WTI Crude Oil Futures (CL) — Contract Specs
NYMEX · Energy
Physically delivered at Cushing. The delivery mechanism is why holding CL into expiry is not something most non-commercial traders do — first notice day matters here.
Contract specifications
| Exchange symbol | CL |
|---|---|
| Exchange | NYMEX |
| Contract size | 1,000 barrels |
| Minimum tick | $0.01 per barrel |
| Value per tick | $10.00 |
| Contract months | All 12 calendar months |
| Settlement | Physical delivery at Cushing, Oklahoma |
| Trading hours | Sun–Fri 18:00–17:00 ET, 60-minute break each day at 17:00 ET |
Where these figures come from
Compiled from the exchanges' published contract specifications (CME, CBOT, NYMEX, COMEX). Last reviewed .
Every contract is checked for internal consistency: the tick value must equal the contract size multiplied by the tick. All 41 agree, including the interest-rate contracts quoted in fractions of a thirty-second of a point.
These figures are NOT independently verified against the exchange. We do not fetch cmegroup.com - it refuses our requests and its terms do not permit it - so an exchange that changes a contract specification will not be reflected here until someone reviews it by hand. Check with the exchange or your broker before trading on them.
What one tick is worth
The minimum price increment is $0.01 per barrel. Because the contract covers 1,000 barrels, each tick is worth $10.00 per contract.
This contract is physically delivered. Holding it past first notice day starts the delivery process, so traders without a use for the underlying normally close or roll well before then — see how rollover works.
Other contracts on this market
| Contract | Size | Per tick |
|---|---|---|
| Micro WTI Crude Oil MCL · NYMEX | 100 barrels | $1.00 |
| Brent Crude Oil (Last Day) BZ · NYMEX | 1,000 barrels | $10.00 |