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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 122,254 1,467,856
LN LNE - LN Natural Gas Option (European) Natural Gas NYMEX 88,134 2,610,535
TFO TFO - TFO Dutch TTF Natural Gas Futures-Style Margined Calendar Month Option Natural Gas NYMEX 7,200 67,240
WA WAY - WA WTI Crude Oil 1 Month Calendar Spread Option Crude Oil NYMEX 6,950 464,100
7A B7A - 7A Light Sweet Crude Oil (WTI) Financial 1 Month Spread Option Crude Oil NYMEX 3,200 190,375
BE BE - BE Brent Last Day Financial (European) Option Crude Oil NYMEX 3,000 111,706
ON ON - ON Natural Gas Option (American) Natural Gas NYMEX 2,519 62,298
G4 G4X - G4 Natural Gas (Henry Hub) Last-day Financial 1 Month Spread Option Natural Gas NYMEX 2,450 60,475
LO4 LO4 - LO4 Crude Oil Weekly Options - Week 4 Crude Oil NYMEX 2,332 0
LO5 LO5 - LO5 Crude Oil Weekly Options - Week 5 Crude Oil NYMEX 2,330 3,232
Trade Date: 22 Jan 2021 | PRELIMINARY

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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