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June 29, 2023 - The CME announced today that its Micro WTI Crude Oil futures trading volume surpassed 50 million contracts on June 28, 2023. This milestone has elevated Micro WTI to the fifth most actively traded energy futures contract on CME Group's platform, trailing behind only the benchmark WTI, Henry Hub, RBOB, and NY Harbor contracts.
Peter Keavey, Global Head of Energy and Environmental Products at CME Group, commented on the increasing interest in WTI contracts worldwide. "WTI's position as the premier global crude oil benchmark has never been stronger, with one third of all Micro WTI trades occurring during non-U.S. trading hours and nearly half of volume in May coming from outside of the U.S."
Interactive Brokers EVP of Marketing and Product Development, Steve Sanders, confirmed the growing demand for Micro WTI Crude Oil futures and options. "Our clients appreciate the flexibility of CME Group's smaller-sized contracts," Sanders stated, adding that they offer "more access to the transparency and liquidity of the global WTI benchmark with less upfront margin."
The CME Group initially launched Micro WTI futures in 2021, and the product quickly became the most successful commodities product launch in the company's history. They subsequently introduced options on Micro WTI futures, which continue to witness steady growth.
A snapshot of Micro WTI's impressive performance reveals:
- The average daily volume (ADV) year-to-date for Micro WTI futures stands at over 95,000 contracts.
- The average daily open interest (ADOI) is approximately 31,000 contracts, reflecting a robust increase of 99% from the previous year.
- Over 250 firms and approximately 109,000 unique individual traders across 165 countries and regions have traded Micro WTI futures since its inception.
- ADV for options on Micro WTI futures is over 1,200 contracts, and the current open interest is approximately 7,400 contracts, up 39% from the start of 2023.
- A notable 30% of options volume is traded during non-U.S. hours, further highlighting the product's global appeal.
- Over 4,800 unique traders from 36 different firms have traded Micro WTI options since its launch.
