Contracts that give the right to an investor to buy (e.g. crude oil) at a predetermined level, as the commodity has been sold previously to investors at that level by the banks. An option that gives the buyer (holder) the right, but not the obligation, to buy a futures contract (enter into a long futures position) for a specified price within a specified period of time in exchange for a one-time premium payment. It obligates the seller (writer) of an option to sell the underlying futures contract (enter into a short futures position) at the designated price, should the option be exercised at that price