MCL Tick Value — $1.00 Per Tick (Micro WTI Crude Oil: $0.01 × 100 Barrels)
The short answer: The MCL (Micro WTI Crude Oil) tick value is $1.00.
One minimum price move = $0.01 per barrel × 100 barrels = $1.00. The full-size CL crude oil contract covers 1,000 barrels with the same $0.01 tick, making each CL tick worth $10.00 — exactly 10 times the MCL. MCL is financially (cash) settled; no physical oil delivery occurs.
How MCL tick value is calculated
Crude oil futures are quoted in U.S. dollars per barrel. The MCL contract covers a standardised quantity of WTI crude oil. Tick value comes from two spec values:
- Tick size: the minimum price increment per barrel. For MCL, this is $0.01 per barrel.
- Contract size: the total barrels covered. MCL covers 100 barrels.
Tick value = tick size × contract size = $0.01 × 100 barrels = $1.00
This is identical arithmetic to equity-index micro futures (tick size × multiplier), just expressed in commodity terms. The CME maintained the 1:10 ratio from full-size CL (1,000 barrels) to micro MCL (100 barrels), keeping tick value at $10.00 for CL and $1.00 for MCL.
Spec values verified via AMP Futures contract-specifications page (as of 2026-06-04) and NinjaTrader Micro WTI Crude Oil contract page (as of 2026-06-04).
MCL vs CL: tick value comparison
| Contract | Name | Contract size | Tick size | Tick value | $1 crude move |
|---|---|---|---|---|---|
| MCL | Micro WTI Crude Oil | 100 barrels | $0.01/bbl | $1.00 | $100.00 |
| CL | WTI Crude Oil | 1,000 barrels | $0.01/bbl | $10.00 | $1,000.00 |
A $1.00 move in crude oil price is worth $100 on one MCL contract (100 ticks × $1.00) and $1,000 on one CL contract. If you hold 10 MCL contracts, the exposure is identical to 1 CL contract.
P&L worked examples
Example 1 — small move
Crude oil rises $0.25 per barrel while you hold 1 MCL long contract.
- $0.25 ÷ $0.01 tick size = 25 ticks
- 25 ticks × $1.00 tick value = $25.00 gross profit
Example 2 — larger move
MCL drops $2.50 against a long position (a move representing $2.50/barrel).
- $2.50 ÷ $0.01 = 250 ticks
- 250 × $1.00 = $250.00 gross loss
Example 3 — scaling with multiple contracts
You hold 3 MCL contracts and crude oil rallies $1.50 per barrel.
- $1.50 ÷ $0.01 = 150 ticks
- 150 × $1.00 × 3 contracts = $450.00 gross profit
These are gross figures. Subtract commissions on each round-trip to get net P&L. Crude oil is a higher-volatility asset than equity-index micro futures — a $2.50/barrel intraday move is common and can happen in minutes on geopolitical or inventory-data releases.
MCL trading hours and expiration
MCL trades on the NYMEX/CME Globex electronic platform. Unlike equity-index micro futures which expire quarterly (March, June, September, December), MCL has monthly expirations, with a contract available for every calendar month.
| Spec | MCL value | Source |
|---|---|---|
| Contract size | 100 barrels of WTI crude oil | AMP Futures (2026-06-04) |
| Tick size | $0.01 per barrel | AMP Futures (2026-06-04) |
| Tick value | $1.00 | AMP Futures (2026-06-04) |
| Settlement | Financially (cash) settled | NinjaTrader (2026-06-04) |
| Trading hours | Sun 5:00 PM – Fri 4:00 PM CT | NinjaTrader (2026-06-04) |
| Expiration | Monthly (all calendar months) | AMP Futures (2026-06-04) |
| Last trading day | One business day before corresponding CL expiration | NinjaTrader (2026-06-04) |
MCL trading hours are the same Globex session as equity-index micro futures: Sunday 5:00 PM through Friday 4:00 PM Central Time, with a daily maintenance halt from 4:00 PM to 5:00 PM CT. For the full trading-hours schedule including holiday reduced sessions, see the CME trading hours guide.
MCL settlement: financially settled, not physical delivery
This is the most important practical difference between MCL and CL for retail traders.
The standard WTI Crude Oil contract (CL) requires physical delivery of crude oil at Cushing, Oklahoma at expiration. Retail traders who hold CL contracts into expiration must either roll forward or arrange delivery — a practical burden that famously contributed to negative oil prices in April 2020 when storage at Cushing filled up.
MCL is financially settled. At expiration, the CME calculates the difference between your entry price and the final settlement price, and that difference is credited or debited in cash. No barrels change hands. This makes MCL genuinely accessible to retail traders who want crude oil exposure without delivery infrastructure.
MCL settlement is confirmed as financial (not physical) via NinjaTrader’s contract page (verified 2026-06-04). Always confirm current settlement terms directly with your broker and on CME Group’s official contract specifications before expiration.
Key difference from CL: MCL = cash settled; CL = physical delivery. Holding MCL into expiration has no delivery risk. Holding CL into expiration does. Retail traders almost always roll CL before the first notice day; MCL does not require the same urgency.
Per-broker commission — one MCL contract (round-trip)
MCL is an energy contract, not an equity-index micro, so commission rates differ from MES/MNQ/MYM/M2K. NinjaTrader’s rate sheet shows separate pricing for energy micros:
| Broker & plan | Per side (all-in) | Round-trip | Includes exchange fees? | As of |
|---|---|---|---|---|
| NinjaTrader Free (all-in) | $1.10 | $2.20 | Yes | 11/13/2025 |
| NinjaTrader Monthly ($79/mo, all-in) | $0.75 | $1.50 | Yes | 11/13/2025 |
| NinjaTrader Lifetime ($1,499, all-in) | $0.55 | $1.10 | Yes | 11/13/2025 |
| IBKR (Tiered & Fixed, first 1,000/mo) | $0.25 | $0.50 | No (exchange + regulatory fees additional) | 2026-06 |
See the full broker commissions guide for Tradovate and tastytrade rates on energy micros.
MCL intraday margin
Crude oil is more volatile than equity-index futures, and broker intraday margins reflect this:
| Broker | MCL intraday margin | As of |
|---|---|---|
| NinjaTrader (Free plan) | $100 per contract | 11/13/2025 |
| Plus500 | $80 per contract | 2026-06-03 |
Compare this to the $50 margin for equity-index micros (MES, MNQ, MYM, M2K) — MCL carries twice the intraday margin requirement. Crude oil can move $2–$3 per barrel in a single session on inventory reports or geopolitical events, representing a $200–$300 position move against a $100 margin deposit. Intraday margins can be raised further in real time without notice. See the day-trading margins guide for context.
Quick reference: MCL tick value = $1.00. Every $0.01 crude oil move = 1 tick = $1.00 per contract. Every $0.10 = $10 per contract. Every $1.00 = $100 per contract.
Drill MCL specs with flashcards until they’re automatic.
Start the micro futures deck →Frequently asked questions
- What is the MCL tick value?
- The MCL tick value is $1.00. Each minimum price move of $0.01 per barrel multiplied by the 100-barrel MCL contract size equals $1.00.
- How much is a $1.00 crude oil price move worth on one MCL contract?
- A $1.00 move in crude oil price equals 100 ticks (1.00 / 0.01 tick size). At $1.00 per tick, that is $100.00 profit or loss per MCL contract, depending on direction.
- How does MCL tick value compare to CL?
- The CL (WTI Crude Oil) tick value is $10.00 per tick, exactly 10 times the MCL tick value of $1.00. Both contracts share the same $0.01 tick size, but CL covers 1,000 barrels versus MCL's 100 barrels.
- What are MCL trading hours?
- MCL trades on CME Globex Sunday through Friday, 5:00 PM to 4:00 PM CT (6:00 PM to 5:00 PM ET), with a daily maintenance halt from 4:00 PM to 5:00 PM CT. These are the same Globex hours as CME equity index micro futures.
- Is MCL cash-settled or physically settled?
- MCL is financially (cash) settled. Unlike the full-size CL crude oil contract which has physical delivery at Cushing, Oklahoma, the MCL contract settles in cash. This makes MCL more accessible for small-account traders who do not want delivery obligations.
- What is the MCL intraday margin at NinjaTrader?
- NinjaTrader's MCL intraday margin is $100 per contract on the Free plan as of 11/13/2025. This is higher than micro equity-index margins ($50 for MES/MNQ/MYM/M2K) because crude oil is a more volatile asset class.
Methodology & sources
MCL spec values (contract size, tick size, tick value) confirmed via AMP Futures contract-specifications page (verified 2026-06-04) and NinjaTrader Micro WTI Crude Oil contract page (verified 2026-06-04). CL full-size tick value ($10.00) confirmed via AMP Futures (2026-06-04). Settlement type (financially settled, not physical delivery) confirmed via NinjaTrader contract page (2026-06-04). NinjaTrader commission and margin figures from the published rate sheet, stamped 11/13/2025. IBKR figures from the IBKR commissions page (verified 2026-06). Plus500 margin figures from us.plus500.com/en/margins (fetched 2026-06-03).
- AMP Futures Contract Specifications — AMP Futures, verified 2026-06-04
- NinjaTrader — Micro WTI Crude Oil (MCL) Contract Page — NinjaTrader, verified 2026-06-04
- NinjaTrader Futures Commissions & Intraday Margins (PDF) — NinjaTrader, stamped 11/13/2025
- Interactive Brokers Futures Commissions — IBKR, as of 2026-06