The U.S. Commodity Futures Trading Commission is assessing whether to prevent CME Group from introducing a around-the-clock crude oil futures contract, according to a report citing a senior agency official familiar with the matter.
CME disclosed plans to offer 24-hour, seven-day-a-week trading for selected crude oil and gold futures contracts. Regulators, however, are said to be concerned that uninterrupted trading in crude oil could worsen price swings during periods of geopolitical tension and market stress.
The crude oil product under review would be one-tenth the size of CME’s existing Micro WTI futures contract. CME has indicated a planned start date of Aug. 30 for that product, contingent on receiving regulatory approval. Separately, the exchange intends to commence continuous trading in its 1-ounce gold futures contract on July 26. Both offerings require sign-off from the CFTC before they can be launched.
A spokesperson for CME declined to comment on the report.
This regulatory scrutiny follows comments made by CME Chief Executive Terry Duffy roughly a week earlier, when he expressed reservations about the CFTC’s prior decision to permit trading in perpetual cryptocurrency futures contracts, often called "perps." The CFTC has stated that perpetual futures applications are considered on a case-by-case basis and that certain assets may not suit that contract structure.
Perpetual futures are a mainstay in crypto markets and are the dominant instrument on trading venues such as Hyperliquid. The report noted that trading volumes in oil-linked products on that venue have risen amid volatility tied to the conflict between Iran and Israel.
Also highlighted in the report was that both CME and Intercontinental Exchange have previously urged regulators to scrutinize unregulated trading platforms that offer similar products. That point reflects ongoing regulatory attention on where and how commodity-linked products are traded.
Context and immediate mechanics
The contested oil contract would be smaller than the Micro WTI currently available, and the schedule CME has provided places the potential launch at the end of August, pending CFTC approval. The gold contract’s proposed start in late July is likewise conditional on regulator review.
Market signals
Regulators' caution centers on the possibility that continuously open trading hours could amplify sudden price moves when geopolitical events or market stress occur. The ongoing debate touches both commodity markets and the oversight of trading venues that operate outside traditional regulatory structures.