Micro WTI Crude Oil (MCL)

What MCL tracks

MCL is the Micro WTI Crude Oil futures contract, listed on NYMEX. It covers 100 barrels, one-tenth of the standard CL contract, and follows the same WTI crude oil market.

Unlike CL, MCL is cash-settled, so there is no physical delivery. Each monthly MCL contract stops trading one business day before the matching CL contract. MCL lets traders follow oil with one-tenth of the dollar risk per tick.

MCL contract specifications

Specifications come from CME Group: CME Micro WTI fact card, NYMEX Rulebook Chapter 200 (CL). CME can change trading hours, listed months and other terms, and holiday schedules differ, so confirm the details on CME Group's site before you trade.

What moves MCL

Several forces tend to drive MCL prices. None of them predicts direction on its own, and they often pull in different ways at the same time.

• OPEC+ decisions. Production targets set by OPEC and its partners change expectations for global supply.
• US inventory data. The US Energy Information Administration publishes weekly petroleum inventory figures, usually on Wednesdays, and oil often moves on the release.
• Geopolitics. Conflict or sanctions that affect producing regions or shipping routes can move prices quickly, in either direction.
• Economic growth and the dollar. Oil demand follows global activity, and because oil is priced in dollars, a stronger dollar can weigh on prices.

Example P&L math

Say MCL rises by $1.00 per barrel while you hold one long contract. That is 100 ticks of $1:

• 100 ticks × $1 = $100 per contract.
• A short position would lose the same $100. Losses and gains are symmetric before costs.
• On the full-size contract, Crude Oil (CL), the same move is worth $1,000.

These figures exclude commissions, exchange fees and slippage. Those costs shrink a winning trade and add to a losing one.

To run your own numbers, use the tick value calculator and the position size calculator on our tools page.

Margin

CME Group sets minimum performance bonds (margins) for every contract, and each broker then sets its own requirement, which can be higher. Many brokers also offer lower day-trading margins for positions closed before the session ends. These figures change often, especially when markets get volatile, so we do not quote a number here. Check your broker's current margin page before you trade, and compare brokers on our futures brokers page. Remember that margin is not the most you can lose. Losses on a futures position can exceed the margin you deposit.

MCL vs CL

Both contracts follow the same market, so the chart looks the same. The difference is dollar size. MCL is one-tenth of CL, which means ten MCL contracts carry about the same exposure as one CL.

When MCL fits: smaller accounts, learning, testing a strategy with real fills, scaling in and out in small steps, and prop firm accounts with tight daily loss limits. When CL fits: larger accounts where the per-contract cost of trading matters, since one CL usually costs less in commissions and fees than ten MCL contracts. A larger contract also means each mistake costs ten times as much, so only step up when your stop sizes and account size support it.

Position sizing

A common approach is to decide how many dollars you are willing to lose on a trade, then work out how many contracts fit. For example, with $200 of planned risk and a $0.30 stop on MCL, each contract risks $30, so 6 contracts fit within that limit.

This example ignores commissions, fees and slippage, which make real losses larger. Stops can also fill worse than planned in fast markets.

Expiry and rolling

MCL is cash-settled, so there is no physical delivery. If you hold to the end, your position closes at the final settlement price. Most active traders still roll to the next contract month a few days before expiry, when trading activity moves to the new month. Check the CME calendar for exact dates each month.

Related contracts

• Crude Oil (CL)
• Henry Hub Natural Gas (NG)
• Micro Gold (MGC)
• Micro E-mini S&P 500 (MES)

See every contract we cover on the futures contracts page.

Frequently asked questions

What is the tick value of MCL?

One minimum tick on MCL is $0.01 per barrel, worth $1 per contract. The point value is $100 per $1.00 move.

What are the trading hours for MCL?

Sunday to Friday, 6:00 p.m. to 5:00 p.m. ET, with a 60-minute break starting at 5:00 p.m. ET (5:00 p.m. to 4:00 p.m. CT). Holiday hours differ, so check CME Group's holiday calendar.

Is MCL cash-settled or physically delivered?

MCL is cash-settled. The last trading day rule: one business day before the last trading day of the matching CL contract.

How much margin do I need to trade MCL?

Margins are set by CME and then by each broker, and they change with market conditions. Check your broker's current margin page, and see our futures brokers comparison.

Does MCL require physical delivery?

No. MCL is financially settled, so open positions at expiry are settled in cash. You still need to watch the expiry date, because MCL stops trading one business day before the matching CL contract.