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SCUTA
Futuresintermediate
CONTRACT SIZETICK SIZE$10/TICK

CL (Crude Oil Futures)

NYMEX futures on West Texas Intermediate crude oil. 1,000 barrels per contract, $0.01/barrel tick, physically delivered at Cushing, Oklahoma.

Also called CL · WTI crude · oil futures

Formula
P&L = (Exit − Entry) × $1,000  [in $/barrel terms]

CL is the benchmark light sweet crude oil futures contract traded on NYMEX (CME Group). Each contract represents 1,000 barrels of WTI crude delivered at Cushing, Oklahoma.

  • Contract size: 1,000 barrels
  • Tick size: $0.01/barrel → $10/tick
  • Point value: $1,000/point (i.e., per $1/barrel move)
  • Settlement: Physical delivery (traders must roll before FND)
  • Trading hours: Sunday–Friday 6 PM–5 PM ET on Globex
  • Micro equivalent: MCL (100 barrels, $1/tick)

CL is one of the most volatile and closely followed commodity futures — heavily influenced by OPEC decisions, US inventory data (EIA weekly report), geopolitics, and global demand forecasts.

On the desk

Crude trades at $80/barrel. One CL contract notional = $80,000. A $1 move (100 ticks) = $1,000/contract. A typical day range of $1.50 = $1,500/contract. Compare MCL: same $1 move = $100.

Related terms