Oil Futures Profit Calculator
Enter the position size in barrels, your entry and exit prices and the direction to see the position value and profit or loss. One standard WTI (CL) or Brent contract is 1,000 barrels, one Micro WTI (MCL) is 100 barrels, and CFD sizes depend on the broker.
Oil futures and CFD P/L calculator
Size in barrels = number of contracts × barrels per contract. For example, 3 Micro WTI contracts = 300 barrels; 2 CL contracts = 2,000 barrels. Results exclude commissions, exchange fees, spreads and CFD financing.
Contract sizes and tick values
To use the calculator, convert your position into barrels with the table below. The tick value tells you what the smallest possible price move is worth on one contract.
| Contract | Exchange | Barrels | Minimum tick | Tick value | Value of $1 move |
|---|---|---|---|---|---|
| WTI Light Sweet Crude (CL) | NYMEX | 1,000 | $0.01 | $10.00 | $1,000 |
| E-mini Crude Oil (QM) | NYMEX | 500 | $0.025 | $12.50 | $500 |
| Micro WTI (MCL) | NYMEX | 100 | $0.01 | $1.00 | $100 |
| Brent Crude (B) | ICE Futures Europe | 1,000 | $0.01 | $10.00 | $1,000 |
| Brent Last Day Financial (BZ) | NYMEX | 1,000 | $0.01 | $10.00 | $1,000 |
| Oil CFD (typical) | Broker | Varies (often 1–100 per lot) | Broker-set | Varies | Barrels × $1 |
Sources: CME Group and ICE Futures Europe contract specifications. CFD lot sizes vary by broker; check the product sheet.
How the calculation works
The calculator uses two formulas:
- Position value = barrels × entry price. This is the notional amount of oil you control, not the money you deposit.
- Profit or loss = (exit price − entry price) × barrels for a long position, and the reverse for a short.
Worked example: you sell short 2 Micro WTI contracts (200 barrels) at $95.00 and buy back at $91.40. The price fell $3.60, so the short gains $3.60 × 200 = $720. Had the price risen to $98.60 instead, the loss would have been the same $720.
Leverage: why position value matters
Futures and CFDs need only a margin deposit, a fraction of the position value. If one CL contract at $90 (a $90,000 position) requires, say, $9,000 of margin, a 10% move in oil equals 100% of the deposit. That is why a small percentage move in oil can wipe out a leveraged account.
Exchange margins for WTI and Brent futures are set by CME Clearing and ICE Clear Europe and change with volatility. For retail CFDs in the EU, UK and Australia, regulators cap leverage on oil at 10:1, so the minimum margin is 10% of the position value. See oil CFDs.
Costs the calculator leaves out
- Commissions and exchange fees per contract, charged on both entry and exit.
- Bid-ask spread: at least one tick per round trip in liquid hours, more at night or in fast markets.
- Roll costs if you hold beyond expiry; see oil futures rollover.
- CFD financing: a daily charge on positions held overnight, based on a benchmark interest rate plus the broker's markup.
- Currency: oil is priced in US dollars; if your account is in another currency, the exchange rate affects your result.
Sizing a position from your risk
Many traders start from the maximum loss they will accept. If you are willing to risk $500 on a trade with a stop $2.50 away from your entry, the position size is $500 ÷ $2.50 = 200 barrels, or 2 MCL contracts. The same stop on one CL contract would risk $2,500. Remember that stops are not guaranteed: oil can gap through them, as it did in April 2026 when Brent fell more than 13% in one day after a ceasefire announcement.
For contract details see Micro WTI futures, and for trading windows see oil trading hours.
This calculator is for illustration only. Futures and CFDs are leveraged and can result in losses greater than your deposit. Nothing on this page is investment advice.
Oil futures calculator FAQ
How much is a $1 move in crude oil futures?
A $1 move is worth $1,000 on one standard WTI (CL) or Brent futures contract, because each covers 1,000 barrels. It is worth $500 on the E-mini (QM) contract and $100 on one Micro WTI (MCL) contract. For CFDs, multiply the move by the number of barrels in your position.
What is the tick value of crude oil futures?
The minimum price move for CL and Brent futures is $0.01 per barrel, which is $10 per contract. For Micro WTI the same tick is worth $1. The E-mini crude contract moves in $0.025 steps worth $12.50 each.
How do I calculate profit on a short oil position?
Subtract the exit price from the entry price and multiply by the number of barrels. If you sell 1,000 barrels at $95 and buy back at $92, the profit is $3 × 1,000 = $3,000. If the price rises instead, the same formula gives a loss.
Does the calculator include fees?
No. It shows gross profit or loss from the price change only. Commissions, exchange fees, bid-ask spreads, roll costs and overnight CFD financing all reduce the result, so subtract them separately to see your net outcome.
Related pages
Micro WTI Futures
Micro WTI crude oil futures (MCL) explained: 100-barrel contract size, cash settlement, tick value, margins and how they compare with standard CL.
How to Trade Crude Oil
A practical guide to trading crude oil: futures, options, ETFs and CFDs compared, contract sizes, margin, costs, risk management and common mistakes.
Oil CFDs
How oil CFDs work: pricing from futures, spreads, overnight financing, leverage and margin calls, plus regulatory risk warnings by region.
WTI Futures
WTI crude oil futures (NYMEX CL): live price, contract specs, last trading day rule, Cushing delivery, Micro WTI and the futures curve.