Options Contract Specifications
The crude oil contract specifications
tell you how the crude oil options trade, not how to trade crude oil options. Before you consider opening a
commodity options account, you should consult with a licensed commodities broker.
CRUDE OIL OPTIONS
One NYMEX Division light sweet crude oil futures contract.
U.S. dollars and cents per barrel.
(All times are New York time)
Open outcry trading is conducted from 9:00 AM until 2:30 PM.
Electronic trading is conducted from 6:00 PM until 5:15 PM via
the CME Globex® trading platform, Sunday through Friday. There is a 45-minute break each day between 5:15PM (current trade
date) and 6:00 PM (next trade date).
Crude oil options are listed nine years forward using the following
listing schedule: consecutive months are listed for the current year and the next five years; in addition, the June and December
contract months are listed beyond the sixth year. Additional months will be added on an annual basis after the December contract
expires, so that an additional June and December contract would be added nine years forward, and the consecutive months in
the sixth calendar year will be filled in.
$0.01 (1¢) per barrel ($10.00 per contract).
Maximum Daily Price Fluctuation
No price limits.
Trading ends three business days before the underlying futures contract.
By a clearing member to the Exchange clearinghouse no later than 4:30 PM or 45 minutes after the underlying futures
settlement price is posted, whichever is later, on any day up to and including the options expiration.
Twenty strike prices in increments of $0.50 (50¢) per barrel
above and below the at-the-money strike price, and the next 10 strike prices in increments of $2.50 above the highest and
below the lowest existing strike prices for a total of at least 61 strike prices. The at-the-money strike price is nearest
to the previous day's close of the underlying futures contract. Strike price boundaries are adjusted according to the
futures price movements.
Margins are required for open short options positions. The margin
requirement for an options purchaser will never exceed the premium.