Brent Crude Oil Futures (BZ): Contract Specs, Tick Value, Trading Hours & Margins

Each Brent crude oil (BZ) futures contract represents 1,000 barrels of oil. The notional value equals 1,000 × the current Brent price.

For example, if Brent trades at $80 per barrel, the contract value is $80,000.

• Minimum tick size: $0.01 per barrel

• Tick value: $10.00 per contract

Calculation:
1,000 barrels × $0.01 = $10 per tick.

A $1.00 move in Brent equals $1,000 per contract.

Brent crude oil futures trade electronically on CME Globex under the symbol BZ and are regulated by the Commodity Futures Trading Commission (CFTC).

Brent BZ futures generally trade Sunday through Friday from 5:00 p.m. to 4:00 p.m. Central Time, with a daily 60-minute break from 4:00 p.m. to 5:00 p.m. CT.

CME Brent (BZ) futures are financially settled, meaning no physical oil delivery occurs at expiration. Instead, positions are settled based on the ICE Brent index price.

This makes BZ attractive for speculative and hedging purposes without delivery logistics.

Brent reflects global oil flows and international supply dynamics, while WTI is tied directly to North American production, storage at Cushing, and domestic refinery demand.

Key reports include:

• U.S. EIA weekly petroleum status report

• OPEC monthly oil market report

• IEA global demand forecasts

• U.S. rig count data

• Global PMI data

These reports can cause sharp price movements.

The Brent to WTI spread measures the price difference between Brent crude (BZ) and West Texas Intermediate (CL). Traders monitor this spread to identify regional supply imbalances, transportation bottlenecks, or geopolitical risk premiums.

When Brent trades at a premium to WTI, it may reflect stronger global demand or tighter international supply. Spread traders often trade this differential rather than outright oil direction.

The Brent futures term structure refers to the price relationship between near-month and deferred contracts. When near-term contracts trade above later months, the market is in backwardation, often signaling tight supply. When deferred contracts trade higher, the market is in contango, typically reflecting ample supply or storage costs.

Understanding the Brent curve is essential for spread traders and longer-term positioning strategies.