WTI Crude Oil Futures (CL) — Contract Specifications
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 |
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 |