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OIL OPTIONS: Brent Crude Option Volumes Surge to Highest Since March 2023

OIL OPTIONS

Brent crude call option traded volumes surged on Aug 26 ahead of the options expiry today driven by October and November call spreads.

  • The futures market yesterday rallied due to upside risks from a drop in Libya production and rising Middle East tensions over the weekend although has stabilized today.
  • Volumes yesterday rose to the highest since March 2023 and the second highest on record at 488k driven by call volumes of 358k.
  • The crude options are however maintaining a bias to puts over calls with ongoing concern for global demand growth, especially in China combined with current OPEC+ plans to return some supply from October. The Brent second month 25 delta call-put spread is today at -1.6% while the WTI second month skew is at -1.8% today.
  • The Brent Dec24 call-put skew is today at -1.6% and the WTI Dec24 spread is -2.4%.
    • Brent OCT 24 down 0.5% at 81.06$/bbl
    • WTI OCT 24 down 0.6% at 76.97$/bbl
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