Futures Options and Assignment

With stocks, each option contract represents right/obligation to buy/sell 100 shares of underlying [stock].
I just want to confirm relationship of futures option contract to the (underlying) futures contract. Does one futures option contract represents right/obligation to buy/sell one futures contract? If exercised, you are assigned a long or short position in the underlying futures contract?

 

If you are trading oil be prepared for 1000 barrels of oil to get delivered to your house

 

Yes. If you option is ITM at expiration, you get a long or short futures contract.

 

Yes, you could assigned a Futures contract long or short.
You need to pay attention to the dates that the Futures contracts could be delivered.

Weekly and end-of-month (EOM) options on ES Futures provide European-style expiration...Just as FYI in case you consider it.

 

Wouldn't mind a truck load of pork bellies delivered. Bacon!
Yeah I know, bellies are no more...

 

Haha, I'd love to be able to trade them at CME. Bacon has been the shit for over ten years now! Bacon bacon bacon! They all be crazy about bacon!

 

Well, there are quite a few around here.