--- title: WTI Crude Oil Futures (CL) Contract Specifications description: CL product specs --- [Skip to content](https://help.metrotrade.com/kb/wti-crude-oil-futures-cl-contract-specifications#main-content) English Show submenu for translations [![MetroTrade](https://help.metrotrade.com/hs-fs/hubfs/logo3-1.png?width=225&height=39&name=logo3-1.png)](https://metrotrade.com/) Open main navigation Close main navigation - English Show submenu for translations - [MetroTrade.com](https://www.metrotrade.com/) [MetroTrade.com](https://www.metrotrade.com/) How can we help you? - There are no suggestions because the search field is empty. 1. [KnowledgeBase](https://help.metrotrade.com/kb?hsLang=en) 2. [Products & Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en) 3. [Contract Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#contract-specs) # WTI Crude Oil Futures (CL) Contract Specifications #### What you're trading The WTI Crude Oil future (CL) is the world's most liquid crude oil contract and the primary global benchmark for light, sweet crude. Each contract gives you exposure to West Texas Intermediate crude with delivery in Cushing, Oklahoma — the physical hub where North American pipeline infrastructure converges. CL is used by producers, refiners, and airlines to hedge physical exposure, and by speculators to trade views on global supply/demand, OPEC+ policy decisions, geopolitical risk, U.S. inventory data, and seasonal demand patterns. #### Contract size 1,000 barrels of WTI 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. #### Trading hours CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with a 60-minute maintenance halt from 4:00 p.m. to 5:00 p.m. CT Monday through Thursday. Traders should note the weekly EIA Petroleum Status Report released most Wednesdays at 9:30 a.m. CT, which frequently causes sharp intraday moves. #### Settlement type Physically delivered. Contracts expire monthly, with trading terminating on the third business day prior to the 25th calendar day of the month preceding the delivery month. Open positions at expiration require physical delivery of crude at Cushing, Oklahoma — most speculative traders roll or close their positions well before last trading day to avoid delivery obligations. #### Margin snapshot CL margin can shift meaningfully around OPEC meetings, geopolitical events, and EIA data releases. Because CL is physically delivered, brokers often raise margins or require position closure in the days before expiration. | **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)** | ~$85,000 at $85/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.* #### Related learning - CME official contract specifications: [WTI Crude Oil Futures Contract Specs](https://www.cmegroup.com/markets/energy/crude-oil/light-sweet-crude.contractSpecs.html) - [Micro WTI Crude Oil (MCL) — 1/10th the size of CL](https://www.cmegroup.com/markets/energy/crude-oil/micro-crude-oil.contractSpecs.html) - [Brent Crude (BZ) — global crude benchmark, cash-settled](https://www.cmegroup.com/markets/energy/crude-oil/brent-crude-oil.contractSpecs.html) - [CME initial margin requirements (all products)](https://www.cmegroup.com/clearing/margins/) - [https://www.metrotrade.com/margins/](https://www.metrotrade.com/margins/) - [Account Information](https://help.metrotrade.com/kb/account-information?hsLang=en#main-content) - [Account Eligibility](https://help.metrotrade.com/kb/account-information?hsLang=en#account-eligibility) - [Account Management / Profile](https://help.metrotrade.com/kb/account-information?hsLang=en#account-management-profile) - [Account Statements & Reporting](https://help.metrotrade.com/kb/account-information?hsLang=en#account-statements-reporting) - [Funding & Withdrawals](https://help.metrotrade.com/kb/funding-withdrawals?hsLang=en) - [Pricing & Fees](https://help.metrotrade.com/kb/pricing-fees?hsLang=en) - [MetroTrader Platform](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#main-content) - [MetroTrader Web](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#metrotrader-web) - [MetroTrader App](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#metrotrader-app) - [Troubleshooting](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#troubleshooting) - [Margins & Trading Info](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#main-content) - [Margin & Risk](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#margin-risk) - [Trading Hours & Market Schedule](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#trading-hours-market-schedule) - [About MetroTrade](https://help.metrotrade.com/kb/about-metrotrade?hsLang=en) - [Products & Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#main-content) - [Product Information](https://help.metrotrade.com/kb/products-specs?hsLang=en#product-information) - [Contract Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#contract-specs) [![MetroTrade](https://help.metrotrade.com/hs-fs/hubfs/mt-fb-profile.png?width=50&height=50&name=mt-fb-profile.png "MetroTrade")](https://metrotrade.com) Chicago, IL USA [mailto:support@metrotrade.com](mailto:support@metrotrade.com) Copyright © 2026, MetroTrade