Sometimes mythic, often controversial, crude oil has been an important component of our modern times. Crude oil comes in many colors and consistencies, from hydrocarbon rich reservoirs in Texas to the heavy oil sands of Canada and Venezuela. Usually named for their region of production as well as other factors, crude oil properties can include various elements including carbon, nitrogen, oxygen, sulfur, and metals. Due to international appeal and demand, there are different tradable crude oil contracts across the globe, but for our purposes we will focus on the NYMEX Light, Sweet crude oil contract, so named for its low sulfur content.
Contract Size: 1,000 US barrels or 42,000 gallons.
Price Quote & Tick Size: Dollars and cents per barrel; minimum tick size is one cent per barrel or $10.00 per contract.
Contract Months: All months.
Trading Specs: Open outcry on NYMEX runs from 9:00 am to 2:30 pm ET. Electronic trading on Globex runs Sunday through Friday 6:00 pm until 5:15 pm with a 45 minute break each day.
Daily Price Limit: $10.00 per barrel or $10,000 per contract. If any contract is traded, bid, or offered at the limit for five minutes, trading is halted for five minutes. When trading resumes, the limit is expanded by $10.00 per barrel in either direction. If another halt were triggered, the market would continue to be expanded by $10.00 per barrel in either direction after each successive five-minute trading halt. There will be no maximum price fluctuation limits during any one trading session.