CL (WTI Crude Oil Futures)
The WTI Crude Oil futures contract on NYMEX — 1,000 barrels per contract with $0.01 tick size and $10 per tick. The most actively traded oil futures contract in the world.
What is CL (WTI Crude Oil Futures)?
CL is the symbol for the WTI Crude Oil futures contract, traded on NYMEX (New York Mercantile Exchange, part of CME Group). Each contract represents 1,000 barrels of West Texas Intermediate crude oil. At $80/barrel, one CL contract represents $80,000 of notional exposure. The tick size is $0.01 per barrel, so each tick equals $10 in P&L (1,000 barrels × $0.01).
CL is the most actively traded crude oil futures contract in the world, with daily volume routinely exceeding 600,000 contracts. WTI is the US benchmark crude grade (delivery point: Cushing, Oklahoma); the parallel global benchmark is Brent crude on ICE. Most US-based oil traders default to CL.
Crude oil’s volatility is among the highest in commonly-traded futures. Typical CL daily range is $1.50-$3.50/barrel ($1,500-$3,500 per contract dollar swing), and OPEC announcements, geopolitical events, or inventory data can produce $3-$8/barrel moves in 30-60 minutes. This volatility profile demands wider stops and larger drawdown buffers than equity index futures — most prop firms charge $1,000-$3,000 day margin to account for the risk.
How CL (WTI Crude Oil Futures) works
CL contract specifications (May 2026):
- Symbol: CL (sometimes CL1! or @CL)
- Exchange: NYMEX Globex (CME Group)
- Underlying: Light Sweet Crude Oil (WTI) — physical delivery at Cushing, OK
- Contract size: 1,000 barrels
- Tick size: $0.01 per barrel
- Tick value: $10 per tick
- Point value (per $1/barrel move): $1,000 per contract
- Contract months: All 12 months traded; front-month rolls monthly
- Trading hours: Sun 6:00 PM ET-Fri 5:00 PM ET, 1-hour daily break
- Settlement: Physical delivery available, but typically cash-settled or rolled before expiry
Margin: Day-trading $1,000-$3,000 per contract at most prop firms (Apex $1,000). NYMEX initial margin $8,000-$15,000 (varies with realized vol).
MCL — Micro Crude Oil: 100 barrels per contract (1/10 of CL). Tick value $1, point value $100 per $1 move. Preferred contract for retail.
Volatility profile:
- Daily range typically $1.50-$3.50/barrel = $1,500-$3,500 per contract
- OPEC meetings: $3-$8/barrel moves common = $3,000-$8,000 per contract
- EIA inventory release (Wednesdays 10:30 AM ET): $1-$3/barrel moves in 60 seconds
- Geopolitical events (Middle East, Russia/Ukraine): $5-$15/barrel overnight gaps possible
When prop firm traders use CL: EIA inventory data plays (Wednesday 10:30 AM ET), OPEC meetings, geopolitical-risk plays, USD-correlated trades, energy-sector rotation. Most prop firm CL trading is event-driven rather than continuous scalping due to high volatility.
Worked example
Setup: Trader on Tradeify $50K Growth funded account holds 1 MCL contract long from $80.05/barrel ahead of EIA data, with stop at $79.50 ($55 risk) and target at $81.00 ($95 reward). Risk/reward ~1:1.7.
Outcome — bullish EIA surprise:
- 10:30 AM ET: EIA reports larger-than-expected inventory drawdown.
- Price spikes to $81.20 within 3 minutes. Target hit at $81.00 first.
- Gross P&L: +$0.95 × $100 = +$95
- Commission ~$4 round-trip → Net ~$91
Comparison vs 1 CL (full size):
- Same trade on 1 CL: +$0.95 × $1,000 = +$950 reward, $550 stop risk.
- 10x bigger dollar P&L for the same price movement.
Tradeify daily payout impact: A successful EIA-day trade like this generates $91 net on MCL or $946 net on CL. With Tradeify’s daily payouts, the cash settles next business day. Strong cash-flow advantage for event-driven oil traders compared to biweekly-cycle firms.
CL (WTI Crude Oil Futures) vs related concepts
Side-by-side comparison of CL (WTI Crude Oil Futures) against the most commonly confused alternatives.
| Concept | Definition | Category |
|---|---|---|
| CL (WTI Crude Oil Futures) this term | The WTI Crude Oil futures contract on NYMEX — 1,000 barrels per contract with $0.01 tick size and $10 per tick. The most actively traded oil futures contract in the world. | Specific Contracts |
| GC (Gold Futures) | The standard Gold futures contract on COMEX — 100 troy ounces per contract with $0.10 tick size and $10 per tick. The dominant gold trading vehicle for futures prop firms. | Specific Contracts |
| NG (Natural Gas Futures) | The Natural Gas (Henry Hub) futures contract on NYMEX — 10,000 MMBtu per contract with $0.001 tick size and $10 per tick. One of the most volatile commodity futures. | Specific Contracts |
| SI (Silver Futures) | The Silver futures contract on COMEX — 5,000 troy ounces per contract with $0.005 tick size and $25 per tick. Higher volatility cousin of gold; smaller liquidity but bigger swings. | Specific Contracts |
| Futures Contract | A standardized agreement to buy or sell a specific quantity of an underlying asset at a predetermined price on a specified future date — the foundational instrument of futures markets. | Futures Mechanics |
| Point Value | The dollar value of a one-point price movement on a futures contract — equal to the contract multiplier; a key input to position sizing math. | Futures Mechanics |
| Margin | The capital deposit required to open and hold a futures position — set by the exchange (initial margin) and broker (day-trade margin), typically 5-15% of contract notional value. | Futures Mechanics |
Why traders fail CL (WTI Crude Oil Futures)
Trading CL during EIA data without stop discipline. EIA inventory data (Wednesdays 10:30 AM ET) regularly produces $1-$3/barrel moves in 60 seconds. A $0.20 stop on CL is 20 ticks ($200) — easily blown through during news velocity. Either flatten before the release or use wider stops calibrated to the data event.
Confusing CL and MCL tick values. CL tick is $10 ($0.01/barrel × 1,000 barrels). MCL tick is $1 ($0.01/barrel × 100 barrels). Sizing in dollars is safest; sizing in ticks requires knowing which contract.
Holding CL overnight at full size during geopolitical events. Crude can gap $3-$10/barrel on weekend Middle East developments or Russia/Ukraine news. Stops left in market may fill far from intended levels. Either flatten or use wider stops, especially Friday afternoon to Sunday evening Globex open.
Trading CL without watching the API and EIA calendar. Oil markets move on inventory data: API (Tuesday 4:30 PM ET) and EIA (Wednesday 10:30 AM ET) are scheduled volatility events. Most prop firm CL traders explicitly position around these releases or stay flat through them.
Frequently asked questions about CL (WTI Crude Oil Futures)
What is CL futures?
CL is the symbol for the WTI Crude Oil futures contract on NYMEX (CME Group), representing 1,000 barrels of West Texas Intermediate crude oil per contract. Tick size $0.01 per barrel ($10 per tick), with a multiplier of $1,000 per $1/barrel move. Most actively traded crude oil futures contract in the world.
How much is one tick on CL?
One tick on CL is $0.01 per barrel and equals $10 in profit or loss ($0.01 × 1,000 barrels). So a $0.50/barrel move is 50 ticks ($500). A $1.00/barrel move is 100 ticks ($1,000). The contract has a multiplier of $1,000 per $1/barrel move.
What is the day-trading margin for crude oil futures?
Day-trading margin for CL is $1,000-$3,000 per contract at most futures prop firms (Apex $1,000, others vary). MCL (Micro Crude Oil) day margin is $100-$300 per contract. The NYMEX exchange initial margin for overnight holds is approximately $8,000-$15,000 per CL contract — varies materially with realized volatility.
When does CL trade?
CL trades Sunday 6:00 PM ET to Friday 5:00 PM ET, with a 1-hour daily break. Most active sessions: 9:00 AM-2:30 PM ET (US RTH overlap) and around scheduled news (EIA inventory Wednesdays 10:30 AM ET, OPEC meetings). Asian and overnight sessions see thinner volume except during Middle East geopolitical events.
Should I trade CL or MCL on prop firm accounts?
Choose MCL (Micro Crude Oil) for accounts under $100K, when learning oil volatility, or for sizing flexibility around event days. Choose CL (full size) for $100K+ accounts and high-conviction event-driven trades. Most prop firm traders use MCL for normal sessions and CL only for specific OPEC/EIA events.