text: The New York Mercantile Exchange said options on heating oil futures will begin trading June 26. This would be the second options contract to trade at the exchange. NYMEX introduced crude oil options last November. Heating oil options are a logical complement to our existing energy complex said NYMEX Chairman William Bradt. From our experience in crude we fully expect heating oil options to offer significant new trading opportunities to current market participants and also draw additional users into this marketplace he said. Six consecutive trading months in heating oil options will be introduced on June 26 led by the September 1987 contract according to the exchange. Strike prices wil be in increments of two cts per gallon and seven strike prices for puts and for calls will be available the exchange said. The middle strike price will correspond closely to the settlement price of the previous days futures close it said. Expiration will be on the second Friday of the month preceding delivery of the underlying futures contract it said meaning that the September options contract would expire August 14. Prices for heating oil options will be quoted in cts per gallon with a minimum fluctuation of 0.01 cent per gallon NYMEX said. The options will be based on the underlying futures contract of 42000 gallons each. Trading hours will be the same as heating oil futures beginning at 0950 EST and ending 1505 EST. NYMEX received approval for heating oil options from the Commodity Futures Trading Commission on September 16 1986 the exchange said. Reuter
target: NYMEX SCHEDULES START OF HEATING OIL OPTIONS