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Dec23 Put Vol Higher Following OPEC+ Production Cut

OIL OPTIONS

Following the OPEC+ decision to cut production by 2mbpd in Nov and Dec the put-call skew has closed marginally at the front of the curve but is wider further out.

  • OPEC stated the aims of to cut were to stabilise the market against a backdrop of falling demand due to economic concerns and to encourage future investment with spare global capacity limited at only around 1.5% of total supply.
  • Dec22 Brent puts are trading 1% over calls while WTI puts are 2.3% higher than calls.
  • Dec23 put vols strengthen with the Brent skew back out from 6.8% to 8% and WTI from 7.2% to 8.9% puts over calls.
  • Front month ATM implied volatility has eased back to 48% from over 50% earlier this week ahead of yesterday’s OPEC meeting.
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