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Micro WTI Crude Oil Futures (MCL) Contract Specifications

What you're trading

The Micro WTI Crude Oil future (MCL) is 1/10th the size of the CL contract and tracks the same WTI crude oil prices, but settles financially rather than requiring physical delivery. MCL was designed to make crude oil futures accessible to smaller accounts and to let traders scale positions in finer increments than CL permits. Because it's cash-settled, MCL avoids the physical-delivery complexity that makes CL unsuitable for most retail traders to hold into expiration.

Contract size

100 barrels of WTI crude oil. 

Tick value

Minimum price fluctuation is $0.01 per barrel, and each tick is worth $1.00 per contract. A $0.10 move equals $10, and a $1.00 move equals $100 per contract.

Trading hours

CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with the 4:00–5:00 p.m. CT maintenance halt Monday through Thursday.

Settlement type

Financially settled (cash). Contracts expire on the same schedule as CL, settling to the final settlement price of the corresponding CL contract. No physical delivery risk — traders can hold MCL positions through expiration without delivery concerns.

Margin snapshot

MCL margin is roughly 1/10th of CL. Its financial settlement structure makes it a more forgiving product to hold into the final trading days than CL.

Initial margin (overnight)

~$550–$750 per contract (approximate; varies with volatility)

Maintenance margin

~$500–$680 per contract

Day-trade margin

Broker-set; often a small fraction of overnight margin

Notional value (reference)

~$8,500 at $85/barrel

Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.

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