Benchmark guide
NYMEX WTI futures
Standard CL and Micro WTI represent different contract sizes and settlement arrangements.
Contract size and settlement
The standard CL contract represents 1,000 barrels and is physically deliverable at Cushing under the exchange rulebook. Micro WTI (MCL) represents 100 barrels and is financially settled. A US$1/bbl move corresponds to US$1,000 per standard contract or US$100 per Micro contract, before costs.
Identify the month
A futures quote belongs to a contract month. A continuous front-month chart changes the contract it shows at each roll. Compare the same month across timestamps and check the exchange calendar before drawing conclusions about expiry.
Exposure and risk
A modeled P&L is price change times barrels times direction. Margin, variation settlement, execution, fees and liquidity affect actual outcomes. Contract sizing and residual physical risk require separate analysis.
Try it
Open the Futures Exposure Lab or read the futures curve guide.