WTI Light Sweet Crude Oil Futures (CL) are publicly traded standardized contracts traded on the New York Mercantile Exchange (NYMEX). Each CL contract represents 1,000 barrels of oil, or 42,000 gallons. West Texas Intermediate (WTI) oil, also known as Light Sweet Crude, has long been a benchmark for oil prices.
Why trade crude oil futures?
CL is a deep, liquid and volatile market, subject to rapid price changes caused by geopolitical, production and weather events. Because futures contracts are traded on leverage, the CL can be a powerful way to gain exposure to the oil market with a relatively small amount of capital.
With nearly 24-hour electronic access, Light Sweet Crude Oil is an attractive investment vehicle for retail futures traders. Due to its popularity around the world, crude oil is seen as a currency and an economic barometer.
NYMEX WTI Light Sweet Futures Contract Specifications:
- Exchange: New York Mercantile Exchange (NYMEX)
- Class: Futures
- Trade symbol: CL
- Contract size: 1,000 barrels
- Pricing unit: American dollars
- brand size: 0 . 01
- Brand value: $10
- Point Value: 1 = $1000
- Average daily volume: 1,342,372 (year to date 2022 June)
- Intraday margin: $1000
- contract months: the 12 calendar months
- Trading Hours: Sunday through Friday 6:00 p.m. – 5:00 p.m. ET
- Position limit: 20 contracts
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