What is the tick value for CL?

$10.00 per tick — a 0.01 tick size × a $1000 multiplier (point value).

What is one CL contract worth?

One contract represents 1,000 barrels of WTI crude oil. Notional value = price × $1000; use the tick value calculator with the current price for an exact figure.

Which exchange lists CL?

Crude Oil (WTI) (CL) trades on the NYMEX.

What are the trading hours for CL?

Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 5:00pm–6:00pm ET.

How much margin do I need to trade CL?

Margin varies by broker and is typically higher around expiry due to physical delivery risk.

How is P&L calculated for CL?

P&L = (exit price − entry price) ÷ 0.01 tick size × $10.00 tick value × number of contracts. Use the tick value calculator to compute this directly.

NYMEX

Crude Oil (WTI) (CL) Tick Value & Contract Specs

Tick value $10.00 per tick — 1,000 barrels of WTI crude oil.

WTI Crude Oil futures (CL) are the benchmark energy contract in the Americas: one contract covers 1,000 barrels of West Texas Intermediate crude, priced in dollars per barrel. The minimum tick is $0.01 per barrel, worth $10 per contract — so every one-dollar move in the oil price swings a single contract by $1,000. With crude at $75, notional exposure is $75,000 per contract.

Crude's personality is event-driven. Weekly EIA inventory reports, OPEC+ decisions and geopolitical headlines can move the price several dollars in minutes, which at $1,000 per dollar per contract demands disciplined sizing. CL is also a physically delivered contract, so margins tighten and open interest rolls to the next month as expiry approaches — retail traders exit or roll well before delivery. If full-size crude risk is too coarse, the Micro (MCL) offers one-tenth the barrels. The calculator below converts price moves into dollars using CL's exact specs.

Exchange: NYMEX
Contract size: 1,000 barrels of WTI crude oil
Tick size: 0.01
Tick value: $10.00
Point value (multiplier): $1000
Trading hours: Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 5:00pm–6:00pm ET
Margin: Margin varies by broker and is typically higher around expiry due to physical delivery risk.

Open in the tick value calculator, pre-filled for CL

How CL tick value works

Tick value is the dollar amount one futures contract gains or loses when the price moves one minimum increment (one tick).

tick value = tick size × multiplier. For CL, that is 0.01 × $1000 = $10.00 per tick, per contract.

One contract represents 1,000 barrels of WTI crude oil. P&L for a move from entry to exit is (exit − entry) ÷ tick size × tick value × contracts.

Frequently asked questions

What is the tick value for CL?: $10.00 per tick — a 0.01 tick size × a $1000 multiplier (point value).
What is one CL contract worth?: One contract represents 1,000 barrels of WTI crude oil. Notional value = price × $1000; use the tick value calculator with the current price for an exact figure.
Which exchange lists CL?: Crude Oil (WTI) (CL) trades on the NYMEX.
What are the trading hours for CL?: Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 5:00pm–6:00pm ET.
How much margin do I need to trade CL?: Margin varies by broker and is typically higher around expiry due to physical delivery risk.
How is P&L calculated for CL?: P&L = (exit price − entry price) ÷ 0.01 tick size × $10.00 tick value × number of contracts. Use the tick value calculator to compute this directly.

More futures contract specs

See all futures contract specs or use the futures contract & tick value calculator with any symbol or custom specs.

Specs last reviewed 2026-06-01. Exchanges can amend contract specs — always confirm against the exchange or your broker before trading.