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.
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.
Example
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
Contract Size
The fixed quantity of the underlying asset controlled by one futures contract, set by the exchange.
BeginnerFirst Notice Day
The first date on which a futures contract seller can issue a delivery notice for physical settlement; long holders must exit before this date.
IntermediateGC (Gold Futures)
COMEX gold futures. 100 troy ounces per contract, $0.10/oz tick ($10/tick). Physically deliverable at approved COMEX vaults.
IntermediatePhysical Delivery
Settlement method where the seller of a futures contract must deliver the actual underlying commodity to the buyer at expiration.
IntermediateTick Value
The dollar P&L impact of one minimum price move in a futures contract. Tick Size × Contract Multiplier.
Beginner