NY OIL OPTIONS

NY OIL OPTIONS

New York Mercantile Exchange

Mar. 24, 1992CRUDE OIL

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

Strike Calls_Settle

Price May June July

$19 0.45 0.79 0.98

$20 0.09 0.31 0.50

$21 0.03 0.13 0.24

$22 0.02 0.06 0.13

$23 0.01 0.04 0.07

$24 0.01 0.03 0.03

Puts_Settle

Price May June July

$19 0.23 0.45 0.60

$20 0.87 0.97 1.12

$21 1.81 1.78 1.85

$22 2.80 2.71 2.73

$23 3.78 __ 3.66

$24 __ __ __

Tuesday volume: 7,623 calls, 5,539 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.