Is the energy market ready for a supply shock? On the final TWIFO of 2025, Mark Longo breaks down the surge in Energy CVOL as the U.S. intensifies pressure on Venezuela. With a crude oil embargo ratcheting up, we examine how WTI Crude is reacting and what the "Smart Money" is pricing into the February options skew.

We also shift our focus to the Ag complex, specifically Chicago Wheat (SRW), where we're seeing a surprising "Precious Metals-style" skew. From zero-cost collars in March Wheat to the massive 15% explosion in Palladium, we break down the movers and shakers at CME Group to close out the year.

• The Dark Side: Natural Gas leads the decline (off 7.04%), followed by BTC Crypto (off 6%) and S&P Tech (off 4.5%).

• The Light Side: Palladium is the standout winner (up 15.1%), with Platinum (up 5.6%) and Silver (up 2.2%) following the shiny metal trend.

• WTI Crude Oil: Analyzing the shift to a 5% put bid in February. Is the market fading the Venezuela rally?

• Chicago Wheat: Breaking down the 550 call vs. 500 put volume. Why are traders loading up on March upside?

• CVOL Update: Energy Volatility roars to the high of the week (63.68) while Treasury Yield Volatility hits multi-month lows.

This episode of 'This Week in Futures Options' delivers a detailed analysis of the futures options market, focusing on the latest trends and significant movements in silver futures options and natural gas futures options trading activity. Hosted by Mark Longo, the program provides essential insights into the top futures trades, volatility shifts, and hot products for the week.

The show includes statistics on both the light and dark sides of the market, highlighting noteworthy trades like a February 80-85 call spread in silver and active movements in January natural gas options.

In this action-packed episode of This Week in Futures Options (TWIFO), host Mark Longo and special guest Dan Gramza (Gramza Capital Management) break down the massive volatility and unexpected price movements across commodity and futures options markets. We conduct a detailed futures options analysis on the shocking, explosive rip in Silver, which is now the best-performing asset tracked by the show this year. We also dive into the highly active Natural Gas (NG) market, discussing key support levels and the shifting landscape of global LNG demand. Plus, we address the viral audience theory: Is Taylor Swift cornering the silver market?

📈 Key Topics & Trading Takeaways

• Explosive Silver Rally: Detailed breakdown of the 14.05% spike in silver and the Feb 80/85 Silver Call Vertical trade (for only 12 cents!), as volatility is aggressively priced out.

• Natural Gas Volatility: Analysis of the current Nat Gas (NG) five-handle price level, the demand outlook for a colder winter, and the dominant Jan 6 Calls and Jan 4 Puts trading activity.

• Gold (GC) Market Structure: Comparing gold's performance to silver, the role of central bank demand (dollarization/de-dollarization), and the 4500-strike call vertical flow.

• Futures Options Volatility: A look at the week's C-Vol report showing volatility annihilation across the board for FX, Treasuries, Metals, and Energy.

• The Great Debate: Guest Dan Gramza shares his expert opinion on whether cranberry sauce with nuts qualifies as a side dish or a topping.

HOST: Mark Longo, The Options Insider

CME HOT SEAT: Mike Tosaw, St. Charles Wealth Management

In this episode, Mark and Mike discuss the significant trading volume and price swings in the S&P 500, spurred by Nvidia earnings and broader market dynamics. The show delves into specific trades and strikes lighting up the tape, highlighting unusual activity in short-term options. Uncle Mike shares insights into the bond market, focusing on the 10-year note and the implications of upcoming Fed decisions. Additionally, the episode examines heightened activity in the gold market, providing an in-depth look at trading strategies and market sentiment.

HOST: Mark Longo, The Options Insider

CME HOT SEAT: Russell Rhoads, Indiana University Kelley School of Business

In this episode of This Week in Futures Options, the hosts explore significant movements and trades across various markets. They focus on the explosive action in gold and silver, with deep in-the-money gold calls and far out-of-the-money silver calls taking center stage. They also delve into the dynamics of the energy sector, examining the contrasting fortunes of crude oil and natural gas. Additionally, the episode discusses the interesting divergences in equity volatilities, particularly in the Russell 2000 amidst potential Santa Claus rally trends. The hosts round off with insights from the latest movers and shakers, providing a comprehensive snapshot of the futures options landscape.

HOST: Mark Longo, The Options Insider

CME HOT SEAT: Erik Norland, CME Group

In this episode, Mark and Erik discuss recent developments in the futures and options market. They cover a wide array of topics, including the impacts of macroeconomic policies on gold and precious metals, the rise of cryptocurrencies like Solana and XRP, and recent movements in the equities and small-cap index. They also delve into new research regarding the Mexican equity market as a diversification opportunity and have an interesting dialogue about the validity of the Phillips Curve in modern economics. The episode provides a comprehensive overview of volatility, trading activity, and market trends in various asset classes. Moreover, the show features insightful discussions on key trades, skews, and the underlying dynamics driving the current market scenario.

HOST: Mark Longo, The Options Insider Media Group

GUEST: Carley Garner, DeCarley Trading

• HOST: Mark Longo, The Options Insider Media Group
• CME HOT SEAT: Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group