Crude Oil (CL)

What CL tracks

CL is the NYMEX Light Sweet Crude Oil futures contract, the main US oil benchmark, often called WTI (West Texas Intermediate). One contract covers 1,000 barrels, and prices are quoted in dollars and cents per barrel.

CL is physically delivered at Cushing, Oklahoma, a major US pipeline and storage hub. Almost all traders close or roll their positions before expiry, but the delivery link keeps futures prices tied to the physical oil market. Retail and prop firm accounts are generally not set up to take delivery.

CL contract specifications

Specifications come from CME Group: NYMEX Rulebook Chapter 200, CME WTI fact card, CME Micro WTI fact card. CME can change trading hours, listed months and other terms, and holiday schedules differ, so confirm the details on CME Group's site before you trade.

What moves CL

Several forces tend to drive CL prices. None of them predicts direction on its own, and they often pull in different ways at the same time.

• OPEC+ decisions. Production targets set by OPEC and its partners change expectations for global supply.
• US inventory data. The US Energy Information Administration publishes weekly petroleum inventory figures, usually on Wednesdays, and oil often moves on the release.
• Geopolitics. Conflict or sanctions that affect producing regions or shipping routes can move prices quickly, in either direction.
• Economic growth and the dollar. Oil demand follows global activity, and because oil is priced in dollars, a stronger dollar can weigh on prices.

Example P&L math

Say CL rises by $1.00 per barrel while you hold one long contract. That is 100 ticks of $10:

• 100 ticks × $10 = $1,000 per contract.
• A short position would lose the same $1,000. Losses and gains are symmetric before costs.
• On the micro contract, Micro WTI Crude Oil (MCL), the same move is worth $100.

These figures exclude commissions, exchange fees and slippage. Those costs shrink a winning trade and add to a losing one.

To run your own numbers, use the tick value calculator and the position size calculator on our tools page.

Margin

CME Group sets minimum performance bonds (margins) for every contract, and each broker then sets its own requirement, which can be higher. Many brokers also offer lower day-trading margins for positions closed before the session ends. These figures change often, especially when markets get volatile, so we do not quote a number here. Check your broker's current margin page before you trade, and compare brokers on our futures brokers page. Remember that margin is not the most you can lose. Losses on a futures position can exceed the margin you deposit.

MCL vs CL

Both contracts follow the same market, so the chart looks the same. The difference is dollar size. MCL is one-tenth of CL, which means ten MCL contracts carry about the same exposure as one CL.

When MCL fits: smaller accounts, learning, testing a strategy with real fills, scaling in and out in small steps, and prop firm accounts with tight daily loss limits. When CL fits: larger accounts where the per-contract cost of trading matters, since one CL usually costs less in commissions and fees than ten MCL contracts. A larger contract also means each mistake costs ten times as much, so only step up when your stop sizes and account size support it.

Position sizing

A common approach is to decide how many dollars you are willing to lose on a trade, then work out how many contracts fit. For example, with $200 of planned risk and a $0.20 stop on CL, each contract risks $200, so 1 contract fits within that limit.

This example ignores commissions, fees and slippage, which make real losses larger. Stops can also fill worse than planned in fast markets.

Expiry and rolling

CL is physically delivered. If you hold a position after the last trading day, you can end up making or taking delivery, which retail and prop firm accounts are not set up for. Brokers usually require you to close or roll before a cutoff they set, which can be earlier than the exchange's last trading day. Check the CME calendar for exact dates each month.

Related contracts

• Micro WTI Crude Oil (MCL)
• Henry Hub Natural Gas (NG)
• Gold (GC)
• Copper (HG)

See every contract we cover on the futures contracts page.

Frequently asked questions

What is the tick value of CL?

One minimum tick on CL is $0.01 per barrel, worth $10 per contract. The point value is $1,000 per $1.00 move.

What are the trading hours for CL?

Sunday to Friday, 6:00 p.m. to 5:00 p.m. ET, with a 60-minute break starting at 5:00 p.m. ET (5:00 p.m. to 4:00 p.m. CT). Holiday hours differ, so check CME Group's holiday calendar.

Is CL cash-settled or physically delivered?

CL is physically delivered. The last trading day rule: three business days before the 25th calendar day of the month before the delivery month. If the 25th is not a business day, trading ends three business days before the last business day preceding the 25th.

How much margin do I need to trade CL?

Margins are set by CME and then by each broker, and they change with market conditions. Check your broker's current margin page, and see our futures brokers comparison.

Can I hold CL into expiry?

CL is physically delivered at Cushing, Oklahoma. Positions left open after the last trading day must be settled by delivery or an exchange for related position. Most brokers and prop firms require you to close or roll well before that, so check their rules.