What Are Micro WTI Crude Oil Futures? MCL Explained
Learn what MCL Micro WTI futures are: 100-barrel contracts at one-tenth CL size, their $1.00 outright tick, and CL-linked cash settlement.
Direct answer
Micro WTI Crude Oil futures, commonly identified as MCL, are NYMEX contracts for 100 barrels, exactly one-tenth the standard 1,000-barrel CL contract. On CME Globex, an ordinary outright minimum movement of 0.01 USD per barrel equals $1.00 per contract. Standard MCL futures are cash settled to the CL final settlement price with no trading after one business day before CL termination.
MCL names a dated tenth-size crude agreement, not a spot barrel quote
MCL is the product root for NYMEX Micro WTI Crude Oil futures. A complete agreement also has a contract month and year, so a value displayed beside MCL is not automatically a current spot quote for a barrel or a perpetual oil holding. It is a labelled observation of a futures contract at one-tenth CL scale, and the label determines which rules and settlement process apply.
How to read Micro WTI Crude Oil futures quotes shows which fields make an observation usable. Micro WTI Crude Oil futures expiration and final settlement explains why the named month matters when a contract approaches its CL-linked settlement.
The 100-barrel MCL unit is one-tenth the CL contract by design
Chapter 309 sets one standard MCL contract at 100 U.S. barrels. Because quotation is dollars per barrel, a $1.00 move per barrel equals $100 per contract, versus $1,000 for CL. The unit describes the standardized fraction; it is not a claim about an account balance, margin, or appropriate order size.
Micro E-mini versus E-mini futures explains the sizing relationship across product families. Futures position sizing treats that contract unit, the number of contracts, and an account's own limits as three separate inputs.
MCL ticks and CL linkage define the contract arithmetic
For an ordinary MCL outright trade on CME Globex, the minimum fluctuation is 0.01 USD per barrel, or $1.00 per contract, matching CL decimals at one-tenth the dollars. The Floating Price for each month equals the CL final settlement price on the MCL last trading day, so micro and benchmark converge by construction rather than by arbitrage hope.
Record the product before calculating: an MCL tick and a CL tick share decimals but not dollars. Price limits follow the prevailing CL limits, keeping the small contract inside the benchmark's volatility regime.
CL-linked cash settlement ends MCL with no delivery alternative
MCL futures settle in cash to the CL final settlement price with trading ceasing one business day before CL termination for the same month. No barrels change hands. European MCL options expire into this same CL-referenced value. The one-day lead keeps micro settlement referencing a live benchmark print rather than an expired one.
Cash-settled versus physically delivered futures draws the general settlement-design line, and MCL sits on the cash-settled side. What are WTI Crude Oil futures covers the full-size contract for direct comparison.
A workable MCL record separates quotation facts from account facts
Before relying on an MCL number, preserve the root, month-year, dollars-per-barrel convention, trade or quote type, price field, source, timestamp, session, and data status. Futures contract month codes helps turn a compact MCL symbol into the agreement whose settlement calendar applies.
Margin is collateral, not a substitute for the 100-barrel contract unit or a recommendation to open a position. Futures margin versus leverage explains that distinction without inferring an account-specific requirement.
This guide explains standard Micro WTI Crude Oil futures mechanics. It does not provide a live crude price, an oil forecast, margin requirement, trade recommendation, or broker settlement instruction. Current NYMEX rules, data terms, clearing procedures, and account documents govern a particular contract.
Common questions
What does MCL mean in futures?
MCL is the NYMEX product root for Micro WTI Crude Oil futures. Add a contract month and year to identify the particular standardized agreement.
How many barrels does one MCL contract represent?
One standard MCL contract represents 100 U.S. barrels, exactly one-tenth of the 1,000-barrel CL contract.
What is the ordinary MCL tick value?
The ordinary CME Globex outright minimum movement is 0.01 U.S. dollar per barrel, equal to $1.00 per standard MCL contract.
How does MCL settle?
In cash to the CL final settlement price for the same month, with MCL trading ceasing one business day before CL termination so the reference print stays live.
Are Micro WTI Crude Oil futures cash settled?
Yes. Standard MCL futures settle in cash to the benchmark CL price. No barrels change hands through delivery procedures.