As per normal review, CME Clearing has undertaken a review of the liquidity and concentration risk component’s parameters within the SPAN 2 framework’s crude pod. Following this review, CME Clearing has determined it will make adjustments to liquidity and concentration risk component’s parameters, specifically those relating to WTI crude weekly options.

While the impact to production portfolios from this change will vary depending upon the risk profile for each individual portfolio, CME Clearing expects limited impacts, with the aggregate increase in the total margin required for futures and options products to be negligible.

To understand impacts to your individual portfolio, please refer to the margin requirements via the SPAN 2 risk parameter “x” file that will be published at approximately 8:00 am CST on February 27th, 2026. Margin requirements from the “x” file can also be consumed via CME CORE.

The associated changes will be effective after the close of business on February 27, 2026.