---
title: "Trading Crude Oil Futures | ProFuturesTrader"
url: https://profuturestrader.com/education/futures-markets/day-trading-crude-oil-futures
description: "Plain-English trading crude oil guide: contract size, ticks, settlement, expiration, and risk. Educational only."
lang: en
---

Energy Futures

# 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.

- Official contract specifications: https://www.cmegroup.com/markets/energy/crude-oil/light-sweet-crude.contractSpecs.html
- Official Micro WTI specifications: https://www.cmegroup.com/markets/energy/crude-oil/micro-wti-crude-oil.contractSpecs.html

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: https://www.cmegroup.com/markets/energy/crude-oil/light-sweet-crude.contractSpecs.html
·
Margin and Leverage in Futures: https://profuturestrader.com/education/margin-and-leverage

## 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 (https://profuturestrader.com/education/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 (https://profuturestrader.com/education/contract-rollover).

Crude Oil Futures Basics (https://profuturestrader.com/education/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?

### 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.

28-day demo: https://profuturestrader.com/demo
Platforms: https://profuturestrader.com/platforms

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 (9499964611) · drathgeber@profuturestrader.com

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