MCL (Micro WTI Crude Oil Futures)
The Micro WTI Crude Oil futures contract — exactly one-tenth the size of CL, representing 100 barrels of WTI crude with $0.01 tick size and $1 per tick. The retail-friendly entry-point to crude oil futures.
What is MCL (Micro WTI Crude Oil Futures)?
MCL is the symbol for the Micro WTI Crude Oil futures contract, traded on NYMEX Globex (CME Group). It is the micro-sized version of CL, with all specifications exactly one-tenth of the standard contract: 100 barrels per contract (vs CL’s 1,000), $0.01 per barrel tick size (same as CL), $1 per tick. Notional value at $80/barrel is $8,000 per contract (vs CL’s $80,000).
MCL launched in 2021 as part of CME’s expansion of the Micro family into energy markets. It addressed a long-standing gap: small-account traders wanting crude oil exposure had only CL available, with its $10 tick value (vs MES at $1.25) creating disproportionate dollar swings for the same percentage moves. MCL closed that gap, becoming the retail-friendly entry point to WTI crude trading.
The key trading consideration for MCL: crude oil is event-driven. The dominant catalysts are EIA inventory data (Wednesdays 10:30 AM ET), OPEC meetings, geopolitical events (Middle East tensions, Russia/Ukraine developments), and USD strength shifts. Continuous intraday CL scalping is rare; most successful MCL strategies center on positioning around these scheduled and unscheduled catalysts. The smaller MCL tick value lets traders take event-driven positions sized appropriately for the typical $0.50-$2/barrel move that catalysts produce.
Additionally, MCL is financially settled — unlike CL which has physical delivery available. A trader who accidentally holds CL into delivery period can face obligations to take delivery of 1,000 barrels of crude oil (this is what caused the infamous April 2020 negative oil price event). MCL avoids that risk entirely — it always settles in cash, no delivery exposure.
How MCL (Micro WTI Crude Oil Futures) works
MCL contract specifications (May 2026):
- Symbol: MCL (sometimes MCL1! or @MCL)
- Exchange: NYMEX Globex (CME Group)
- Underlying: Light Sweet Crude Oil (WTI) — same underlying as CL; financial settlement only
- Contract size: 100 barrels (1/10 of CL’s 1,000)
- Tick size: $0.01 per barrel (same as CL)
- Tick value: $1 per tick (1/10 of CL’s $10)
- Point value (per $1/barrel move): $100 per contract
- Contract months: All 12 months traded; front-month rolls monthly
- Trading hours: Sunday 6:00 PM ET to Friday 5:00 PM ET, with daily 1-hour break
- Settlement: Financial (cash) settlement only — no physical delivery
Margin requirements:
- Day-trading margin: $100-$300 per contract at most prop firms (Apex $100, others vary)
- Initial margin (NYMEX exchange minimum): ~$800-$1,500 (1/10 of CL, varies materially with realized vol)
- Notional value: $100 × current oil price (~$8,000 at $80/barrel)
Liquidity: MCL daily volume is roughly 30,000-80,000 contracts during active sessions — meaningful liquidity for a commodity micro. Typical bid-ask spread is 1 tick ($0.01 = $1) during RTH, occasionally 2 ticks during overnight or pre-EIA windows.
Position-size limits at prop firms ($50K accounts, May 2026):
- Apex $50K: Up to 30 MCL contracts max
- TPT $50K: Up to 30 MCL
- Tradeify $50K: Up to 30 MCL
- Lucid $50K: Up to 30 MCL
Volatility profile:
- Daily range typically $1.50-$3.50/barrel = $150-$350 per MCL contract (vs $1,500-$3,500 per CL)
- OPEC meetings: $3-$8/barrel moves common = $300-$800 per MCL contract
- EIA inventory release (Wed 10:30 AM ET): $1-$3/barrel moves in 60 seconds = $100-$300 per MCL
- Geopolitical events: $5-$15/barrel overnight gaps possible
Worked example
Setup: Tradeify $50K Growth trader runs an EIA inventory strategy. Thesis: market consensus is for a 2M-barrel inventory draw; actual draw could surprise in either direction; expects $1-$2.50/barrel move within 5 minutes of the 10:30 AM ET release.
Pre-EIA positioning (10:15 AM ET):
- WTI crude trading at $78.50, MCL at 78.50
- Risk budget: $200 max per trade
- Strategy: deferred entry — wait for first post-EIA candle close, enter in direction of confirmed move
Outcome — bullish EIA surprise (5M-barrel draw vs 2M expected):
- 10:30 AM ET: EIA reports 5M-barrel inventory drawdown — much larger than consensus
- 10:30:15 AM ET: WTI spikes to $79.80 in 90 seconds, pulls back to $79.50
- 10:35 AM ET (5-min candle close): entered long 5 MCL at $79.55
- Stop: $79.10 (45-tick stop = 5 × 45 × $1 = $225 risk — slightly over budget; trader accepts as the post-data trend has higher conviction)
- Target: $80.50 (95-tick target = 5 × 95 × $1 = $475 reward)
- R:R = 2.1:1
Trade resolution:
- 11:30 AM ET: WTI reaches $80.60. Target hit at $80.50.
- MCL P&L: +$475
- Commission (5 round-trips): ~$13
- Net trade: +$462
Tradeify daily payout impact: Successful EIA-day MCL trade generates $462 in net P&L, cashable next business day via Tradeify’s daily payout system. Strong cash-flow advantage for traders running consistent inventory-data strategies.
MCL (Micro WTI Crude Oil Futures) vs related concepts
Side-by-side comparison of MCL (Micro WTI Crude Oil Futures) against the most commonly confused alternatives.
| Concept | Definition | Category |
|---|---|---|
| MCL (Micro WTI Crude Oil Futures) this term | The Micro WTI Crude Oil futures contract — exactly one-tenth the size of CL, representing 100 barrels of WTI crude with $0.01 tick size and $1 per tick. The retail-friendly entry-point to crude oil futures. | Specific Contracts |
| CL (WTI Crude Oil Futures) | The WTI Crude Oil futures contract on NYMEX — 1,000 barrels per contract with $0.01 tick size and $10 per tick. The most actively traded oil futures contract in the world. | Specific Contracts |
| NG (Natural Gas Futures) | The Natural Gas (Henry Hub) futures contract on NYMEX — 10,000 MMBtu per contract with $0.001 tick size and $10 per tick. One of the most volatile commodity futures. | Specific Contracts |
| MGC (Micro Gold Futures) | The Micro Gold futures contract — exactly one-tenth the size of GC, representing 10 troy ounces of gold with $0.10 tick size and $1 per tick. Preferred gold contract for retail and small-account prop firm traders. | Specific Contracts |
| MES (Micro E-mini S&P 500 Futures) | The Micro E-mini S&P 500 futures contract — exactly one-tenth the size of ES, tracking the S&P 500 index with $5 per point and $1.25 per 0.25-tick. The most popular contract for new and small-account traders. | Specific Contracts |
Why traders fail MCL (Micro WTI Crude Oil Futures)
Holding MCL during EIA without stop discipline. EIA reports (Wednesdays 10:30 AM ET) regularly produce $1-$3/barrel moves in 60 seconds. A 10-tick stop on MCL is $10 — easily blown through during news velocity. Either flatten ahead of the release or use stops calibrated to expected event volatility (typically 30-80 ticks).
Confusing MCL and CL tick values. CL tick is $10 ($0.01/barrel × 1,000 barrels). MCL tick is $1 ($0.01/barrel × 100 barrels). Sizing in dollars is safest; sizing in tick counts requires knowing which contract you’re trading. Always verify the symbol before sizing.
Holding MCL overnight at full size during geopolitical events. Crude can gap $3-$10/barrel on weekend Middle East developments or Russia/Ukraine news. Stops left in market may fill far from intended levels. Either flatten or use wider stops, especially Friday afternoon to Sunday evening Globex open.
Trading MCL without the inventory calendar. Oil markets revolve around scheduled inventory data: API (Tuesday 4:30 PM ET) and EIA (Wednesday 10:30 AM ET). Most prop firm MCL traders explicitly position around these releases or stay flat through them. Trading MCL without consulting the API/EIA schedule produces unexpected mid-trade volatility events.
Frequently asked questions about MCL (Micro WTI Crude Oil Futures)
What is MCL futures?
MCL is the symbol for the Micro WTI Crude Oil futures contract, traded on NYMEX (CME Group). It represents 100 barrels of WTI crude per contract — exactly one-tenth the size of the standard CL contract. Tick size is $0.01 per barrel ($1 per tick), with a multiplier of $100 per $1/barrel move. MCL is financially settled with no physical delivery risk.
How is MCL different from CL?
Same WTI crude underlying, same tick increment, same trading hours — just one-tenth the dollar exposure. Critically, MCL is financially settled while CL has physical delivery available (the source of the April 2020 negative oil price event). A $1.50/barrel move produces $150 per MCL vs $1,500 per CL.
What is the tick value of MCL?
MCL tick value is $1. The tick size is $0.01 per barrel (same as CL). With a contract size of 100 barrels, every $0.01/barrel tick equals $1 of P&L per contract. Point value (per $1/barrel move) is $100 per contract.
When should I trade MCL instead of CL?
Use MCL when (1) account size is under $50K and CL dollar exposure would over-leverage you, (2) learning crude-specific volatility patterns and inventory-data trading, (3) avoiding physical delivery risk entirely (MCL is cash-settled only), or (4) running diversified commodity baskets where crude is one component. Experienced traders with larger accounts and event-specific strategies may prefer CL for higher liquidity at scale.
What's the best time of day to trade MCL?
EIA inventory release (Wednesdays 10:30 AM ET) is the dominant catalyst — most professional MCL trading occurs in the 30-60 minutes after this release. Other key windows: NY Open (9:30 AM ET when crude trades during equity session), London hours (3:00-8:00 AM ET for Asian/European flow). Overnight/Asian session is generally low-volume.
Can I hold MCL overnight or through OPEC meetings?
Mechanically yes at any firm that allows overnight holds. Practically MCL gaps during OPEC meetings (typically $3-$8/barrel) and weekend geopolitical events (Middle East, Russia/Ukraine developments). Hold only if your account type allows overnight positions (Lucid, certain Tradeify and FundedNext plans) AND you've sized for the gap risk. Apex/TPT force-close at session end and don't support overnight MCL holds.