CME Group said on Monday that its energy complex traded a record 8.3 million contracts on Friday, surpassing the previous daily record of 7.9 million contracts set just three days earlier on Tuesday.
The new high was driven by record activity across multiple product lines: energy options hit 1.43 million contracts, the crude oil complex reached 5.73 million, and Micro Crude Oil futures printed 748,729 contracts.
The volume spike came as US crude futures posted their largest weekly gains in the history of the market. West Texas Intermediate settled at $90.90 per barrel on Friday, up 12.21% on the day and 35.63% on the week, the biggest weekly move since the contract’s inception in 1983. Brent crude settled at $92.69, up 8.52%, with a weekly gain of 28%.
The price action followed an escalating military conflict involving the United States, Israel and Iran, which has effectively closed the Strait of Hormuz for seven days. Roughly 20% of the world’s daily oil supply passes through the waterway, according to Reuters.
“As geopolitical shifts drive uncertainty throughout the global energy sector, market participants are turning to CME Group to manage their risk,” said Peter Keavey, Global Head of Energy Products at CME Group. “In these volatile market conditions, clients continue to rely on our liquid markets and benchmark products to discover prices, hedge and adjust exposure within their portfolios.”
The energy options record suggests heavy demand for volatility hedging, while the Micro Crude Oil futures figure points to broad participation beyond large institutional clip sizes.
CME Group’s refined products segment, led by RBOB Gasoline and New York Harbor Ultra-low Sulfur Diesel futures and options, also set a single-day record of 1.25 million contracts on Tuesday. All five of the energy complex’s top-performing volume days occurred during last week, producing a five-day average of 1.09 million contracts in refined products alone.
