WTI Crude Oil Futures Tick Value (CL), Point Value & Contract Specs
One CL (WTI Crude Oil) tick is $0.01 per barrel and is worth $10.00 per contract. A 1.00 move in the price is worth $1,000. Source: CME Group contract specs.
CL contract specs
| Product | Crude Oil Futures |
|---|---|
| Symbol (CME Globex) | CL |
| Exchange | NYMEX (rulebook chapter NYMEX 200) |
| Contract unit | 1,000 barrels |
| Price quoted in | USD per barrel |
| Tick size (outright) | $0.01 per barrel |
| Tick value | $10.00 per contract |
| Point value (1.00 move) | $1,000 per contract |
| Ticks per 1.00 move | 100 |
| Settlement | Physical delivery |
| Listed contracts | Monthly contracts listed for the current year and the next 10 calendar years and 2 additional contract months. Month codes: F G H J K M N Q U V X Z |
| Next expiry | CLZ6 (Dec 2026): suggested roll Wed, Nov 18, 2026, last trading day Fri, Nov 20, 2026. Rollover calendar |
| Trading hours | CME Globex: Sunday–Friday 5:00 p.m. – 4:00 p.m. CT (6:00 p.m. – 5:00 p.m. ET), with a daily break 4:00 p.m. – 5:00 p.m. CT. Trading hours today and holidays |
| Micro contract | MCL (Micro WTI Crude Oil): CL = 10 × MCL. |
Sources: CME Group contract specs (read October 23, 2026) · Barchart contract profile (cross-check) (read October 23, 2026). Tick size, tick value and contract size come from the CME Group spec page. A second source, read the same day, confirms them: Barchart's contract profile (tick size and tick value) or, for MYM, M2K, MCL and M6E, TradingView (contract size).
How much is 1 CL contract?
Type the current price. The default is an example level, not a quote.
Notional value: $100,000$100.00 × $1,000 × 1 contract
Notional value is the size of the exposure, not the cash you need. Your broker asks for a margin, set by the broker and CME.
About CL
CL is 1,000 barrels of West Texas Intermediate (WTI) light sweet crude oil, quoted in US dollars per barrel.
It is physically delivered at Cushing, Oklahoma: a position still open after the last trading day must make or take delivery of the oil there.
Crude oil reacts to the US weekly petroleum inventory report (EIA), usually published on Wednesday at 10:30 a.m. ET, and to OPEC+ supply decisions.
All 6 futures prop plans in our position size calculator (Lucid Flex 50K, Tradeify Select 50K, Topstep 50K Combine, Apex 50K EOD, MFFU Rapid 50K, FTMO Futures Growth 50K) list a commission for CL in their rules. Size a trade within a plan's limits with the futures position size calculator.
Trading strategies backtested on the continuous CL contract (CL1!): best CL strategies.
What one CL move is worth
Worked examples with an example move (not a quote):
- A $0.25 move on 1 CL = 25 ticks × $10.00 = $250.00.
- A $0.25 move on 2 CL = $500.00.
- 1 tick on 10 CL = 10 × $10.00 = $100.00.
- The same $0.25 move on 1 MCL = $25.00.
CL and MCL
MCL is the micro version of CL. CL = 10 × MCL: MCL ticks are worth $1.00 and a 1.00 move is $100.
Micros let you size in smaller steps: a stop of the same distance costs a fraction as much. See micro vs mini futures to convert a position from one to the other.
CL futures calculator
Trade
Contract: CL (WTI Crude Oil). Other contracts
1 tick = 0.01 = $10.00 · 1.00 move = $1,000
Commission per contract, per side (entry and exit are each charged). Add exchange and clearing fees if your broker lists them separately.
Profit and loss
+25 ticks × $10.00 × 1 contract = $250.00 gross
$250.00 − $0.00 commission = $250.00 net
Notional value at entry (example price, not a quote): $100,000 (100.00 × $1,000 × 1 contract).
You know what one CL tick pays. Does your strategy catch them?
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CL FAQ
How much is 1 CL contract worth?
Its notional value is the price times $1,000. At an example price of $100.00, 1 CL controls $100,000. Type the current price in the notional value box on this page for today's figure. The margin your broker asks to hold the contract is a different, much smaller number set by the broker and CME.
What is the CL tick value?
One CL tick is $0.01 per barrel and is worth $10.00 per contract (CME Group contract specs). A 1.00 move in the price is worth $1,000.
How many ticks are in a point on CL?
100. A tick is $0.01, so a 1.00 move is 100 ticks × $10.00 = $1,000.
How many MCL make one CL?
10 MCL carry the same exposure as 1 CL: 10 × $100 = $1,000 per 1.00 move. A $0.25 move is worth $250.00 on 1 CL and $25.00 on 1 MCL.
Is CL cash-settled?
No. CL is settled by physical delivery ("deliverable" in the CME specs): a position held through expiry ends in delivery of the underlying.
Which months does CL trade?
Monthly contracts listed for the current year and the next 10 calendar years and 2 additional contract months (CME Group). Month codes: F, G, H, J, K, M, N, Q, U, V, X, Z.