Crude Oil Futures (CL): Contract Specs, Tick Value, Trading Hours & Margins

The standard WTI Crude Oil futures contract trades under the symbol CL on the CME Group (NYMEX).
The Micro Crude Oil futures contract trades under the symbol MCL.

• CL (Standard) = 1,000 barrels of crude oil

• MCL (Micro) = 100 barrels (1/10th the size of CL)

• CL tick size: $0.01 per barrel

• CL tick value: $10 per tick

• MCL tick size: $0.01 per barrel

• MCL tick value: $1 per tick

WTI (CL) reflects U.S.-based oil pricing and is delivered in Cushing, Oklahoma.
Brent (BZ) reflects international oil pricing and is tied to North Sea production.

WTI is typically more influenced by U.S. inventory data, while Brent reacts more to global supply and geopolitical developments.

The U.S. Energy Information Administration (EIA) releases its weekly petroleum status report on Wednesdays at 10:30 AM ET (unless adjusted for holidays).

This report often causes sharp price volatility.

Yes. The Micro Crude Oil (MCL) contract is designed for smaller accounts and offers 1/10th the exposure of the standard CL contract. It allows traders to participate in oil markets with reduced capital requirements and lower dollar risk per tick.

Crude Oil futures are highly volatile and can experience rapid price movements due to:

• Geopolitical events

• OPEC decisions

• Economic data releases

• Supply disruptions

• Inventory reports

Leverage amplifies both gains and losses.

WTI Crude Oil futures (CL) are physically deliverable contracts. If held until expiration, the contract can result in physical delivery of 1,000 barrels of oil in Cushing, Oklahoma.

Most retail traders close or roll their positions before the contract enters its delivery period. Micro Crude (MCL) contracts are financially settled, meaning they do not involve physical delivery.

Understanding expiration and rollover timing is critical to avoiding unintended exposure.

Margin Values**

Day Trading Margins = $2,000

Initial = $4,212.66

Maintenance = $3,829.69