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September 07, 2023 - CME Group has announced that trading in its suite of WTI weekly options, the company's fastest growing energy products, reached record average daily volume in August of 12,291 contracts. All of the top five record months for Weekly WTI Crude Oil options have occurred this year.
"As global crude oil market participants continue to navigate a number of supply and demand factors, they are turning to our suite of weekly WTI options in record numbers," said Peter Keavey, Global Head of Energy and Environmental Products at CME Group. "Year to date, average daily volume for Friday Weekly WTI options reached a record 9,285 contracts, up 74%, while total combined volume for Monday and Wednesday expirations has already surpassed 100,000 contracts since launching just over a month ago."
WTI is the only global crude oil benchmark with highly liquid short-term options. The company expanded its WTI Crude Oil options to include Monday and Wednesday expiries on July 31, which have already been widely utilised by the industry:
- Single day volume record of a combined 14,241 contracts traded on September 1, 2023.
- Over 930 unique trading users since launch, with participation from corporate, hedge fund and bank clients.
Friday expiries also continue to grow as market participants turn to shorter dated options to manage risk:
- Single day volume record of 28,029 contracts traded on September 1, 2023.
- The number of firms trading Friday expiries is up 17% from 2022, with over 6,100 unique trading users year-to-date.
- 34% of volume originates outside of the U.S.
Weekly WTI Crude Oil options are listed by and subject to the rules of NYMEX.
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