How many MCL equal one CL?

10. One CL point is worth $1,000; one MCL point is worth $100.

What is the margin difference between CL and MCL?

Exchange initial margin is $9,957.20 for CL and $997.70 for MCL (as of 27 Oct 2026).

WTI Crude Oil (Light Sweet) vs Micro WTI Crude Oil

Same underlying, different size: one CL equals 10 MCL.

Margins as of 27 Oct 2026Specs checked as of 27 Oct 2026How we source this

	CL	MCL
Exchange	New York Mercantile Exchange	New York Mercantile Exchange
Contract unit	1,000 barrels	100 barrels
Tick size	0.01	0.01
Tick value	$10	$1
One point	$1,000	$100
Initial margin	$9,957.20	$997.70
Maintenance margin	$9,052	$907
Settlement	Physical delivery	Cash
Contract months	Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)	Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)
Front contract	CLZ26, roll by 18 Nov 2026	MCLZ26, roll by 12 Nov 2026
Trading hours	CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break.	CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break.

How they compare

WTI Crude Oil (Light Sweet) (CL) and Micro WTI Crude Oil (MCL) track the same underlying on New York Mercantile Exchange. The difference is size. One point is worth $1,000 on CL and $100 on MCL, so one CL carries the same exposure as 10 MCL contracts. Ticks are 0.01 on CL, worth $10, and 0.01 on MCL, worth $1.

Exchange initial margin is $9,957.20 for CL and $997.70 for MCL, a ratio of 10.0 to 1. Margins are set product by product, so they don't always scale exactly with contract size. Both trade the same hours (CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break).

The practical difference is granularity. With MCL, position size moves in steps of $1 per tick rather than $10, which matters when the amount you are prepared to lose at a given stop isn't a whole number of CL contracts. Commissions and exchange fees are charged per contract, so 10 MCL usually cost more to trade than one CL; check both with your broker, along with liquidity at the times you trade.

Size a position on either with the CL calculators or the MCL calculators.

Questions

How many MCL equal one CL?: 10. One CL point is worth $1,000; one MCL point is worth $100.
What is the margin difference between CL and MCL?: Exchange initial margin is $9,957.20 for CL and $997.70 for MCL (as of 27 Oct 2026).
Do CL and MCL trade the same hours?: Yes.