Calendar spread options will be based on the differential between two months of trading in the same futures contract. Contracts will be available for any combination of the first four months in each commodity; any pair of consecutive months during the first 13 listed months; and the closest June/December; December/June; and December/December spreads for the two crude oil contracts. At exercise, the buyer of a put options contract will receive a short position in the futures market for the closer month and a long position in the futures market for the further month. The buyer of a call options contract will receive the reverse at exercise.
Trading hours will mirror open outcry trading hours for the underlying futures contracts. These include:
- Brent crude oil: 9:45 AM -- 2:30 PM
- Light, sweet crude oil: 10 AM -- 2:30 PM
- Natural gas: 10 AM -- 2:30 PM
- Heating oil: 10:05AM -- 2:30 PM
- Unleaded gasoline: 10:05 AM -- 2:30 PM
