Globex code MCL available July 12, 2021. Micro WTI Crude Oil futures will give traders of all sizes a smaller, more precise instrument for managing crude oil price exposure. At 1/10 the size of the benchmark WTI futures contract, Micro WTI Crude Oil futures offer the same robust transparency and price discovery of larger WTI futures with smaller margin requirements.
1. When will the Micro WTI Crude Oil futures product be listed for trading?
Starting trade date July 12, 2021, Micro WTI Crude Oil futures will be available for trading on CME Globex and for submission of clearing via CME ClearPort, pending regulatory review.
2. Why is CME Group choosing to launch this product?
The introduction of Micro WTI Crude Oil futures responds directly to customer demand for a smaller, more precise instrument for managing crude oil price exposure. At one-tenth the size of the benchmark WTI contract, the Micro WTI futures product offers more granularity and smaller margin requirements with the same robust transparency and price discovery of the larger WTI futures contract.
3. What are the contract specifications, and how is it different from the currently listed standard-sized WTI futures?
Compare the contract to the standard-sized contract below:
| PRODUCT SPECIFICATIONS | MICRO WTI CRUDE OIL FUTURES | WTI CRUDE OIL FUTURES |
|---|---|---|
| PRODUCT CODE | MCL | CL |
| CONTRACT SIZE | 100 barrels | 1,000 barrels |
| RATIO TO THE STANDARD | 1/10 | Standard |
| MINIMUM TICK INCREMENT | $0.01 per barrel | $0.01 per barrel |
| DOLLAR VALUE OF A TICK INCREMENT | $1 per contract | $10 per contract |
| SETTLEMENT TYPE | Financial | Physical |
| EXPIRATION SCHEDULE | 1 day prior to the expiration of WTI Crude Oil futures | Standard |
| LISTING EXCHANGE | NYMEX |
4. How many contracts will be listed at a given time?
There will be 12 serial contract months listed for Micro WTI Crude Oil futures at any given time. The first listed month will be August 2021.
5. What are the trading hours on CME Globex and submission hours on ClearPort?
Sunday – Friday 6:00 p.m. – 5:00 p.m. ET with a trading halt from 5:00 p.m. ET – 6:00 p.m. ET. Please refer to this link.
6. Are these futures contracts eligible for block trading?
Yes, pending all relevant CFTC regulatory review periods, Micro WTI Crude Oil futures will be eligible for block trading. The minimum block threshold will be 500 contracts.
7. Are these futures contracts eligible for TAS trading?
No, Micro WTI Crude Oil futures will not be eligible for TAS trading.
8. What are the margin requirements for Micro WTI Crude Oil futures?
| PRODUCT NAME | PRODUCT CODE | CONTRACT SIZE | INITIAL MARGIN | MAINTENANCE MARGIN |
|---|---|---|---|---|
| WTI Crude Oil futures | CL | 1,000 barrels | $5,830 | $5,300 |
| Micro WTI Crude Oil futures | MCL | 100 barrels | $583 | $530 |
*Accurate as of May 10, 2021.
View more info here for micro oil futures.