CHICAGO, June 27,
2023 /PRNewswire/ -- CME Group, the world's leading
derivatives marketplace, today announced plans to expand WTI Crude
Oil options to include Monday and Wednesday expiries. Pending
regulatory review, the new contracts will begin trading on
July 31, 2023.
"Weekly WTI Crude Oil options are CME Group's fastest growing
energy products, and we are pleased to provide market participants
with flexibility to manage volatility through our expanded Monday
and Wednesday expiries," said Peter
Keavey, Global Head of Energy at CME Group. "Global oil
markets increasingly revolve around WTI as the central price
setter, and WTI is the only crude oil benchmark with robust, around
the clock liquidity in Friday Weekly options, with 15% of on-screen
volume occurring during non-U.S. trading hours and 30% of all
trades originating from outside of the U.S."
Volatility in crude oil markets can be significantly impacted by
market-moving events such as OPEC announcements, EIA reports, cargo
loading schedules and geopolitics. With expirations now on Monday,
Wednesday and Friday, Weekly options allow for more precise risk
management strategies to manage short-term price risk.
"Oil markets are dynamic and subject to geopolitical and supply
events. Weekly WTI Crude Oil options allow market participants to
purchase short-term protection against surprise announcements that
can move markets quickly in any direction," continued Keavey. "With
crude oil volatility here to stay, we are seeing market
participants turn to these products in record numbers this
year."
Average daily volume (ADV) in Weekly WTI Crude Oil options is
approximately 8,900 contracts, up 69% year-over year. Average daily
open interest (ADOI) is approximately 20,000 contracts, up 77%
year-over-year. ADV in the week leading up to the OPEC+ meeting on
June 4 reached 13,700 contracts, its
highest ever.
Weekly WTI Crude Oil options are listed by and subject to the
rules of NYMEX. For more information and for full contract specs,
please visit here.
As the world's leading derivatives marketplace, CME Group
(www.cmegroup.com) enables clients to trade futures, options, cash
and OTC markets, optimize portfolios, and analyze data – empowering
market participants worldwide to efficiently manage risk and
capture opportunities. CME Group exchanges offer the widest range
of global benchmark products across all major asset classes based
on interest rates, equity indexes, foreign
exchange, energy, agricultural
products and metals. The company offers futures and
options on futures trading through the CME Globex® platform, fixed
income trading via BrokerTec and foreign exchange trading on the
EBS platform. In addition, it operates one of the world's
leading central counterparty clearing providers, CME
Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange,
Globex, and, E-mini are trademarks of Chicago Mercantile Exchange
Inc. CBOT and Chicago Board
of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York
Mercantile Exchange and ClearPort are trademarks of New York
Mercantile Exchange, Inc. COMEX is a trademark of Commodity
Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe
LTD and EBS Group LTD, respectively. The S&P 500 Index is a
product of S&P Dow Jones Indices LLC ("S&P DJI").
"S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are
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Futures contracts based on the S&P 500 Index are not sponsored,
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CME-G
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SOURCE CME Group