Trade the world's most liquid energy markets - crude oil, natural gas, RBOB gasoline, ULSD heating oil, and ethanol - with ultra-low commissions and direct market access through Discount Trading.
Energy futures are among the most actively traded commodity markets in the world. Crude oil, natural gas, and refined petroleum products trade around the clock on NYMEX, offering significant volatility and liquidity for active futures traders. Energy prices are driven by global supply and demand, OPEC production decisions, geopolitical events, weather, and refinery capacity. The energy sector provides compelling opportunities for both short-term traders and those looking to hedge energy exposure.
West Texas Intermediate (WTI) crude oil is the primary benchmark for US oil prices and one of the most liquid futures contracts in the world. Subject to significant volatility driven by OPEC decisions, geopolitical events, inventory reports, and the US dollar. The EIA Weekly Petroleum Status Report (released every Wednesday) is a major market-moving event for CL traders.
| Specification | Details |
|---|---|
| Crude Oil Futures (CL) - Standard Contract | |
| Contract Size | 1,000 barrels |
| Tick Size | $0.01 per barrel = $10.00 per contract |
| Price Quote | US Dollars and cents per barrel |
| Contract Months | All 12 calendar months |
| Trading Hours | Sunday – Friday 6:00 PM – 5:00 PM ET (with 60-min break daily at 5:00 PM) |
| Last Trading Day | 3rd business day prior to the 25th calendar day of the month preceding the contract month |
| First Notice Day | 3rd business day prior to the 25th calendar day of the month preceding the delivery month |
| Settlement Method | Physical Delivery |
| Daily Price Limit | Initial limit of $10.00/barrel; expands if triggered |
| Micro Crude Oil Futures (MCL) - 1/10th the size of CL | |
| Contract Size | 100 barrels (1/10th of CL) |
| Tick Size | $0.01 per barrel = $1.00 per contract |
| Price Quote | US Dollars and cents per barrel |
| Contract Months | All 12 calendar months |
| Trading Hours | Sunday – Friday 6:00 PM – 5:00 PM ET (with 60-min break daily at 5:00 PM) |
| Last Trading Day | Same as CL - 3rd business day prior to the 25th calendar day of the preceding month |
| First Notice Day | N/A - Cash Settled |
| Settlement Method | Financial Settlement (cash settled vs. CL settlement price) |
Henry Hub natural gas futures are the global benchmark for natural gas prices. Highly sensitive to weather patterns (summer cooling demand, winter heating demand), US inventory levels (EIA Natural Gas Storage Report released every Thursday), and LNG export capacity. Natural gas is one of the most volatile commodity markets available to futures traders.
| Specification | Details |
|---|---|
| Natural Gas Futures (NG) - Standard Contract | |
| Contract Size | 10,000 MMBtu |
| Tick Size | $0.001 per MMBtu = $10.00 per contract |
| Price Quote | US Dollars and cents per MMBtu |
| Contract Months | All 12 calendar months |
| Trading Hours | Sunday – Friday 6:00 PM – 5:00 PM ET (with 60-min break daily at 5:00 PM) |
| Last Trading Day | 3 business days prior to the first calendar day of the delivery month |
| First Notice Day | Same as Last Trading Day |
| Settlement Method | Physical Delivery |
| Micro Natural Gas Futures (MNG) - 1/10th the size of NG | |
| Contract Size | 1,000 MMBtu (1/10th of NG) |
| Tick Size | $0.001 per MMBtu = $1.00 per contract |
| Price Quote | US Dollars and cents per MMBtu |
| Contract Months | All 12 calendar months |
| Trading Hours | Sunday – Friday 6:00 PM – 5:00 PM ET (with 60-min break daily at 5:00 PM) |
| Last Trading Day | Same as NG - 3 business days prior to the first calendar day of the delivery month |
| First Notice Day | N/A - Cash Settled |
| Settlement Method | Financial Settlement (cash settled vs. NG settlement price) |
Reformulated Blendstock for Oxygenate Blending (RBOB) gasoline futures track the price of wholesale gasoline before ethanol blending. RBOB prices are closely correlated with crude oil but can diverge during refinery disruptions, seasonal demand shifts, or specification changes. The "crack spread" between crude oil and RBOB is a popular strategy among energy traders.
| Specification | Details |
|---|---|
| RBOB Gasoline Futures (RB) - Standard Contract | |
| Contract Size | 42,000 gallons (1,000 barrels) |
| Tick Size | $0.0001 per gallon = $4.20 per contract |
| Price Quote | US Dollars and cents per gallon |
| Contract Months | All 12 calendar months |
| Trading Hours | Sunday – Friday 6:00 PM – 5:00 PM ET (with 60-min break daily at 5:00 PM) |
| Last Trading Day | Last business day of the month preceding the delivery month |
| Settlement Method | Physical Delivery |
NY Harbor Ultra-Low Sulfur Diesel (ULSD) futures, formerly known as heating oil futures, represent the benchmark for distillate fuel prices in the US Northeast. ULSD is also a proxy for jet fuel and diesel prices globally. Heating demand in the Northeast, refinery capacity, and crude oil prices are the primary drivers of ULSD prices.
| Specification | Details |
|---|---|
| NY Harbor ULSD Futures (HO) - Standard Contract | |
| Contract Size | 42,000 gallons (1,000 barrels) |
| Tick Size | $0.0001 per gallon = $4.20 per contract |
| Price Quote | US Dollars and cents per gallon |
| Contract Months | All 12 calendar months |
| Trading Hours | Sunday – Friday 6:00 PM – 5:00 PM ET (with 60-min break daily at 5:00 PM) |
| Last Trading Day | Last business day of the month preceding the delivery month |
| Settlement Method | Physical Delivery |
Ethanol futures track the price of denatured fuel ethanol, primarily produced from corn in the United States. Ethanol is blended into gasoline as an oxygenate and renewable fuel. Prices are closely correlated with corn prices and government biofuel policy, particularly the Renewable Fuel Standard (RFS).
| Specification | Details |
|---|---|
| Denatured Fuel Ethanol Futures (EH) - Standard Contract | |
| Contract Size | 29,000 gallons |
| Tick Size | $0.001 per gallon = $29.00 per contract |
| Price Quote | US Dollars and cents per gallon |
| Contract Months | All 12 calendar months |
| Trading Hours | Sunday – Friday 6:00 PM – 5:00 PM ET (with 60-min break daily at 5:00 PM) |
| Settlement Method | Physical Delivery |
Trade energy futures at Discount Trading with $0.49 or less per contract commission on standard futures and ultra-low day trading margins. Our 24/6 trade support desk is available during all market hours.
