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Crude oil futures (CL and MCL): specs, tick value and sizing
CL is the 1,000-barrel NYMEX WTI crude oil contract and MCL its 100-barrel micro. Both tick in $0.01 a barrel, worth $10 on CL and $1 on MCL, so a $1.00 move is $1,000 or $100.
CL and MCL contract specs
Both contracts are listed on NYMEX, part of CME Group, and trade on CME Globex. MCL is one-tenth the size of CL with the same one-cent tick.
| Spec | CL (WTI crude oil) | MCL (Micro WTI crude oil) |
|---|---|---|
| Exchange | NYMEX (CME Globex) | NYMEX (CME Globex) |
| Multiplier | 1,000 barrels | 100 barrels |
| Tick size | $0.01 per barrel | $0.01 per barrel |
| Tick value | $10.00 | $1.00 |
| Point value ($1.00 per barrel) | $1,000 (100 ticks) | $100 (100 ticks) |
| CME trading hours | Sunday–Friday, 6:00 PM–5:00 PM ET, daily break 5:00–6:00 PM ET | Same as CL |
| At FundedHero Futures | From 6:00 PM ET; positions closed at 4:10 PM ET | Same as CL |
What a point and a tick are worth
Crude is quoted in dollars and cents per barrel. One cent is one tick, and most platforms treat a full $1.00 move (100 ticks) as one point.
- A move from $65.00 to $65.45 is 45 ticks. One CL makes or loses 45 × $10 = $450. One MCL: 45 × $1 = $45.
- A 20-cent stop is 20 ticks: $200 on one CL, $20 on one MCL.
- Notional size: at $65 a barrel, one CL controls $65,000 of crude (1,000 × $65). One MCL controls $6,500.
Tick sizes and values are the exchange's contract specifications (CME Group). Results leave out commissions and fees. This is a calculator, not trading advice.
tickspoints1 tick1 point=Sizing CL and MCL on a funded account
This example uses the Hero Live $50K account, which is funded from day one. It has a $1,200 daily drawdown (reaching it breaches the account immediately), a $2,000 end-of-day trailing max drawdown, and a cap of 5 minis / 50 micros open at one time.
| Hero Live account | Max open | Daily drawdown | Max drawdown | 1 CL to the tighter limit |
|---|---|---|---|---|
| $10K | 1 mini / 10 micros | None | $500 | 50 ticks ($0.50) |
| $25K | 1 mini / 10 micros | None | $1,000 | 100 ticks ($1.00) |
| $50K | 5 minis / 50 micros | $1,200 | $2,000 | 120 ticks ($1.20) |
| $75K | 10 minis / 100 micros | $1,700 | $2,750 | 170 ticks ($1.70) |
| $100K | 10 minis / 100 micros | $2,100 | $3,500 | 210 ticks ($2.10) |
| $150K | 10 minis / 100 micros | $3,000 | $5,000 | 300 ticks ($3.00) |
One MCL gets ten times the room: 1,200 ticks ($12.00 a barrel) against the $50K daily drawdown. At the full 5 CL (or 50 MCL), every tick is worth $50, so 24 ticks, a 24-cent move, uses the whole $1,200. On the $10K account, one CL has just 50 cents of room before the $500 max drawdown, which is why MCL suits smaller accounts.
- Start from the limit that binds firstOn the $50K, that is the $1,200 daily drawdown, not the $2,000 max.
- Set a per-trade riskYour choice, not a firm rule. Say $200.
- Price the stopA 20-cent stop is 20 ticks: $200 per CL, $20 per MCL. That is 1 CL or 10 MCL.
- Use MCL for wider stopsA 30-cent stop costs $300 per CL, over budget. At $30 per MCL, 6 MCL ($180) fits.
Volatility and session behaviour
Crude trades nearly around the clock, but volume concentrates in US hours, building through the morning and into the 2:30 PM ET settlement. The Asian session is usually quieter, and FundedHero Futures notes that liquidity right after the 6:00 PM ET open is often thin, especially on Sundays and holidays.
The EIA Weekly Petroleum Status Report comes out on Wednesdays at 10:30 AM ET (later in holiday weeks) and often triggers a fast burst. The industry API estimate lands on Tuesdays at 4:30 PM ET, after the auto-close. OPEC+ decisions and geopolitical headlines can move crude sharply at any hour. CL is a monthly contract, so check you are in the active month around each roll.
How FundedHero Futures rules apply to crude oil
Products and contract limits
CL and MCL are on the available products list under NYMEX energies, with natural gas (NG, QM, QG), gasoline (RB) and heating oil (HO). Each plan caps how many contracts you can have open at once, written as minis and micros. If you are unsure how a full-size contract like CL counts, ask support before you trade.
Hours and the 4:10 PM ET auto-close
Trading is permitted from the 6:00 PM ET Globex open. All positions close automatically at 4:10 PM ET, so there is no overnight or weekend holding. The end-of-day rules warn that pushing orders after 4:10 PM ET can lead to disqualification. The trading day resets at 6:00 PM ET. On early-close holidays positions are not closed for you.
News trading
News trading is fully allowed, including high-impact events. Expect slippage and fast moves that test your drawdown.
The 30-second rule
After every execution, wait at least 30 seconds before your next execution on the same account. Adjusting stops and taking partials on an open position is fine. Up to four violations keeps the account active but pays only 25% of the eligible profit split; five or more breaches the account and resets it to its original phase (full policy).
End-of-day trailing drawdown
All drawdown is end-of-day trailing. On the Hero Live $50K the level starts at $48,000. Close a day at $50,900, a new high, and it rises to $48,900. It never moves down, and only the balance at the 6:00 PM ET rollover is checked.
Frequently asked questions
How much is one tick on crude oil futures?
One tick is $0.01 a barrel. That is worth $10 on CL (1,000 barrels) and $1 on MCL (100 barrels).
What is the difference between CL and MCL?
Only size. CL covers 1,000 barrels and MCL 100 barrels of WTI crude oil, both on NYMEX with the same $0.01 tick. Ten MCL move the same dollar amount as one CL.
Can I trade the EIA crude inventory report at FundedHero Futures?
Yes. News trading is fully allowed at FundedHero Futures. The EIA report usually comes out Wednesdays at 10:30 AM ET, and spreads can widen around it, so size for slippage.
Which other energy futures can I trade at FundedHero Futures?
Besides CL and MCL, the products list includes natural gas (NG, QM, QG), RBOB gasoline (RB) and heating oil (HO), all on NYMEX.
Can I hold a crude oil position overnight?
No. Every position closes automatically at 4:10 PM ET, and you can trade again from the 6:00 PM ET open.
Contract specifications are from CME Group and can change; confirm them at cmegroup.com before trading. EIA release times are from eia.gov. Price levels and trade sizes above are examples, not recommendations. FundedHero Futures accounts are simulated, and payouts depend on following the rules. Futures trading involves substantial risk.
Size crude to your account, not the headline
Pick the plan and account size that give your CL or MCL stops room.
