CL Tick Size, Tick Value, and Full Crude Oil Contract Specs
Updated September 19, 2026
Before you place a trade in crude oil futures, you need to know exactly what each tick is worth and how the contract is structured. CL is a large, volatile contract. Not understanding the specs before you size a position is how traders get hurt fast.
This page covers the hard numbers: tick size, tick value, contract size, margin, settlement, and what all of it means when real money is on the line. For a broader introduction to CL and what drives price, start with what crude oil futures are.
Tick Size and Tick Value
The minimum price increment in CL is $0.01 per barrel. Since one contract represents 1,000 barrels, each tick is worth exactly $10.00.
| Metric | Value |
|---|---|
| Tick size | $0.01 per barrel |
| Tick value | $10.00 per contract |
| Contract size | 1,000 barrels |
| One dollar move in price | $1,000 per contract |
That math is simple but the implications aren't. A market that moves with a wide daily range means your tick count exposure adds up fast. A move that looks modest on a price chart can represent hundreds of ticks and a significant dollar swing per contract.
How Dollar Moves Translate to Account P&L
Because each full dollar of price movement equals $1,000 per contract, CL requires you to think in dollar-per-barrel terms, not just chart levels. When crude oil makes a substantial intraday move, that translates directly into meaningful account swings even on a single contract.
Traders coming from smaller contracts like MES or MNQ often underestimate this. CL is not a starter contract. The size is real and the market moves like it knows that.
Full Contract Specifications
| Spec | Detail |
|---|---|
| Exchange | NYMEX (CME Group) |
| Ticker symbol | CL |
| Underlying | West Texas Intermediate (WTI) crude oil |
| Contract size | 1,000 barrels |
| Price quotation | U.S. dollars and cents per barrel |
| Tick size | $0.01 per barrel |
| Tick value | $10.00 |
| Settlement type | Physical delivery |
| Delivery point | Cushing, Oklahoma |
| Contract months | All 12 calendar months |
| Trading hours | Sunday–Friday, nearly 24 hours (CME Globex) |
Margin: What Your Broker Requires
CL margin requirements vary by broker and change over time based on exchange minimums and volatility conditions. There are two tiers to understand:
- Clearing and exchange performance bond — CME Clearing publishes minimum performance-bond requirements that can change with market conditions.
- Broker or program margin — an FCM, broker, or prop platform may require more, may offer separate intraday terms, and can change its cutoff or liquidation policy.
A reduced intraday requirement is not a maximum-loss estimate. The broker can liquidate under its current cutoff or risk policy, and a fast move can exceed the posted amount. Check the current account agreement and product schedule before trading.
Margin requirements for CL are higher than most retail futures traders are used to. This is not a contract to underestimate from a capital standpoint.
Physical Settlement and Delivery Risk
CL settles via physical delivery at Cushing, Oklahoma. This is not a cash-settled contract. If you hold a long position into expiration, you are technically on the hook to take delivery of 1,000 barrels of crude oil.
Retail brokers commonly publish their own closeout or roll deadlines for deliverable contracts, and those deadlines can be earlier than the exchange's termination or delivery process. Do not assume the broker will act at a particular time; read the current policy for the account and contract month.
The practical rule: don't hold CL into expiration. Roll early or close the position. If you're unsure how the roll works and what the curve structure looks like when you do it, that's covered in the calendar spreads article.
Contract Months and Front Month Liquidity
CL lists contracts across all 12 calendar months. Trading activity often concentrates in nearby months, but the active month must be identified from current volume, open interest, spread, depth, and the expiration calendar rather than a fixed slogan.
As expiration approaches, volume migrates to the next contract month. The front month goes thin fast in the final days before expiration. Trading a thinning front month means wider spreads, worse fills, and choppier price action — all of which hit you through slippage. How slippage behaves in CL and how to limit it is covered in the CL slippage article.
Micro Crude Oil Futures (MCL)
CME also lists Micro WTI Crude Oil futures under the ticker MCL. One MCL contract represents 100 barrels — one tenth the size of CL. The tick value on MCL is $1.00 per tick rather than $10.00.
MCL is useful for sizing down, practicing with real market structure, or testing a CL approach without full contract exposure. It tracks the same WTI crude oil market at one tenth the size of CL, but it is financially settled and expires one day before the corresponding standard CL contract.
How the Specs Connect to Real Trading Decisions
Understanding CL specs isn't an academic exercise. Every decision you make about stop placement, position size, and risk per trade depends on knowing what each tick costs you. A stop that's 20 ticks wide is a $200 risk per contract. A stop that's 100 ticks wide is $1,000 per contract. CL can cover that distance in a single news-driven move without pausing.
Stop placement in CL depends on understanding market structure, not arbitrary dollar amounts.
Know the Contract Before You Trade It
CL is not a small contract. A single dollar move in crude oil price is $1,000 per contract. Traders who don't internalize the tick value before they size their first position find out the hard way, usually on a volatile EIA Wednesday.
Sources, scope, and change risk
Specifications were checked September 19, 2026 against CME's WTI Crude Oil contract specifications, NYMEX Rulebook Chapter 200, and Micro WTI FAQ.
Contract specifications, performance bonds, hours, price limits, expiration dates, and broker cutoffs can change. CME rules control the contract; the broker or prop platform can impose earlier liquidation times and higher house margin. Dollar examples exclude commissions and slippage.