Micro WTI Crude Oil Futures (MCL) — Contract Specifications
NYMEX · Energy · 100 barrels vs 1,000 barrels for CL
One tenth of CL and — importantly — financially settled rather than physically delivered. That difference matters more than the size for anyone who might hold to expiry.
Contract specifications
| Exchange symbol | MCL |
|---|---|
| Exchange | NYMEX |
| Contract size | 100 barrels |
| Minimum tick | $0.01 per barrel |
| Value per tick | $1.00 |
| Contract months | All 12 calendar months |
| Settlement | Financially settled |
| Trading hours | Sun–Fri 18:00–17:00 ET, 60-minute break each day at 17:00 ET |
| Smaller version of | CL |
What one tick is worth
The minimum price increment is $0.01 per barrel. Because the contract covers 100 barrels, each tick is worth $1.00 per contract. That is the appeal of the smaller size: identical price exposure per tick as CL, at a fraction of the notional.
This contract is cash settled, so there is no delivery obligation and no first notice day. Positions settle in cash against the reference price.
Other contracts on this market
| Contract | Size | Per tick |
|---|---|---|
| WTI Crude Oil CL · NYMEX | 1,000 barrels | $10.00 |