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WTI Options Liquidity During Non-U.S. Hours


  • Over 80% of WTI Options (LO) have traded electronically for almost 3 years straight
  • LO volume continues to be driven by spread trading—a record 59% of LO volume was executed via spreads in March 2020
  • A record 21% of WTI Options are being traded overnight YTD in 2020 with ETH ADV at 31k
  • LO ADV traded during London Morning Hours is at 21k YTD, with a record 14% of total ADV executed during this time frame each day

New Expiration Rules for Brent Options


Brent Crude Oil options (BZO) will be auto-exercised with no contrary instructions allowed beginning with the March 2020 contract expiration on NYMEX. The new options expirations rules allow a simpler and more transparent expiration process for traders hedging the volatile crude oil market.

For More Information:    

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
LO LO - LO Crude Oil Option Crude Oil NYMEX 139,427 2,122,925
LN LNE - LN Natural Gas Option (European) Natural Gas NYMEX 103,251 2,684,746
BE BE - BE Brent Last Day Financial European Option Crude Oil NYMEX 19,455 112,459
G4 G4X - G4 Natural Gas (Henry Hub) Last-day Financial 1 Month Spread Option Natural Gas NYMEX 8,550 174,059
ON ON - ON Natural Gas Option (American) Natural Gas NYMEX 4,787 89,105
LO4 LO4 - LO4 Crude Oil Weekly Options - Week 4 Crude Oil NYMEX 3,816 10,033
WA WAY - WA WTI Crude Oil 1 Month Calendar Spread Option Crude Oil NYMEX 3,000 314,580
LC LCE - LC Light Sweet Crude Oil European Financial Option Crude Oil NYMEX 2,400 47,913
7A B7A - 7A Crude Oil Financial Calendar Spread Option 1 Month Crude Oil NYMEX 2,200 112,325
LO5 LO5 - LO5 Crude Oil Weekly Options - Week 5 Crude Oil NYMEX 1,102 3,644
Trade Date: 18 Oct 2021 | FINAL

Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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