How to buy Crude Oil options CLZ17?

Discussion in 'Energy Futures' started by misterno, Mar 19, 2009.

  1. I have an account with optionsxpress and they don't offer Crude Oil Options expiring 2017 here is what they say

    "Our execution specialist contacted the exchange and the trading floor to determine that unfortunately CL December 2013 is the latest month that is currently offered on crude options. He also located a few sources that state the exchanges are only going to list 5 different years worth of options at a time. (2009, 10, 11, 12 and 13)"

    But when I look at NYMEX.com it says it is traded though very thin but there is trading going on with 2016

    So how am I gonna buy these options if my broker can not offer it?
     
  2. http://www.nymex.com/LO_spec.aspx

    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.

    Had a broker tell me this one time, because they couldn't do it on the screen. I told them to call down and get the quote so they can earn their money instead of pushing a button on the screen. They called down and got it done.

    http://www.cmegroup.com/trading/energy-metals/files/031809.pdf

    Look on page 189 of that PDF with the settlements. Its possible there isn't any OI out in that far, dunno though.
     
  3. Thanks for the reply

    I looked at the pdf file you gave and I saw that 2016 call for $73 strike is settled for $16.87

    Where can I find a chart for this call for the last several months? My brokerage optionsxpress does not give this.
     
  4. I didn't check out the pdf, but if there is open interest in a particular strike, the exchange has to give it a value (scan), doesn't mean you'll find someone willing to make a market. For what it's worth, most CL options that far out the curve trade OTC and are part of a spread of some sort.

    As far as a chart, you'll most likely have to create it yourself. Having said that, if you're looking at long dated options, you should probably be studying the vol surface, not a particular strike/tenor.
     
  5. I can get you done, but it would have to be OTC and thru my firm. PM me. Can do as little as 1 lot.