NEW YORK OIL OPTIONS

NEW YORK OIL OPTIONS

New York Mercantile Exchange

June 6, 1990CRUDE OIL

(1,000 barrels; dollars and cents per barrel)

Strike Calls-Settle

Price July Aug. Sept.

$17 0.20 1.04 1.39

$18 0.04 0.52 0.80

$19 0.01 0.24 0.42

$20 0.01 0.10 0.22

$21 0.01 0.05 0.10

$22 0.01 0.02 0.05

$23 0.01 0.01 0.02

Puts-Settle

Price July Aug. Sept.

$17 0.28 0.47 0.44

$18 1.12 0.94 0.83

$19 2.09 1.65 1.43

$20 3.09 2.50 2.21

$21 4.09 3.41 3.07

$22 5.09 4.43 4.03

Wednesday volume: 7,826 calls, 13,498 puts

NO. 2 HEATING OIL N.Y. HARBOR

(1,000 barrels; dollars and cents per barrel)

Strike Calls-Settle

Price July Aug. Sept.

50 0.05 0.50 --

52 0.01 0.20 --

54 0.01 0.10 0.70

56 0.01 0.06 0.40

58 0.01 0.03 0.25

60 0.01 -- 0.10

Puts-Settle

Price July Aug. Sept.

50 2.74 2.82 2.05

52 4.70 4.42 3.25

54 6.70 6.22 --

56 8.70 -- --

Wednesday volume: 836 calls, 1,492 puts

NEW YORK HARBOR UNLEADED GASOLINE

(1,000 barrels; dollars and cents per barrel)

Strike Calls-Settle

Price July Aug. Sept.

54 4.41 2.85 2.15

56 2.56 1.85 1.42

58 1.01 1.10 0.95

60 0.25 0.70 0.65

62 0.08 0.42 0.45

64 0.03 0.25 0.25

66 0.01 0.18 --

Strike Puts-Settle

Price July Aug. Sept.

54 0.05 -- 2.95

56 0.20 -- 4.22

58 0.65 0.30 --

60 1.89 0.50 --

62 2.72 1.00 --

64 3.67 1.65 --

66 5.65 2.65 --

Wednesday volume: 953 calls, 839 puts

Options contracts to buy or sell 1,000 barrels of oil (42 gallons per barrel) at a set price at a fixed date are traded in two forms. Call options give the holder the right to "call," or buy, the futures contracts, while

put options give the holder the right to "put" or sell the contracts.

The price at which the option may be exercised is called the striking price. All options have a buyer and a seller. The buyer of a call option anticipates a rise in the price of the futures contract while the seller does not expect the price of the futures contract to reach the option's strike price.