Brent Crude Oil (Last Day Financial) Futures (BZ) Contract Specifications
What you're trading
The Brent Crude Oil Last Day Financial future (BZ) gives you cash-settled exposure to the global Brent crude benchmark without physical delivery. Brent is the pricing reference for roughly two-thirds of the world's internationally traded crude supply, and BZ is the CME/NYMEX-listed way to trade Brent alongside WTI (CL) with margin offset benefits. BZ is ultimately priced in relation to ICE Brent — it settles to the ICE Brent Crude Oil Index — but it trades on CME Globex and clears through CME Clearing.
Contract size
1,000 barrels of Brent crude oil.
Tick value
Minimum price fluctuation is $0.01 per barrel, and each tick is worth $10.00 per contract. A $0.10 move equals $100, and a $1.00 move equals $1,000 per contract — same tick economics as CL.
Trading hours
CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with the 4:00–5:00 p.m. CT maintenance halt Monday through Thursday.
Settlement type
Cash-settled based on the ICE Brent Crude Oil Index price as published one day after the final trading day for the delivery month. No physical delivery. Trading terminates on the last business day of the second month preceding the contract month (Brent's expiration runs earlier than WTI — plan your roll strategy accordingly).
Margin snapshot
BZ margin is comparable to CL in absolute dollar terms. Because BZ is cash-settled, traders can hold positions through expiration without delivery concerns, unlike CL.
|
Initial margin (overnight) |
~$5,500–$7,500 per contract (approximate; varies with volatility) |
|
Maintenance margin |
~$5,000–$6,800 per contract |
|
Day-trade margin |
Broker-set; often a fraction of overnight margin |
|
Notional value (reference) |
~$90,000 at $90/barrel |
Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.