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CME Group has withdrawn its filing to launch a 10-Barrel WTI Crude Oil futures contract that would have traded 24 hours a day, seven days a week. The exchange said industry participants were concerned that 24/7 energy trading could create unintended consequences without further due diligence.
CME first announced the contract on 11 June 2026, pending regulatory review, with a planned launch date of 30 August. The cash-settled contract was to be listed on NYMEX at 1/100 the size of the benchmark WTI Crude Oil futures and one-tenth the size of Micro WTI Crude Oil futures. It would have been the first energy contract on CME available for 24/7 trading.
In a statement issued on 2 October, CME Group Chairman and Chief Executive Terry Duffy set out the reasons for the withdrawal.
"Providing efficient, regulated markets that allow our clients to cost-effectively manage business risk is always our top priority at CME Group. We created and planned to launch a 10-Barrel oil contract to provide a transparent, regulated alternative to the 24/7 oil contracts that other venues have introduced in the marketplace. Whether as onshore prediction markets or offshore perpetuals, which are illegal for U.S. participants but may be accessed despite their illegality via virtual private networks, these energy products already trade around the clock, primarily for retail participants.
"We had hoped to provide a safer, more transparent alternative, within the U.S. jurisdiction and CFTC oversight. However, based on extensive conversations with industry participants, we have determined that key constituents are concerned that introducing 24/7 trading in energy without further due diligence could create unintended consequences, possibly introducing additional risk in the marketplace.
"Therefore, we are withdrawing our filing to launch this product at this time. We hope the CFTC will address the inequity, reestablish the level playing field that has made U.S. financial markets the envy of the world, and ensure all derivatives products meet the standards the law requires, in compliance with the core principles of the Commodity Exchange Act." - Terry Duffy, Chairman and Chief Executive, CME Group
CFTC stay in July
The withdrawal follows action by the US Commodity Futures Trading Commission (CFTC) in July. On 22 June, the CFTC issued a request for comment on extending standard futures contracts, including crude oil, to 24/7 trading.
On 8 July, while that comment period was still open, CME self-certified the contract, alongside a separate filing seeking Commission review and approval. The following day, the CFTC stayed the self-certified listing, which could otherwise have allowed 24/7 crude oil trading to begin as soon as 10 July.
"The CFTC is in the midst of examining whether 24/7 trading of futures contracts on various asset classes is consistent with our statutory Core Principles. As I've said repeatedly, we do not take a one-size-fits all approach to 24/7 trading. CME's decision to disregard the Commission's effort to undertake a reasoned analysis of the critical issues at stake is wholly inappropriate and necessitates Commission action to stay the certification. The Commission encourages exchanges to work with agency staff to address potential legal issues before seeking to list novel contracts." - Michael S. Selig, Chairman, CFTC
The CFTC said the stay barred CME from listing the contract until the Commission had determined that it complied with the Commodity Exchange Act and its regulations, and that it would review the product under its approval process.
The CFTC later extended its consultation on continuous trading of oil futures by 30 days, moving the comment deadline to 26 August, days before CME's planned launch date, as reported in July.
Demand for smaller crude contracts
CME's September volume figures show continued growth in its smaller-sized crude oil product. Micro WTI Crude Oil futures averaged 240,000 contracts a day in September 2026, up 376% year on year, within overall energy ADV of 3.1 million contracts.
Across all asset classes, CME reported record September ADV of 31.8 million contracts, up 22% year on year.
24/7 Oil trading elsewhere
CME's 24/7 plans for metals have gone ahead. Its 1-Ounce Gold futures moved to 24/7 trading on 24 July, with nearly 15,000 contracts traded over the debut weekend. In August, CME said it would extend 24/7 trading to 100-Ounce Silver futures from 11 September, subject to regulatory review.
In the OTC market, brokers and liquidity providers have already moved to round-the-clock oil. Prime of prime broker Scope Prime (@ScopePrime) launched 24/7 liquidity in Brent and WTI CFDs in July, and broker MarketsVox (@MarketsVox) has recently launched 24/7 access to gold, silver and oil CFDs.
Crypto-native venues have also listed oil perpetuals this year. Cryptocurrency exchange Binance launched WTI and Brent perpetuals in April, and decentralised exchange Hyperliquid's oil-linked perpetual cleared USD 1.2 billion in daily volume during the March price spike.
For brokers, the risk management side of weekend trading is covered in The Weekend Now Has a Risk Desk Problem: What 24/7 Gold Trading Means for Brokers.
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