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MICRO WTI CRUDE OIL
CONTRACT SPECIFICATION
| Trading Screen Product Name | Micro WTI Crude Oil | |
| Commodity Code | MCLE | |
| Contract Size | 100 barrels / lot | |
| Price Quotation | USD / barrel | |
| Trading Hours |
Monday - Friday: 6:00 - 5:00 (the next day) |
|
| Minimum Price Fluctuation | 0.01 USD / barrel | |
| Contract Series | Monthly contracts listed for 12 consecutive months and additional Jun and Dec contract months | |
| Delivery Registration Day | As MXV required | |
| First Notice Day | As MXV required | |
| Last Trading Day | As MXV required | |
| Margin | As MXV required | |
| Position Limit | As MXV required | |
| Price Limit |
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| Settlement Method | Not deliverable | |
| Quality Standards |
Standards are detailed below |
QUALITY STANDARDS
In accordance with the regulations of WTI Crude Oil traded on New York Mercantile Exchange (NYMEX).
Product infomation
WTI crude oil, also known as “Texas sweet, light crude,” is mined and produced in the United States – mainly in the states of Texas, North Dakota and Louisiana. It is then transported through pipelines to the US Midwest and the Gulf of Mexico for refining. The point of delivery and payment for WTI oil is in Cushing, Oklahoma.
With a distribution system consisting of 24 pipelines and 15 storage terminals, the Cushing distribution center has a storage capacity of up to 90 million barrels of oil and 13 US oil reserves. Cushing Distribution Center Called "The World's Pipe Crossroads"
WTI crude oil is very light and sweet due to its low sulfur content (0.24%) and low concentration. WTI crude oil is very suitable for gasoline production.
Due to the low sulfur content of the oil, WTI crude is easy to refine, yet the cost to still ship it globally is relatively high.
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