SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 22-247

Organization: New York Mercantile Exchange, Inc. ("NYMEX")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 08/31/22 Filing Description: Amendments to the Listing Schedule 

of the Crude Oil and Natural Gas Weekly Option Contracts

SPECIFY FILING TYPE 

Please note only ONE choice allowed per Submission.

Organization Rules and Rule Amendments

Certification § 40.6(a)

Approval § 40.5(a)

Notification § 40.6(d)

Advance Notice of SIDCO Rule Change § 40.10(a)

SIDCO Emergency Rule Change § 40.10(h)

Rule Numbers:

New Product Please note only ONE product per Submission.

Certification § 40.2(a) 

Certification Security Futures § 41.23(a)

Certification Swap Class § 40.2(d)

Approval § 40.3(a)

Approval Security Futures § 41.23(b)

Novel Derivative Product Notification § 40.12(a)

Swap Submission § 39.5

Product Terms and Conditions (product related Rules and Rule Amendments)

Certification § 40.6(a) 

Certification Made Available to Trade Determination § 40.6(a)

Certification Security Futures § 41.24(a)

Delisting (No Open Interest) § 40.6(a) 

Approval § 40.5(a)

Approval Made Available to Trade Determination § 40.5(a)

Approval Security Futures § 41.24(c)

Approval Amendments to enumerated agricultural products § 40.4(a), § 40.5(a)

“Non-Material Agricultural Rule Change” § 40.4(b)(5)

Notification § 40.6(d)

Official Name(s) of Product(s) Affected: See filing.

Rule Numbers: See filing.
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

August 31, 2022

VIA ELECTRONIC PORTAL

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, DC 20581

Re: CFTC Regulation 40.6(a) Certification. Amendments to the Listing Schedule of the 

Crude Oil and Natural Gas Weekly Option Contracts.

NYMEX Submission No. 22-247

Dear Mr. Kirkpatrick:

New York Mercantile Exchange, Inc. (“NYMEX” or “Exchange”) is certifying to the Commodity Futures 

Trading Commission (“CFTC” or the “Commission”) amendments to the listing schedule of the three (3) 

Crude Oil and two (2) Natural Gas Weekly Option contracts listed in Table 1. below (the “Contracts”), 

effective Sunday, October 2, 2022 for trade date Monday, October 3, 2022.

Exchange will list an additional weekly option contract when the weekly expiration coincides with the 

corresponding monthly option contract expiration. When the weekly contract expiration coincides with the 

monthly option contract expiration, the weekly option contract will exercise or settle into the second nearby 

corresponding futures contract. Prior to making this amendment, no weekly option contract was listed 

when weekly option expiration would coincide with monthly option expiration.

Specifically, the Exchange will: 

1. amend Rule XXX101.B. (“Trading Unit”) to specify that when a weekly option expires on or after 

the corresponding monthly option expiration, the weekly option will exercise or settle into the 

second nearby futures contract; and 

2. amend Rule XXX101.E. (“Termination of Trading”) to remove language that restricts listing 

weekly contracts that expire on the same date as the corresponding monthly option (collectively, 

the “Rule Amendments”).

Table 1.

Contract Title

NYMEX 

Rulebook

Chapter

CME Globex

and

CME ClearPort

Code

Corresponding 

Monthly Option

Crude Oil Weekly Option 1011 LO1,LO2,LO3,LO4,LO5 Crude Oil Option (LO)

Micro WTI Crude Oil Weekly 

Option 307 MW1,MW2,MW3,MW4,MW5 Micro WTI Option (MCO)
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

2

Contract Title

NYMEX 

Rulebook

Chapter

CME Globex

and

CME ClearPort

Code

Corresponding 

Monthly Option

Brent Crude Oil Weekly 

Option 1007 BW1,BW2,BW3,BW4,BW5

Brent Crude Oil 

Futures-Style Margin 

Option (BZO)

Natural Gas Weekly 

Financial Option 1006 LN1,LN2,LN3,LN4,LN5

Henry Hub Natural Gas 

European Financial 

Option (LN)

Natural Gas Weekly Option 1012 ON1,ON2,ON3,ON4,ON5 Natural Gas Option 

(American) (ON)

Amendments to the Table are provided as Exhibit A in blackline format. 

The Exchange reviewed the designated contract market core principles (“Core Principles”) as set forth in 

the Commodity Exchange Act (“CEA” or “Act”) and identified that the Rule Amendments may have some 

bearing on the following core principles:

• Availability of General Information: The Exchange will publish information on the change via a 

Special Executive Report (“SER”) to notify the marketplace of the Rule Amendments. The SER 

will also be posted on the CME Group website. 

• Contract Not Readily Subject to Manipulation: A review of the Contract shows that there is 

sufficient liquidity in both the options and underlying futures contract to support the listing.

• Daily Publication of Trading Information: The Exchange shall make public daily information on 

settlement prices, volume, open interest, and opening and closing ranges for the Contract. 

Pursuant to Section 5c(c) of the CEA and CFTC Regulation 40.6(a), the Exchange hereby certifies that the 

Rule Amendments comply with the Act, including regulations under the Act. There were no substantive 

opposing views to this proposal. 

The Exchange certifies that this submission has been concurrently posted on the Exchange’s website at 

http://www.cmegroup.com/market-regulation/rule-filings.html.

Should you have any questions concerning the above, please contact the undersigned at (212) 299-2200 

or e-mail CMEGSubmissionInquiry@cmegroup.com.

Sincerely, 

/s/Christopher Bowen 

Managing Director and Chief Regulatory Counsel 

Attachment: Exhibit A – Rulebook Amendments
3

Exhibit A

NYMEX RULEBOOK

(additions underscored; deletions struck through)

Chapter 1011

Crude Oil Weekly Option

***

1011101. OPTION CHARACTERISTICS 

The number of weeks open for trading at a given time shall be determined by the Exchange. 

1011101.A. Trading Schedule 

The hours of trading for this contract shall be determined by the Exchange.

1011101.B. Trading Unit 

A Crude Oil weekly call option traded on the Exchange represents an option to assume a long 

position in the nearest to expiry Light Sweet Crude Oil Futures contract. If expiration occurs on or

after the Light Sweet Crude Oil Monthly option contract and on or before the first nearby Light Sweet

Crude Oil Futures expiration, the contract will be exercisable into second closest to expiry Light Sweet

Crude Oil Futures contract.

A Crude Oil Weekly put option traded on the Exchange represents an option to assume a short 

position in the nearest to expiry Light Sweet Crude Oil Futures contract. If expiration occurs on or 

after the Light Sweet Crude Oil Monthly option contract and on or before the first nearby Light Sweet

Crude Oil Futures expiration, the contract will be exercisable into second closest to expiry Light Sweet

Crude Oil Futures contract.

1011101.C. Price Increments 

Prices shall be quoted in dollars and cents per barrel and prices shall be in multiples of $0.01 per 

barrel. The minimum price increment will be $0.01. A cabinet trade may occur at a price of $0.001 

per barrel, or $1.00 per contract.

1011101.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply 

to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1011101.E. Termination of Trading 

Options will expire at the close of trading on a Friday schedule. If such Friday falls on the expiration 

of a Crude Oil monthly option, the weekly option shall not be listed.

For the first (1st) weekly option of the month, if the first Friday of the listing is a scheduled Exchange 

holiday, the Crude Oil Weekly Option shall terminate on the first Business Day immediately preceding 

the Friday. 

For the second (2nd) weekly option of the month, if the second Friday of the listing is a scheduled 

Exchange holiday, the Crude Oil Weekly Option shall terminate on the first Business Day immediately 

preceding the Friday. 

For the third (3rd) weekly option of the listing, if the third Friday of the listing is a scheduled Exchange 

holiday, the Crude Oil Weekly Option shall terminate on the first Business Day immediately preceding 

the Friday

For the fourth (4th) weekly option of the listing, if the fourth Friday of the listing is a scheduled 

Exchange holiday, the Crude Oil Weekly Option shall terminate on the first Business Day immediately 

preceding the Friday

1011101.F. Type Option 

The option is an American-style option which can be exercised on any Business Day prior to and 

until expiration day. 

[End of Rule.]
4

Chapter 307

Micro WTI Crude Oil Weekly Option

***

307101. OPTION CHARACTERISTICS

The number of contract months open for trading at a given time shall be determined by the Exchange.

307101.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

307101.B. Trading Units

On expiration of a call option, the value will be the settlement price of the first nearby Micro WTI 

Crude Oil Futures Contract less the strike price, or zero, whichever is greater, multiplied by 100. If 

expiration occurs on or after the Micro WTI Crude Oil monthly option contract and on or before 

the first nearby Micro WTI Crude Oil Futures expiration, the value will be the settlement price 

of the second nearby Micro WTI Crude Oil Futures Contract less the strike price, or zero, 

whichever is greater, multiplied by 100. 

On expiration of a put option, the value will be the strike price less the settlement price of the first 

nearby Micro WTI Crude Oil Futures Contract, or zero, whichever is greater, multiplied by 100. If 

expiration occurs on or after the Micro WTI Crude Oil monthly option contract and on or before 

the first nearby Micro WTI Crude Oil Futures expiration, the value will be the strike price less 

the settlement price of the second nearby Micro WTI Crude Oil Futures Contract, or zero, 

whichever is greater, multiplied by 100. 

307101.C. Price Increments

Prices shall be quoted in dollars and cents per barrel and prices shall be in multiples of $0.01 per

barrel. The minimum price increment will be $0.01. 

307101D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5.

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply

to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion.

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable

exemptions from the specified position limits.

307101.E. Termination of Trading

Options will expire at the close of trading on a Friday schedule. If such Friday falls on the expiration 

of a Micro WTI Crude Oil monthly option, the weekly option shall not be listed.

For the first (1st) weekly option of the month, if the first Friday of the listing is a scheduled Exchange 

holiday, the Micro WTI Crude Oil Weekly Option shall terminate on the first Business Day immediately 

preceding the Friday.

For the second (2nd) weekly option of the month, if the second Friday of the listing is a scheduled 

Exchange holiday, the Micro WTI Crude Oil Weekly Option shall terminate on the first Business Day 

immediately preceding the Friday.

For the third (3rd) weekly option of the listing, if the third Friday of the listing is a scheduled Exchange 

holiday, the Micro WTI Crude Oil Weekly Option shall terminate on the first Business Day immediately 

preceding the Friday

For the fourth (4th) weekly option of the listing, if the fourth Friday of the listing is a scheduled

Exchange holiday, the Micro WTI Crude Oil Weekly Option shall terminate on the first Business Day

immediately preceding the Friday

307101.F. Type of Option 

The option is a European-style option cash settled on expiration day.

[End of Rule.]
5

Chapter 1007

Brent Crude Oil Weekly Option

***

1007101. OPTION CHARACTERISTICS 

The number of weeks open for trading at a given time shall be determined by the Exchange. 

1007101.A. Trading Schedule 

The hours of trading for this contract shall be determined by the Exchange. 

1007101.B. Trading Unit 

A Brent Crude Oil Weekly call option traded on the Exchange represents an option to assume a long 

position in the nearest to expiry Brent Crude Oil Last Day Financial futures contract. If expiration 

occurs on or after the Brent Last Day Financial option contract and on or before the first nearby Brent 

Crude Oil Last Day Financial futures contract expiration, the contract will be exercisable into second 

closest to expiry Brent Crude Oil Last Day Financial futures contract.

A Brent Crude Oil Weekly put option traded on the Exchange represents an option to assume a short 

position in the nearest to expiry Brent Crude Oil Last Day Financial futures contract. If expiration 

occurs on or after the Brent Last Day Financial option contract and on or before the first nearby Brent 

Crude Oil Last Day Financial futures contract expiration, the contract will be exercisable into second 

closest to expiry Brent Crude Oil Last Day Financial futures contract.

1007101.C. Price Increments 

Prices shall be quoted in dollars and cents per barrel and prices shall be in multiples of $0.01 per 

barrel. The minimum price increment will be $0.01. A cabinet trade may occur at a price of $0.001 

per barrel, or $1.00 per contract. 

1007101.D. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply 

to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits. 

1007101.E. Termination of Trading 

Options will expire at the close of trading on a Friday schedule. If such Friday falls on the expiration 

of a Brent Last Day Financial option contract, the weekly option shall not be listed.

For the first (1st) weekly option of the month, if the first Friday of the listing is a scheduled Exchange 

holiday, the option shall terminate on the first Business Day immediately preceding the Friday. 

For the second (2nd) weekly option of the month, if the second Friday of the listing is a scheduled 

Exchange holiday, the option shall terminate on the first Business Day immediately preceding the 

Friday. 

For the third (3rd) weekly option of the listing, if the third Friday of the listing is a scheduled Exchange 

holiday, the option shall terminate on the first Business Day immediately preceding the Friday. 

For the fourth (4th) weekly option of the listing, if the fourth Friday of the listing is a scheduled 

Exchange holiday, the option shall terminate on the first Business Day immediately preceding the 

Friday. 

1007101.F. Type Option 

The option is an American-style option which can be exercised on any business day prior to and until 

expiration day. 

[End of Rule.]
6

Chapter 1012

Natural Gas Weekly Option

***

1012101. OPTION CHARACTERISTICS 

The number of weeks open for trading at a given time shall be determined by the Exchange.

1012101.A. Trading Schedule 

The hours of trading for this contract shall be determined by the Exchange.

1012101.B. Trading Unit 

A Natural Gas Weekly call option traded on the Exchange represents an option to assume a long 

position in the nearest to expiry Henry Hub Natural Gas Futures contract. If expiration occurs on or 

after the Natural Gas Monthly option contract and on or before the first nearby Henry Hub Natural 

Gas Futures expiration, the contract will be exercisable into second closest to expiry Henry Hub 

Natural Gas Futures contract.

A Natural Gas Weekly put option traded on the Exchange represents an option to assume a short 

position in the nearest to expiry Henry Hub Natural Gas Futures contract. If expiration occurs on or 

after the Natural Gas Monthly option contract and on or before the first nearby Natural Gas Futures 

expiration, the contract will be exercisable into second closest to expiry Henry Hub Natural Gas 

Futures contract.

1012101.C. Price Increments 

Prices shall be quoted in dollars and tenths of a cent per MMBtu and prices shall be in multiples of 

$0.001 per MMBtu. The minimum price increment will be $0.001. A cabinet trade may occur at a 

price of $0.0001 per MMBtu, or $1.00 per contract. 

1012101.D. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply 

to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits. 

1012101.E. Termination of Trading 

Options will expire at the close of trading on a Friday schedule. If such Friday falls on the expiration 

of a Natural Gas monthly option, the weekly option shall not be listed. 

For the first (1st) weekly option of the month, if the first Friday of the listing is a scheduled Exchange 

holiday, the Natural Gas Weekly Option shall terminate on the first Business Day immediately 

preceding the Friday. 

For the second (2nd) weekly option of the month, if the second Friday of the listing is a scheduled 

Exchange holiday, the Natural Gas Weekly Option shall terminate on the first Business Day 

immediately preceding the Friday. 

For the third (3rd) weekly option of the listing, if the third Friday of the listing is a scheduled Exchange 

holiday, the Natural Gas Weekly Option shall terminate on the first Business Day immediately 

preceding the Friday.

For the fourth (4th) weekly option of the listing, if the fourth Friday of the listing is a scheduled 

Exchange holiday, the Natural Gas Weekly Option shall terminate on the first Business Day 

immediately preceding the Friday.

1012101. F. Type Option 

The option is an American-style option which can be exercised on any Business Day prior to and 

until expiration day. 

1012101. G. Special Price Fluctuation Limits

At the commencement of each trading day, the contract shall be subject to special fluctuation limits 

as set forth in Rule 589 and in the Special Price Fluctuation Limits and Daily Price Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

[End of Rule.]
7

Chapter 1006

Natural Gas Weekly Financial Option

***

1006101. OPTION CHARACTERISTICS 

The number of weeks open for trading at a given time shall be determined by the Exchange. 

1006101.A. Trading Schedule 

The hours of trading for this contract shall be determined by the Exchange. 

1006101.B. Trading Unit 

On expiration of a call option, the value will be the difference between the settlement price of the first 

nearby Henry Hub Natural Gas Futures contract and the strike price multiplied by 10,000 MMBtu, or 

zero, whichever is greater. If expiration occurs on the last day of trading for the first nearby Henry 

Hub Natural Gas Futures contract or on or after the corresponding monthly option expiration, 

the value will be the difference between the settlement price of the second nearby Henry Hub Natural 

Gas Futures and the strike price multiplied by 10,000 MMBtu, or zero, whichever is greater.

On expiration of a put option, the value will be the difference between the strike price and the 

settlement price of the first nearby Henry Hub Natural Gas Futures contract multiplied by 10,000 

MMBtu, or zero, whichever is greater. If expiration occurs on the last day of trading for the first nearby 

Henry Hub Natural Gas Futures contract or on or after the corresponding monthly option 

expiration, the value will be the difference between the strike price and the settlement price of the 

second nearby Henry Hub Natural Gas Futures, multiplied by 10,000 MMBtu, or zero, whichever is 

greater

1006101.C. Price Increments 

Prices shall be quoted in dollars and hundredths of cents per MMBtu for trades submitted for clearing 

through CME ClearPort. For trades executed through the CME Group Globex platform, the prices 

shall be dollars and tenths of cents per MMBtu. 

1006101.D. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply 

to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits. 

1006101.E. Termination of Trading 

Options will expire at the close of trading on a Friday schedule. If such Friday falls on the expiration 

of a Natural Gas European option, the weekly option shall not be listed. 

For the first (1st) weekly option of the month, if the first Friday of the listing is a scheduled Exchange 

holiday, the option shall terminate on the first Business Day immediately preceding the Friday. 

However, if the first Business Day immediately preceding the Friday falls in the preceding calendar 

month or is the expiration of a Natural Gas European option, the first weekly option shall not be listed 

for trading.

For the second (2nd) weekly option of the month, if the second Friday of the listing is a scheduled 

Exchange holiday, the option shall terminate on the first Business Day immediately preceding the 

Friday. However, if the first Business Day immediately preceding the expiration day is the expiration 

of a Natural Gas European option, the weekly option shall not be listed for trading

For the third (3rd) weekly option of the listing, if the third Friday of the listing is a scheduled Exchange 

holiday, the option shall terminate on the first Business Day immediately preceding the Friday. 

However, if the first Business Day immediately preceding the expiration day is the expiration of a 

Natural Gas European option, the weekly option shall not be listed for trading

For the fourth (4th) weekly option of the listing, if the fourth Friday of the listing is a scheduled 

Exchange holiday, the option shall terminate on the first Business Day immediately preceding the 
8

Friday. However, if the first Business Day immediately preceding the expiration day is the expiration 

of a Natural Gas European option, the weekly option shall not be listed for trading

1006101. F. Type Option 

The option is a European-style option which can only be exercised on expiration day. 

1006101.G. Special Price Fluctuation Limits

At the commencement of each trading day, the contract shall be subject to special fluctuation limits 

as set forth in Rule 589 and in the Special Price Fluctuation Limits and Daily Price Limits Table in the 

Interpretations & Special Notices Section of Chapter 5.

[End of Rule.]