The CME Weather Product group has added CME Weekly Weather futures and options on futures contracts for all 18 of the tradable U.S. Weather Degree Day Index Cities. In addition to the current CME Monthly and Seasonal Weather Strip contracts, CME Weekly Weather products will enable market participants to hedge short-term intra-monthly weather risk.

CME Weekly Weather contracts will list two weekly contracts (Monday through Friday) and will be settled the following business day. The weekly contracts are different from the monthly and seasonal strip contracts in one main way because the weekly contract is an index of the week's average temperature (not degree days). The monthly and seasonal strip products are an accumulation of the degree day indexes over the monthly or seasonal period.

CME lists weather contracts based on aggregate temperatures on 35 cities around the world as well as snowfall and frost indexes. CME introduced weather derivatives in 1999. In 2006, traded CME Weather derivatives had a notional value of $22 billion.