Micro WTI Crude Oil (MCL) Tick Value & Contract Specs

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.