Trading Crude Oil Futures
Trading crude oil describes CL contract mechanics, not a forecast or a recommendation.
Educational only, not a recommendation to buy or sell any contract or a solicitation to open an account. Futures and options trading involves substantial risk of loss. You can lose more than your initial deposit.
Contract specifications
| Specification | CL |
|---|---|
| Exchange | NYMEX |
| Symbol | CL |
| Contract size | 1,000 barrels |
| Tick size / value | $0.01/barrel = $10 |
| Trading hours | Sunday–Friday 5:00 p.m.–4:00 p.m. CT, with a 60-minute break at 4:00 p.m. CT. |
| Listed months | Monthly for the current year and next 10 calendar years, plus 2 additional months; confirm current listings. |
| Settlement | Physical delivery at Cushing, Oklahoma. |
Last verified November 10, 2026.
This is the supplied source-note date, not confirmation of every live field. Dated sources and fields requiring exchange confirmation are identified below.
Intraday use does not change delivery obligations, tick value, or news risk. A stop is not a guaranteed fill at its trigger price. This is not a day-trading system.
Micro, mini, and related smaller contracts
Micro WTI (MCL): 100 barrels, tick $0.01 = $1. Cash-settled to the corresponding CL daily settlement on MCL’s last trading day.
Worked tick and 1% example
Hypothetical arithmetic illustration only — not a current price, projection, trading result, or recommendation.
One outright tick changes one CL contract by $10. Four ticks change it by 4 × $10 = $40, in either direction, before costs.
Assume a made-up quotation of 70 U.S. dollars per barrel. A 1% price change is 0.7 in those quote units. Multiplying by 1,000 gives $700 for one contract. The same move against a position produces a loss of that amount before costs.
Commissions, fees, bid-ask spreads, and slippage are excluded. Leverage can lead to losses larger than your deposit; a 1% price move is not a 1% account-equity move.
Margin and leverage
Margin is a performance bond, not the purchase price or a limit on loss. Exchange requirements and carrying-firm requirements can change; the firm may require more and may liquidate positions when requirements are not met. No margin dollar amounts are quoted here.
Official exchange product and margin information · Margin and Leverage in Futures
What moves the market
EIA inventory reports, producer policy, refinery operations, geopolitics, and demand can move crude during intraday and overnight sessions.
Reading the Economic Calendar explains scheduled-release timing. Unscheduled news can also move prices; stops do not guarantee an exit price.
Rollover and expiration
CL last trade is 3 business days before the 25th calendar day of the prior month, or 4 if the 25th is not a business day. MCL ends one business day before corresponding CL. Confirm actual dates.
A roll closes one contract month and opens another; spreads, costs, and execution risk remain. Firm deadlines may be earlier than exchange deadlines. See Contract Rollover, First Notice Day, and Last Trading Day.
Crude Oil Futures Basics is the existing CL/MCL guide.
Frequently asked questions
What is the contract size and tick value?
CL: 1,000 barrels; $0.01/barrel = $10.
Is there a smaller related contract?
Micro WTI (MCL): 100 barrels, tick $0.01 = $1. Cash-settled to the corresponding CL daily settlement on MCL’s last trading day.
How does settlement and expiration work?
Physical delivery at Cushing, Oklahoma. CL last trade is 3 business days before the 25th calendar day of the prior month, or 4 if the 25th is not a business day. MCL ends one business day before corresponding CL. Confirm actual dates.
Does a smaller contract or a stop remove risk?
No. Futures remain leveraged; you can lose more than your initial deposit. Smaller contracts change dollar exposure, not market direction. Stops do not guarantee a fill at the stop price.
Talk it through, if that would help
Ask about contract mechanics or practicing with simulated funds. There is no obligation to open an account.
Demo accounts use simulated funds. Demo results do not reflect real trading and are not indicative of future results. Features, terms, and availability can change.
Drew Rathgeber, President
949-996-4611 · drathgeber@profuturestrader.com