Just came across some trading warrants on oil on the ASX. This is the link to the info page with examples of how they work: http://www.asx.com.au/investor/warra...y_warrants.htm
It appears they may introduce more commodities in future (just a guess). Note the spread and the conversion ratio when working out costs etc.
I heard of a non-ASX traded warrants provider too, I think they were just callled 'commodity warrants' but I didn't like the pricing or warrant terms.
We still need more players and greater liquidity as I reckon warrants are an easy way to lose money if not handled properly.