What one CL contract is worth
The Crude Oil trades on NYMEX in increments of 0.01. Because its point multiplier is $1,000.00, one tick is worth $10.00 and a full point is worth $1,000.00 — per contract, in both directions. Multiply by your contract count for the position.
The number that catches people out is notional value: price × $1,000.00, which is the exposure one contract actually carries, not the margin you posted to open it. Change the price above to see it for the level you're trading.
CL vs MCL
CL is the full-size contract. MCL (Micro Crude Oil) is the micro at one tenth the size — $100.00 per point against $1,000.00. Most retail accounts size in the micro so a normal stop distance doesn't force an oversized position.
What a CL round turn costs
We publish exchange, clearing and NFA rates only where we've verified them against a real broker cash ledger, and CL isn't one of them yet — so the calculator says so rather than showing $0.00. That distinction matters: treating an unverified rate as zero is exactly how a futures account can look profitable on paper and shrink in reality. ExpectancyIQ can derive your own rates from your broker's Cash History export at import time.
Who trades CL and when
Expires monthly, not quarterly — as a physically-settled contract, the front month rolls to the next about a week ahead of expiry rather than waiting for it. Volume spikes around the weekly EIA inventory report (Wednesday mornings) and OPEC-related headlines, making it a favorite for volatility-driven day traders.
Sizing a CL position
Contract value is only half the question. How many CL contracts you should trade depends on your account size and stop distance — the position size calculator works that out, and the expectancy calculator tells you whether the resulting trades pay over time.