Micro Crude Oil Futures (MCL): Beginner Guide

Connect energy-market context with contract mechanics.

Start with the instrument's mechanics before interpreting a price chart. This guide offers context and study exercises, not trading signals.

Micro WTI Crude Oil contract facts

Contract size: 100 barrels
Outright tick: $0.01 per barrel = $1.00
Settlement: Financial settlement

Contract facts · Current CME specifications

DAILY FUTURES CHART · UPDATED EACH SUNDAY

Micro WTI Crude Oil futures (MCL) · daily

Real MCL futures data: NYMEX:MCL1! continuous front-month contract from TradingView, daily candles through 10-30-2026. This is a weekly snapshot, not a live quote.

Shaded box: last week. Dashed lines: last week's high and low. Lines: 21, 50 and 200 EMAs (key at the top of the chart).

Open the live MCL futures chart ↗

Opens TradingView. Free accounts may see delayed CME data; check its data-status label. This is a continuous contract; verify the tradable month with your broker.

01 · CONTEXT

A brief history

MCL launched on July 12, 2021, at one-tenth the size of the standard 1,000-barrel WTI crude oil contract, CL. Unlike CL, MCL uses financial settlement.

CME launch and product history

02 · BENEFITS & TRADEOFFS

Why traders study MCL

100-barrel increments offer finer control of crude oil exposure than CL.
Financial settlement avoids physical oil delivery, while price, margin and expiry risks remain.

A smaller contract changes exposure size. It does not make a strategy profitable or eliminate leverage.

CME product information

03 · RELATIONSHIPS

Related markets to compare

Compare WTI with Brent, gasoline and heating oil for energy context. Study inventories, supply and demand, and the U.S. dollar; relationships vary over time.

Suggested study comparisons, not fixed correlation coefficients. Record the time period and exceptions.

Market and index context

04 · CHART STUDY

Common chart structures to study

Ranges, support and resistance, breakouts and pullbacks are useful observations to practice. These exercises do not claim a pattern occurs more often in MCL or predicts the next move.

Compare the pre-report range with the reaction to the original EIA petroleum report.
Record a breakout, retest or failed breakout; do not assume an initial news move will continue.

CME support and resistance lesson

05 · RISK ASSESSMENT

Smaller size. Substantial risk.

Inventory surprises, supply disruptions and geopolitical news can create abrupt moves. MCL expires before the corresponding CL contract; check the exchange calendar and your broker's deadlines.

Hypothetical loss example: A $1-per-barrel adverse move × 100 barrels = $100 loss on one MCL contract.

Fees and slippage add to the example. A stop order may not fill at its requested price. Margin is collateral, not a maximum loss. Leveraged futures can lose more than the initial deposit.

CFTC futures risk education · Settlement and expiry rules

YOUR FIRST STUDY SESSION

Start with a written observation

Read the original EIA report and separate the release facts from your interpretation.

Use a simulator first. Record what you see, what would challenge your interpretation, and what you still need to verify.

Read The Sunday Prep, our free weekly outlook →

Martech Holdings Incorporated · Educational information, not individualized financial advice.

Sources checked October 10, 2026. Confirm current specifications, fees, margins and data status with the provider.