NYMEX
Micro WTI Crude Oil (MCL) Tick Value & Contract Specs
Tick value $1.00 per tick — 100 barrels of WTI crude oil.
Micro WTI Crude Oil (MCL) shrinks the benchmark oil future to 100 barrels — one-tenth of CL — while keeping the same $0.01 tick size. Each tick is worth $1.00, and a full one-dollar move in crude is $100 per contract instead of $1,000. For a commodity that can travel three dollars on a single inventory report, that reduction changes what kind of stop a small account can actually afford to honour.
The micro contract, launched in 2021, made crude tradeable for accounts that previously could not absorb CL's swings. It is financially settled rather than physically delivered, which removes the delivery-logistics concern (though it still tracks and expires alongside the full-size contract's pricing). Common uses include testing oil strategies at reduced size, precise position sizing in increments a tenth as large, and hedging smaller energy exposures. Below, the tick value calculator is pre-loaded with MCL's multiplier and tick size.
- Exchange
- NYMEX
- Contract size
- 100 barrels of WTI crude oil
- Tick size
- 0.01
- Tick value
- $1.00
- Point value (multiplier)
- $100
- Trading hours
- Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 5:00pm–6:00pm ET
- Margin
- Margin is roughly one-tenth of full-size CL and varies by broker; like CL it can rise around contract expiry.
How MCL tick value works
Tick value is the dollar amount one futures contract gains or loses when the price moves one minimum increment (one tick).
tick value = tick size × multiplier. For MCL, that is 0.01 × $100 = $1.00 per tick, per contract.
One contract represents 100 barrels of WTI crude oil. P&L for a move from entry to exit is (exit − entry) ÷ tick size × tick value × contracts.
MCL contract months and ticker symbols
A futures ticker is three parts: the root, a one-letter delivery month, and the year. MCLZ2026 is the December 2026 MCL contract. The month letters skip I and L, which would read as 1 and 7 on a ticker.
| Code | Month | Listed for MCL? |
|---|---|---|
| F | January | Yes — MCLF |
| G | February | Yes — MCLG |
| H | March | Yes — MCLH |
| J | April | Yes — MCLJ |
| K | May | Yes — MCLK |
| M | June | Yes — MCLM |
| N | July | Yes — MCLN |
| Q | August | Yes — MCLQ |
| U | September | Yes — MCLU |
| V | October | Yes — MCLV |
| X | November | Yes — MCLX |
| Z | December | Yes — MCLZ |
Which MCL contract am I looking at?
Most charts default to the continuous front-month series rather than a dated contract — one stitched-together chart that rolls to the next month as the current one nears expiry. Every platform spells it differently, which is why the same contract appears under so many names.
| Written as | Platform | Meaning |
|---|---|---|
| MCL1! | TradingView | Continuous front-month contract. "2!" is the next one out, and a dated contract is written in full, e.g. MCLZ2026. |
| MCL00 | Barchart | Continuous front-month series. "MCLZ26" style codes name a specific month and year instead. |
| MCLc1 | Refinitiv / Reuters | Continuous front month; c2 is the second month out. |
| /MCL | thinkorswim, tastytrade | The leading slash marks it as a future rather than a stock. A specific month is /MCLZ26. |
| MCL=F | Yahoo Finance | The "=F" suffix denotes the front-month futures series. |
| $MCL | StockTwits, social | A cashtag, not an exchange symbol. It usually means the front month, but it is informal and ambiguous. |
A dated code such as MCLZ26 always means one specific contract; the continuous forms never do. Check which you are quoting before comparing a price to someone else’s — around a roll they differ.
Frequently asked questions
- What is the tick value for MCL?
- $1.00 per tick — a 0.01 tick size × a $100 multiplier (point value).
- What is one MCL contract worth?
- One contract represents 100 barrels of WTI crude oil. Notional value = price × $100; use the tick value calculator with the current price for an exact figure.
- Which exchange lists MCL?
- Micro WTI Crude Oil (MCL) trades on the NYMEX.
- What are the trading hours for MCL?
- Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 5:00pm–6:00pm ET.
- How much margin do I need to trade MCL?
- Margin is roughly one-tenth of full-size CL and varies by broker; like CL it can rise around contract expiry.
- What are the MCL contract months?
- MCL lists January, February, March, April, May, June, July, August, September, October, November and December.
- What does MCLZ2026 mean?
- It is one specific MCL contract: the root MCL, the delivery-month code Z, and the year. Z is December, so MCLZ2026 is the December 2026 contract. The codes run F G H J K M N Q U V X Z for January through December — I and L are skipped because they read as 1 and 7 on a ticker.
- What is MCL00, MCL1! or /MCL?
- All three name the same thing: the continuous front-month MCL contract, written differently by different platforms. Barchart uses MCL00, TradingView MCL1!, thinkorswim and tastytrade /MCL, Yahoo Finance MCL=F, and MCL on social media is usually written $MCL. None of them is a separate instrument — each stitches together whichever dated contract is currently the front month.
- How is P&L calculated for MCL?
- P&L = (exit price − entry price) ÷ 0.01 tick size × $1.00 tick value × number of contracts. Use the tick value calculator to compute this directly.
More futures contract specs
- CL — Crude Oil (WTI)Tick value $10.00 · NYMEX
- NG — Natural GasTick value $10.00 · NYMEX
- RB — RBOB GasolineTick value $4.20 · NYMEX
- HO — NY Harbor ULSDTick value $4.20 · NYMEX
See all futures contract specs or use the futures contract & tick value calculator with any symbol or custom specs.
Specs last reviewed 2026-09-06. Exchanges can amend contract specs — always confirm against the exchange or your broker before trading.