Oil Futures Expiry Calendar 2026–2027

How the WTI last trading day is calculated

CME's rule for NYMEX Light Sweet Crude Oil (CL): trading terminates three business days before the 25th calendar day of the month before the contract month. If the 25th is not a business day, trading terminates four business days before the 25th, which is the same as counting three business days back from the last business day before the 25th.

• Normal month: for the December 2026 contract, the reference day is Wednesday 25 November 2026. Counting back three business days gives Friday 20 November.
• Weekend 25th: 25 April 2026 was a Saturday, so the May 2026 contract counted back from Friday 24 April and expired on Tuesday 21 April.
• Holiday 25th: 25 December is always a holiday, so January contracts expire early. The January 2027 contract counts back from Thursday 24 December 2026 and expires on Monday 21 December.
• Holiday in the count: US exchange holidays such as Memorial Day, Juneteenth and Good Friday are skipped, which is why the June 2026 contract expired on Tuesday 19 May.

Micro WTI (MCL) stops trading one business day earlier than CL, four business days before the 25th, and is cash-settled. Standard CL is physically delivered at Cushing, so open positions after the last trading day become delivery obligations. More on the contract is on the WTI crude oil futures page.

How the Brent last trading day is calculated

ICE Futures Europe's rule: Brent futures stop trading on the last business day of the second month before the contract month. The March contract, for example, expires on the last business day of January. Business days follow the UK calendar, so UK bank holidays do not count: 31 August 2026 was the Summer bank holiday, so the October 2026 contract expired on Friday 28 August.

There is one extra rule. If the last business day would be the business day immediately before Christmas Day or New Year's Day, trading stops one business day earlier. That is why the February contracts expire on 30 December rather than 31 December. Brent is cash-settled against the ICE Brent Index, with an exchange-for-physical option. See Brent crude oil futures for the full specifications.

Why Brent and WTI front months differ

WTI expires around the 20th of the month and Brent at the end of the month two months ahead. So for most of October 2026 the front-month WTI contract is November, while the front-month Brent contract is December. When you compare the two benchmarks, or calculate the Brent-WTI spread, check that you are comparing the same delivery month. When the curve is steep, a one-month mismatch can distort the spread by several dollars.

When quote services and brokers roll

Continuous "front-month" prices, including TradingView's TVC:UKOIL and TVC:USOIL quotes used on this site, switch from the expiring contract to the next one shortly before expiry. Each data provider uses its own roll rule, so the switch can happen on a different day than another chart or your broker's platform. On the day of the roll the continuous chart jumps by the difference between the two contracts. Our oil futures rollover guide explains the gap and how ETFs and CFD providers handle it.

Brokers usually close or roll client positions several days before the exchange's last trading day, and many retail platforms stop allowing new positions in the expiring CL contract earlier still. Volume moves to the next contract well before expiry, so liquidity in the expiring month falls in its final days.

Options expire earlier

Options on oil futures expire before the underlying contract. ICE's American-style Brent options stop trading three business days before the Brent futures last trading day. CME publishes separate calendars for WTI monthly, weekly and short-dated options. See crude oil options.