An option is the right, not the obligation, to buy or sell a future contract at a designated strike price for a particular time. Buying options allows a trader to speculate on changes in the price of a futures contract. This is accomplished by purchasing call or put options.
The purchase of a call option is a long position, a bet that the underlying futures price will move higher. The purchase of a put options is a short position, a bet that the underlying future price will move lower.