WTI futures
CME WTI (CL) is commonly quoted in USD per barrel. A standard contract represents 1,000 barrels and the minimum $0.01 move equals $10 per contract.
Verify CME specifications →Oil futures contracts and rollover.
Futures prices belong to named delivery months. A rolling chart switches contracts over time, so part of a move can come from rollover rather than a change inside one contract.
Contract facts and rolling-chart limits.
Brent futures
ICE Brent is the global seaborne crude reference. Contract months and expiry rules differ from WTI and must be checked against ICE’s current specification.
Verify ICE specifications →What “rolling” means
The displayed series follows the active near contract and changes its underlying delivery month. Contango or backwardation can create a step when that switch occurs.
Inspect the aligned spread →How to use a rolling chart safely.
- Check the source timestamp and named symbol on the WTI or Brent page.
- Do not treat the line as the history of one contract.
- Check the official contract calendar around rollover.
- Keep EIA physical spot history separate from a futures reference.
See the WTI chart, Brent chart, scenario outlook and data methodology.
Key futures terms in plain language.
Expiry and delivery month
The delivery month identifies when a contract is settled under the exchange rules. Expiry is the final trading deadline. Traders who do not intend to enter the delivery process generally close or roll before the relevant deadline.
Contango
Contango means later delivery months cost more than nearer months. Rolling from a cheaper expiring contract into a more expensive next contract can create a visible upward step even if neither contract moved that day.
Backwardation
Backwardation means nearer delivery is priced above later delivery. A roll can then create a downward step in a continuous series. The shape may reflect prompt scarcity, inventories, financing and expectations, but it is not itself a guaranteed price direction.
For any trade or settlement decision, use the exchange’s current rulebook and contract calendar. The educational references here do not replace broker notices, margin requirements or delivery instructions.