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Contract Specifications

Oil Futures Contract Specifications

Crude Oil (WTI) Futures (CL)

  • Trading Symbol: CL
  • Contract Size: 1,000 barrels
  • Trading Hours: Sunday–Friday: 5:00 PM – 4:00 PM CT (next day)
  • Tick Size: $0.01 per barrel
  • Tick Value: $10.00 per contract ($0.01 × 1,000 barrels)
  • Settlement Method: Physically settled (crude oil delivery)
  • Initial Margin: $12,500 (as of April 2025, per CME Group, subject to change)
  • Maintenance Margin: $11,300 (as of April 2025, per CME Group, subject to change)
  • Contract Months: All months: Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)
  • Exchange: CME Group (NYMEX)

Micro WTI Crude Oil Futures (MCL)

  • Trading Symbol: MCL
  • Contract Size: 100 barrels
  • Trading Hours: Sunday–Friday: 5:00 PM – 4:00 PM CT (next day)
  • Tick Size: $0.01 per barrel
  • Tick Value: $1.00 per contract ($0.01 × 100 barrels)
  • Settlement Method: Physically settled (crude oil delivery)
  • Initial Margin: $1,250 (as of April 2025, per CME Group, subject to change)
  • Maintenance Margin: $1,130 (as of April 2025, per CME Group, subject to change)
  • Contract Months: All months: Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)
  • Exchange: CME Group (NYMEX)

Brent Crude Oil Futures (BZ)

  • Trading Symbol: BZ
  • Contract Size: 1,000 barrels
  • Trading Hours: Sunday–Friday: 5:00 PM – 4:00 PM CT (next day)
  • Tick Size: $0.01 per barrel
  • Tick Value: $10.00 per contract ($0.01 × 1,000 barrels)
  • Settlement Method: Physically settled (crude oil delivery)
  • Initial Margin: $11,800 (as of April 2025, per ICE Futures Europe, subject to change)
  • Maintenance Margin: $10,600 (as of April 2025, per ICE Futures Europe, subject to change)
  • Contract Months: All months: Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)
  • Exchange: ICE Futures Europe

Oman Crude Oil Futures (OQD)

  • Trading Symbol: OQD
  • Contract Size: 1,000 barrels
  • Trading Hours: Sunday–Friday: 5:00 PM – 4:00 PM CT (next day)
  • Tick Size: $0.01 per barrel
  • Tick Value: $10.00 per contract ($0.01 × 1,000 barrels)
  • Settlement Method: Physically settled (crude oil delivery)
  • Initial Margin: $10,500 (as of April 2025, per DME/CME Group, subject to change)
  • Maintenance Margin: $9,500 (as of April 2025, per DME/CME Group, subject to change)
  • Contract Months: All months: Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)
  • Exchange: Dubai Mercantile Exchange (traded via CME Globex)

Light Louisiana Sweet (LLS) Futures (AL)

  • Trading Symbol: AL
  • Contract Size: 1,000 barrels
  • Trading Hours: Sunday–Friday: 5:00 PM – 4:00 PM CT (next day)
  • Tick Size: $0.01 per barrel
  • Tick Value: $10.00 per contract ($0.01 × 1,000 barrels)
  • Settlement Method: Physically settled (crude oil delivery)
  • Initial Margin: $11,000 (as of April 2025, per CME Group, subject to change)
  • Maintenance Margin: $10,000 (as of April 2025, per CME Group, subject to change)
  • Contract Months: All months: Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)
  • Exchange: CME Group (NYMEX)

Mars Crude Oil Futures (AO)

  • Trading Symbol: AO
  • Contract Size: 1,000 barrels
  • Trading Hours: Sunday–Friday: 5:00 PM – 4:00 PM CT (next day)
  • Tick Size: $0.01 per barrel
  • Tick Value: $10.00 per contract ($0.01 × 1,000 barrels)
  • Settlement Method: Physically settled (crude oil delivery)
  • Initial Margin: $11,000 (as of April 2025, per CME Group, subject to change)
  • Maintenance Margin: $10,000 (as of April 2025, per CME Group, subject to change)
  • Contract Months: All months: Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)
  • Exchange: CME Group (NYMEX)

Natural Gas Futures Contract Specifications

Natural Gas Futures (NG)

  • Trading Symbol: NG
  • Contract Size: 10,000 million British thermal units (MMBtu)
  • Trading Hours: Sunday–Friday: 5:00 PM – 4:00 PM CT (next day)
  • Tick Size: $0.001 per MMBtu
  • Tick Value: $10.00 per contract ($0.001 × 10,000 MMBtu)
  • Settlement Method: Physically settled (natural gas delivery)
  • Initial Margin: $9,500 (as of April 2025, per CME Group, subject to change)
  • Maintenance Margin: $8,600 (as of April 2025, per CME Group, subject to change)
  • Contract Months: All months: Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)
  • Exchange: CME Group (NYMEX)

E-mini Natural Gas Futures (QG)

  • Trading Symbol: QG
  • Contract Size: 2,500 million British thermal units (MMBtu)
  • Trading Hours: Sunday–Friday: 5:00 PM – 4:00 PM CT (next day)
  • Tick Size: $0.005 per MMBtu
  • Tick Value: $12.50 per contract ($0.005 × 2,500 MMBtu)
  • Settlement Method: Physically settled (natural gas delivery)
  • Initial Margin: $2,375 (as of April 2025, per CME Group, subject to change)
  • Maintenance Margin: $2,150 (as of April 2025, per CME Group, subject to change)
  • Contract Months: All months: Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)
  • Exchange: CME Group (NYMEX)

Refined Products Futures

ULSD NY Harbor Futures (HO)

  • Trading Symbol: HO
  • Contract Size: 42,000 gallons (1,000 barrels)
  • Trading Hours: Sunday–Friday: 5:00 PM – 4:00 PM CT (next day)
  • Tick Size: $0.0001 per gallon
  • Tick Value: $4.20 per contract ($0.0001 × 42,000 gallons)
  • Settlement Method: Physically settled (ultra-low sulfur diesel delivery)
  • Initial Margin: $8,500 (as of April 2025, per CME Group, subject to change)
  • Maintenance Margin: $7,700 (as of April 2025, per CME Group, subject to change)
  • Contract Months: All months: Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)
  • Exchange: CME Group (NYMEX)

E-mini ULSD NY Harbor Futures (QH)

  • Trading Symbol: QH
  • Contract Size: 21,000 gallons (500 barrels)
  • Trading Hours: Sunday–Friday: 5:00 PM – 4:00 PM CT (next day)
  • Tick Size: $0.0001 per gallon
  • Tick Value: $2.10 per contract ($0.0001 × 21,000 gallons)
  • Settlement Method: Physically settled (ultra-low sulfur diesel delivery)
  • Initial Margin: $4,250 (as of April 2025, per CME Group, subject to change)
  • Maintenance Margin: $3,850 (as of April 2025, per CME Group, subject to change)
  • Contract Months: All months: Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)
  • Exchange: CME Group (NYMEX)

Gasoline RBOB Futures (RB)

  • Trading Symbol: RB
  • Contract Size: 42,000 gallons (1,000 barrels)
  • Trading Hours: Sunday–Friday: 5:00 PM – 4:00 PM CT (next day)
  • Tick Size: $0.0001 per gallon
  • Tick Value: $4.20 per contract ($0.0001 × 42,000 gallons)
  • Settlement Method: Physically settled (RBOB gasoline delivery)
  • Initial Margin: $9,000 (as of April 2025, per CME Group, subject to change)
  • Maintenance Margin: $8,200 (as of April 2025, per CME Group, subject to change)
  • Contract Months: All months: Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)
  • Exchange: CME Group (NYMEX)

Ethanol Chicago Futures (CU)

  • Trading Symbol: CU
  • Contract Size: 42,000 gallons (1,000 barrels)
  • Trading Hours: Sunday–Friday: 5:00 PM – 4:00 PM CT (next day)
  • Tick Size: $0.001 per gallon
  • Tick Value: $42.00 per contract ($0.001 × 42,000 gallons)
  • Settlement Method: Physically settled (ethanol delivery)
  • Initial Margin: $2,500 (as of April 2025, per CME Group, subject to change)
  • Maintenance Margin: $2,300 (as of April 2025, per CME Group, subject to change)
  • Contract Months: All months: Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z)
  • Exchange: CME Group (NYMEX)

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Carefully consider the investment objectives, risk factors, charges, and expenses associated with futures and options trading before investing. Futures and options trading involves substantial risk of loss and is not suitable for all investors. The use of leverage can amplify both gains and losses, and investors should carefully evaluate their financial condition, risk tolerance, and trading experience before engaging in derivatives trading.

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