Micro WTI Crude Oil specifications
New York Mercantile Exchange (NYMEX), energy
- Tick
- $10.01 per tick
- One point
- $100per contract
- Initial margin
- $997.70exchange, as of 27 Oct 2026
- Front contract
- MCLZ26roll by 12 Nov 2026
Specs checked as of How we source this
Contract terms
| Symbol | MCL |
|---|---|
| Exchange | New York Mercantile Exchange (NYMEX) |
| Contract unit | 100 barrels |
| Price quotation | USD per barrel |
| Tick size | 0.01 |
| Tick value | $1 per contract |
| Value of one point | $100 per contract |
| Currency | USD |
| 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) |
| Settlement | Cash-settled |
| Trading hours | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. Hours in your time zone |
| Expiry | Last trade: modelled as one business day before CL's last trade. Cash settled. Next expiries |
| Exchange specification | https://www.cmegroup.com/markets/energy/crude-oil/micro-wti-crude-oil.contractSpecs.html |
* Not confirmed against the exchange. See below.
Not verified
expiry_rule: Last trade modelled as one business day before CL's last trade. Confirm on the CME calendar.
What these terms mean
The Micro WTI Crude Oil futures contract (MCL) is listed on New York Mercantile Exchange. One contract represents 100 barrels, and prices are quoted in USD per barrel. The minimum price movement, or tick, is 0.01, worth $1 per contract. A move of one full point is therefore worth $100 per contract, and every profit, loss and margin figure for MCL scales from those two numbers.
MCL is listed for these 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). MCL is cash-settled: positions still open at expiry are closed against a final settlement price, with no delivery of anything. The rollover page lists the next expiries and the dates that matter for each.
The values on this page come from the exchange's own contract specification and were last checked on 27 Oct 2026. Exchanges amend contract terms from time to time, most often trading hours and tick sizes. Where a value here disagrees with the exchange, the exchange is right; the methodology page explains how each field is checked, and any field we have not confirmed against the exchange is marked on this page.
Related contracts
- WTI Crude Oil (Light Sweet) (CL): tick value $10
Compare
- CL vs MCL: WTI Crude Oil (Light Sweet) and Micro WTI Crude Oil
Sources
- https://www.cmegroup.com/markets/energy/crude-oil/micro-wti-crude-oil.contractSpecs.html: primary reference for all contract terms; linked, not machine-read (cmegroup.com blocks automated access) 2026-10-27
- https://www.ampfutures.com/trading-info/contract-specifications: cross-check of tick size, tick value, contract unit and months; secondary source (broker page) 2026-10-27
Questions
- What is the tick size of MCL?
- The minimum price movement of Micro WTI Crude Oil futures is 0.01, worth $1 per contract.
- How much is one point of MCL worth?
- One full point is worth $100 per contract.
- Is MCL cash-settled or physically delivered?
- MCL is cash-settled.