03/19/2004
Trading Unit:
Each option will be cash settled against the underlying Floor Traded Futures contract. Call Options are cash settled as the greater of the underlying futures less the strike price, or zero, whichever is greater. Put Options are cash settled as the greater of the strike price less the underlying futures, or zero, whichever is greater. Exercise Style: The options will only be exercised on expiration day.
Option Months to be Traded:
Beginning with the May 2004 contract, options will be listed on each futures contract in the associated commodity. For Crude Oil there will be 30 consecutive monthly contracts plus all December contracts through 2010. Natural Gas will have 71 consecutive months, Heating Oil will have 17 consecutive months, and Unleaded Gasoline will have 1 consecutive months.
Strike Price Intervals:
Strike Prices will be flexible as long as they are greater than zero and consistent with the minimum tick size. Specifically for Crude Oil, $.01/barrel, for Heating Oil and Unleaded Gasoline $.0001/gallon, and for Natural Gas $.001/MMBtu.
Expiration Date:
Options will expire on the same day as their floor traded counterpart. For Crude Oil, Heating Oil, and Unleaded Gasoline on the third business day prior to the underlying futures termination. For Natural Gas, the business day immediately preceding the underlying futures.