The National Stock Exchange (NSE) achieved a historic milestone on July 9, 2026, with its crude oil derivatives contract recording the highest-ever daily premium turnover of ₹2,008.30 crore and a record trading volume of 20.19 lakh contracts. According to latest reports, the exchange also recorded its highest-ever intraday open interest of more than 1,14,000 contracts on the same day. This unprecedented activity reflects growing participation as traders and hedgers increasingly use the contract to manage price risks in a volatile energy market, with options contracts accounting for 20.16 lakh trades and futures contributing a modest 0.03 lakh trades worth ₹232.34 crore. The record volumes come amid heightened volatility in crude oil markets following the escalation in tensions between the United States and Iran, after President Donald Trump declared the ceasefire between the two countries over, triggering sharp moves in crude prices and corresponding surge in derivatives trading activity.
The record activity gained momentum following NSE's revision of the expiry schedule, effective November 6, 2025. As reported by The Economic Times, under the revised framework, crude oil options now expire seven business days before the expiry of the underlying futures contract, compared with two business days earlier. The exchange introduced this change in response to market feedback to provide participants with greater trading flexibility, improved risk management opportunities, and better alignment with prevailing market practices. Since the revision, the contract has witnessed sustained growth in premium turnover, trading volumes, and open interest, with the latest surge demonstrating the effectiveness of these structural improvements.
The latest record represents a significant increase from previous performance levels. According to The Economic Times, NSE had recorded strong activity on the previous expiry day of the crude oil options contract on June 9, 2026, when 11.26 lakh contracts were traded, generating a premium turnover of ₹1,240.31 crore. On the same day, crude oil futures recorded 0.05 lakh trades worth ₹421.69 crore. The exchange's participation in the record session stood at 47.33 lakh contracts, representing a 63.35 percent share of overall activity, highlighting the dominance of options trading in the current market environment. This marks a sharp shift from June when futures trading was more significant, underscoring how heavily options activity has driven the latest surge in volumes.
Separately, as reported by The Economic Times, NSE has also revised the expiry schedule for its natural gas options contract following market feedback. Effective May 25, 2026, natural gas options now expire four business days before the expiry of the underlying futures contract, compared with two business days earlier. This revision demonstrates the exchange's commitment to responding to market needs and improving the overall derivatives trading environment, with the exchange noting it will continue to engage with market participants and refine its product offerings to improve liquidity, strengthen risk management avenues, and support efficient price discovery in commodity derivatives.
