Striking Insights: WTI Crude Oil Options (LO) Volume Trends

  • 30 Mar 2021
  • By CME Group

Trending product: WTI Crude Oil Options (LO) Volume Trends

  • LO ADV is 122k QTD, which is up 22% from Q4 2020 as sustained OPEC production cuts and positive vaccine rollouts have led to an increase in options activity.
  • LO ADV during non-US hours was 19% of total LO ADV in February, up from 18% in January.
  • LO ADV executed as spreads is 63% of total ADV in 2021 YTD, up from 55% in 2020.

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.

  • Utilize CME Direct to connect and privately negotiate block trades.
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Learn more about DRFQ

QuikStrike Spotlight: This Week in Options

This tool provides information about each expiration’s ATM strike, underlying futures price, ATM and 25 Delta risk reversal volatilities, open interest, and volume – including most active strikes and put/call ratios.

Trending Product: Crude Oil Weekly Options

This product scope demonstrates the application and flexibility of Weekly options on WTI Crude Oil futures. Weekly options offer a low-cost tool to mitigate risk associated with physical or financial positions.

How are traders using WTI Weeklies in their hedging strategies?






Crude Oil Weekly options Wk 1

01 Apr 2021 – Thu


CLWA Comdty


Crude Oil Weekly options Wk 2

09 Apr 2021 - Fri


Crude Oil Weekly Options Wk3

16 Apr 2021 – Fri


Crude Oil Weekly Options Wk4

23 Apr 2021 – Fri


Crude Oil Weekly Options Wk5

30 Apr 2021 - Fri


Pro tip: bookmark the options expiration calendar for future use

What trading strategies do traders use for LO?

Our article Hedging with WTI Crude Oil Weekly Options provides a range of use cases and strategies for weekly WTI options for storage, upstream, and downstream risk management.

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