How to Use Global Trading for Crude Oil Buyers

By Business & Finance Last updated Wednesday, June/19/2024

1). Look up the specifications for crude oil futures contracts. The NYMEX provides information on every commodity including crude oil. Look up the contract with the symbol CL.
2). Review the price chart the NYMEX provides. The price chart will provide historical price and volume information. This will help to develop a sense for the best time to purchase the contract.
3). Understand the most important provisions of the specification. Crude oil futures are listed nine years forward, according to the schedule listed on the specification. Each contract provides ownership of over 1,000 U.S. barrels of crude oil. The quote is in U.S. dollars and trading hours are from 9 a.m. to 2:30 p.m. Eastern Standard Time. Electronic trading is conducted from 6 p.m. to 5:15 pm. the following day.There is a 45-minute break between each trading day.
4). Contact your broker to purchase a contract. When the time is right (on a dip in price), make your purchase.

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