CME has suspended its plans for an all-weather crude oil futures contract

CME Group Inc. decided to suspend its plan to launch a 24/7 crude oil futures contract after facing industry opposition.

Market participants are concerned that insufficient liquidity over the weekend could distort WTI crude pricing, and continuous trading would increase pressure on weekend staffing, commercial hedging, and margin calls during non-business hours.

CEO Terry Duffy stated in a statement on Friday that after extensive communication, it was found that core market participants generally have concerns, believing that hastily introducing around-the-clock energy trading without conducting sufficient due diligence could lead to unforeseen consequences and bring additional risks to the market.