Trading Unit
One NYMEX Division light, sweet crude oil futures contract
(1,000 barrels) Price Quotation
U.S. dollars and cents per barrel. Trading Hours (All times are
New York Time)
Open outcry trading is conducted from 10:00 AM until 2:30
PM Trading Months
30 consecutive months, plus long-dated options at 36, 48,
60, 72, and 84 months out on a June/December cycle. Minimum Price Fluctuation
$0.01 (1¢) per barrel ($10.00 per contract). Maximum Daily Price Fluctuation
No price limits. Last Trading Day
Trading ends three business days before the underlying futures
contract. Exercise of Options
By a clearing member to the Exchange clearinghouse no later
than 5:30 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. Strike Prices
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. Margin Requirements
Margins are required for open short options positions. The
margin requirement for an options purchaser will never exceed
the premium. Trading Symbol
LO