Micro WTI Crude Oil futures

Micro-sized crude oil, major possibilities │Globex code MCL

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Explore the power and precision of trading a smaller oil contract

Micro WTI Crude Oil futures 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.

Micro WTI futures are now available for trading. View price quotes, volume, open interest, and full contract specs.

View the current Micro WTI futures quote

Key benefits and features

 

Precisely scale oil exposure

Add more granularity to your energy trading and risk-management strategies by using Micro WTI Crude Oil futures to fine-tune your crude oil market exposure up or down in 100-barrel increments (the size of one contract).

Precisely scale oil exposure 

 

Manage positions with more versatility

Micro WTI fits in seamlessly with its E-mini WTI and standard WTI futures counterparts, letting you choose the contract size that best suits your goals and exchange positions between contracts as market conditions change or high-demand season nears.

 

Add access and capital efficiency

Tap into the same features as the world’s most liquid oil contract, WTI futures, in a smaller-sized contract with smaller margin requirements. That includes nearly 24-hour markets, transparency used by the energy industry worldwide to determine prices, and more.

 

Trade a smaller-sized contract

Get the same features as the largest WTI Crude Oil futures contract, at 1/10 of the size of the benchmark contract and cash-settled to the larger contract’s price. This expands access to oil opportunities to traders of all sizes.

Webinar replay: Micro WTI Crude Oil futures

In this recorded webinar, Paul Kamhout, Director at CME Group, and Bob Iaccino, Co-Founder and Chief Market Strategist at Path Trading Partners, discuss the following:

  • Fundamentals behind the new Micro WTI Crude Oil futures contract
  • Characteristics of futures
  • Size of the CME Group WTI Crude Oil (CL) futures market within the crude oil trading ecosystem
  • Defining pure exposure to the crude market and what it means to a trader
  • Risk mitigation and reward enhancements

VIEW THE REPLAY

New to futures?

Learn more about what futures are, how they trade and how you can get started trading.
 

Contract specifications

 

NEW
MICRO WTI CRUDE OIL FUTURES

E-MINI WTI CRUDE OIL FUTURES

WTI CRUDE OIL FUTURES

CONTRACT SIZE

100 barrels

500 barrels

1,000 barrels

RATIO TO STANDARD CONTRACT

1/10

1/2

1 (standard)

MINIMUM TICK/ PRICE FLUCTUATION

$0.01 per barrel

$0.025 per barrel

$0.01 per barrel

DOLLAR VALUE OF ONE TICK

$1 per contract

$12.50 per contract

$10 per contract

PRODUCT CODE

MCL

QM

CL

SETTLEMENT

Financial

Financial

Physical

EXPIRATION SCHEDULE

1 day prior to the expiration of WTI Crude Oil (CL) futures

Standard

TRADING HOURS

CME Globex:  Sun-Fri: 5 p.m. to 4 p.m.
Mon-Fri: 60-minute daily trading halt beginning at 4 p.m. CT

LISTING EXCHANGE

NYMEX

View full contract specs

Micro WTI Crude Oil Futures
Product Name CME Globex Bloomberg Refinitiv TT CQG Fidessa
Micro WTI Crude Oil Futures MCL WMIA <cmdty> MWCL MCL MCLE MCL

Learn about Micro WTI Crude Oil futures

Watch an educational video to understand the basics of Micro WTI Crude Oil futures, the fundamentals behind the contract, and more.

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    Education

    Introduction to Crude Oil

    Explore key concepts of the crude oil energy markets and learn some basic principles of how traders around the globe use these contracts for risk management.

    View courses

    FEATURED COURSES

    Understanding Micro futures contracts at CME Group

    Micro futures contracts, available at CME Group, provide market participants an efficient and cost effective way to gain exposure to a variety of markets. These smaller-sized contracts offer the same benefits of their larger contracts, while allowing more granularity and flexibility to fine-tune trading and risk-management strategies.

    Launch course

    Introduction to Energy futures

    Energy markets fuel many of the world’s leading economies. Futures on commodities like crude oil help industries and everyday investors manage risk and harness potential.  Explore the key concepts and structure of today’s energy markets and how to use energy futures contracts.

    Launch course