Work out the profit or loss on a WTI crude oil futures trade. Choose the contract — standard WTI (CL, 1,000 barrels), E-mini (QM, 500 barrels) or Micro WTI (MCL, 100 barrels) — enter your entry and exit prices, and the calculator shows the dollar result, the number of ticks, the position's notional value and what each $1 move is worth. Everything is calculated in your browser.
How the Calculation Works
Profit or loss = (exit price − entry price) × barrels per contract × number of contracts for a long position; the sign is reversed for a short. Fees are subtracted for both the opening and closing trade. Tick sizes: CL and MCL move in $0.01 increments ($10 and $1 per tick), QM in $0.025 increments ($12.50 per tick). Full details are on the WTI contract specifications page.
Why Position Size Matters
WTI often moves $2–$5 a barrel in a day during volatile periods, and in 2026 it moved far more — including a record $38 intraday range on March 9. On one CL contract a $5 move is $5,000, which can exceed the margin deposited. Use the calculator to test a worst-case move before you trade, and read the WTI trading guide for risk basics. Check the current price on the live WTI chart.
Frequently Asked Questions
How much is a $1 move in WTI futures worth?
$1,000 per standard CL contract (1,000 barrels), $500 per E-mini QM contract (500 barrels) and $100 per Micro WTI MCL contract (100 barrels).
How is profit calculated on a short WTI futures position?
For a short position, profit = (entry price − exit price) × barrels per contract × number of contracts. If you sell CL at $90 and buy back at $87, you make $3 × 1,000 = $3,000 per contract before fees.
Does this calculator include margin?
No. Margin is a good-faith deposit set by CME Clearing and your broker and changes often. The calculator shows the notional value of the position and the profit or loss; check your broker for current margin.
For education only. Results are estimates that ignore margin interest, exchange and clearing fees not entered above, slippage and taxes. Not investment advice.