CME's Bid for 24/7 Oil Futures Awaits CFTC Decision

CME Group is seeking approval to bring round-the-clock oil futures trading to the US regulated markets, and the Commodity Futures Trading Commission is still weighing the request. The exchange said June 11 it plans to introduce a new West Texas Intermediate crude oil futures contract built for 24/7 trading, alongside a similar always-on gold futures product. CME is targeting an Aug. 30 start date for the oil contract, subject to CFTC clearance. The gold product is scheduled to launch sooner, with 24/7 trading set to begin July 26. Under the proposal, the new WTI contract would be sized at 10 barrels, about one-tenth of CME's existing Micro WTI futures. CME's current WTI futures already trade nearly around the clock during the week, pausing briefly each day. The new contract would remove that daily break to enable continuous trading. The CFTC has not signaled publicly that it plans to reject the filing, but the review remains in progress. The push comes as regulators face growing questions about crypto-native venues. In May, CME and rival ICE urged US regulators to take a closer look at platforms such as Hyperliquid, which offers 24/7 perpetual contracts tied to commodities including oil outside the traditional exchange rulebook. CME and ICE have pointed to market-manipulation risks, arguing that anonymous trading models can allow large positions without the identity checks and position-reporting obligations required on regulated exchanges. Extending commodity trading to true 24/7 hours also raises operational and risk concerns. Clearing and settlement routines, margin processes, and risk controls were built around daily pauses. Moving to continuous trading requires exchanges to show they can run those systems without creating new vulnerabilities. CME's smaller contract size is designed to broaden participation and potentially improve liquidity across time zones by appealing to retail traders and smaller institutions. For investors, 24/7 oil futures would change how quickly the market can respond to news. Events that move crude prices often occur outside US hours, and traders today may have to wait for markets to reopen or turn to less regulated alternatives. The July 26 gold launch will be the first test. A smooth rollout could strengthen the case for approving the August oil contract.