Bloomberg, citing informed sources, reported that the U.S. Commodity Futures Trading Commission (CFTC) is evaluating whether to block the Chicago Mercantile Exchange (CME) from launching a 24/7 crude oil futures contract. Regulators are concerned that round-the-clock trading could exacerbate already volatile oil price movements during periods of geopolitical tension.
Regulators are concerned about amplified volatility
The report noted that CME's previously announced product plan caught regulators off guard. The CFTC believes that crude oil differs from some other assets in that its price is more sensitive to sudden conflicts, supply disruptions, and weekend news, and extending trading hours to 24/7 could amplify price swings during periods of lower liquidity.
If this assessment holds, the associated concerns could become a significant reason for regulators to delay approval. Under CME’s plan, this product was originally scheduled for launch before the end of August, subject to regulatory clearance.
CME plans to launch a 10-barrel WTI contract
CME plans to launch a product called the 10-Barrel WTI Crude Oil contract, which can be considered a smaller-sized version of its existing WTI micro futures. The exchange is also developing a 24-hour trading product for gold futures.
CME executive Derek Sammann said the goal of launching the new contract is to enable traders to manage risk more promptly as events unfold, particularly amid escalating geopolitical tensions and increased volatility in commodity markets, where demand for cross-asset allocation and hedging tools is rising.
- The new crude oil contract is scheduled to launch by the end of August.
- The product is 10 barrels of WTI crude oil futures.
- Still requires CFTC approval before launch
Hyperliquid's competitive pressures are under scrutiny.
This initiative is also seen by outsiders as part of CME’s efforts to expand round-the-clock trading. Previously, CME had already begun promoting 24/7 trading for cryptocurrency futures. If implemented, crude oil and gold products would extend this model further into the commodities market.
The report noted that after tensions escalated in Western Asia in early 2026, Hyperliquid briefly became a key price discovery platform for oil and gold prices, as most traditional markets were closed over the weekend. As a result, CME’s launch of 24/7 commodity futures was seen as an effort to narrow the first-mover advantage that crypto-native platforms had in cross-asset trading.
Previously, CME and Intercontinental Exchange, the parent company of the New York Stock Exchange, urged the CFTC to scrutinize Hyperliquid, alleging potential market manipulation. Hyperliquid denied the claims, stating that the allegations lacked basis.
Additional context: Bloomberg industry analyst Larry Tabb suggests that if regulators are willing to accept partial 24/7 perpetual contract trading while taking a more cautious stance toward CME’s similar arrangement, subsequent approval outcomes will directly determine whether traditional exchanges can compete with crypto-native platforms for pricing authority over weekends.