Nymex Sets Record For Crude Oil Calendar Spread Options Volume

Crude oil calendar spread options set a daily volume record on the New York Mercantile Exchange, Inc., yesterday, when 12,600 contracts were traded, surpassing the previous record of 11,010 contracts set on April 13, 2004.

Exchange President James E. Newsome said, "Market participants clearly value calendar spread options as an effective trading tool that can be used to hedge their exposure to the substantial price risk associated with today's energy market. The recent volume record emphasizes the need for diversified and sophisticated risk management trading instruments. John McNamara, chairman of the Exchange options advisory committee, deserves a great deal of credit for his attentiveness to customer demand and the important role he has played in the continued promotion of these trading instruments."