Crude Oil Futures Contract Specifications (CL)
The NYMEX WTI contract is 1,000 barrels. One tick is one cent per barrel, which is $10 per contract. It is the most heavily traded commodity future in the world and the benchmark for global crude pricing.
Specifications
| Contract unit | 1,000 barrels |
| Exchange | NYMEX/CME |
| Symbol | CL |
| Tick size | 0.01 |
| Tick value | $10 |
| Point value | $1,000.00 |
| Delivery months | All |
| Category | Energies |
Margin is set by the exchange and your broker and changes with volatility. It is deliberately not listed here — use the margin calculator with your broker's live figure.
Reading the tick value
WTI quotes in dollars per barrel to two decimals. A move from $68.50 to $69.50 is one point — $1,000 per contract. A move of one cent is one tick — $10. The 100:1 gap between point and tick matters because oil commentary often moves in half-dollar and dollar increments, which is $500–$1,000 per contract.
The contract sizes
| Contract | Symbol | Size | Tick value |
|---|---|---|---|
| WTI Crude Oil | CL | 1,000 barrels | $10.00 |
| E-mini Crude | QM | 500 barrels | $12.50 |
| Micro WTI Crude | MCL | 100 barrels | $1.00 |
Again, the E-mini (QM) has a larger tick value than the full contract despite being half the size — 500 barrels with a 2.5-cent tick. The reason is that CME widened the minimum increment for QM.
Expiry and the roll — the part that catches people out
CL trades every month of the year, which makes it different from most futures. But only the front months carry real liquidity, and the contract expires roughly three business days before the 25th of the month preceding delivery.
The roll is not automatic and the spread is not free. Rolling from the expiring month to the next costs the difference between the two prices — contango or backwardation — plus two sets of commissions. On a 1,000-barrel contract a 30-cent roll spread is $300.
Critical: holding CL into expiry can result in physical delivery obligations. Retail traders must roll or close before the broker's cut-off, which is earlier than the exchange expiry date. Check your broker's notice — it is usually sent once a month and is easy to miss.
Why oil moves
- OPEC+ supply decisions — quota changes move the curve immediately
- US inventories — the EIA weekly report on Wednesdays is the single most reliable volatility event
- Refinery runs and product cracks — crude demand is derived from gasoline and diesel
- Geopolitics — supply risk premium appears fast and decays as the event is priced
- The dollar — oil is priced in USD, so the exchange rate feeds through
Context, not a view. This site does not forecast price.
CL vs Brent
WTI (CL) and Brent (B) are different grades with different delivery points and different quality. Brent is seaborne and more exposed to global waterborne trade; WTI is landlocked at Cushing, Oklahoma. The spread between them moves and is itself a traded market. Neither is "the" oil price — they are two benchmarks.
More energies contracts
- ICE Brent Crude (B) — 1,000 bbl, $10 per tick
- Natural Gas (NG) — 10,000 mmBtu, $10 per tick
- ICE WTI Crude (T) — 42,000 gal, $10 per tick
- E-mini Natural Gas (QG) — 2,500 mmBtu, $12.50 per tick
- E-mini Crude Light (QM) — 500 barrels, $12.50 per tick
- ICE Gas Oil (G) — 100 tonnes, $4.20 per tick
Full list: all 135 contract specifications.
Frequently asked
How much is one tick in crude oil?
$10 per contract on CL (1,000 barrels × $0.01), $1 on MCL.
How much is a $1 move in oil?
$1,000 per CL contract. On MCL it is $100.
Can I hold crude oil futures to expiry?
Only if you can take physical delivery of 1,000 barrels at Cushing. Retail accounts cannot. Roll or close before your broker's cut-off.