL) prices surging. This news combined with positive vaccine rollouts and increasing demand for oil has led to an increase in CL open interest in Q1.

  • In March, CL open interest reached its highest levels since June 2018
  • CL average daily open interest was 2.39mm in Q1 2021, up 15% from Q4 and the highest levels since 2018

Directed Request for Quote (DRFQ)

DRFQ utilization is increasing as traders look for improved and streamlined efficiencies to safekeep compliance audit trails. DRFQ optimizes block trading in privately negotiated, exchange-eligible futures, options, and strategies.

Learn more about DRFQ

Trade Global Gas on Trayport Joule Direct

With four simple steps, you can trade NYMEX energy products using Trayport Joule Direct.

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ESG solutions

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Global Command Center (GCC) is the market operations and customer service desk for electronic trading. We handle inquiries, issues, and support requests from CME Globex and CME ClearPort customers 24 hours a day. 

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