WTI Crude Oil (Light Sweet) vs Henry Hub Natural Gas
Different markets, compared on cost per move, margin, hours and settlement.
Margins as of Specs checked as of How we source this
| CL | NG | |
|---|---|---|
| Exchange | New York Mercantile Exchange | New York Mercantile Exchange |
| Contract unit | 1,000 barrels | 10,000 MMBtu |
| Tick size | 0.01 | 0.001 |
| Tick value | $10 | $10 |
| One point | $1,000 | $10,000 |
| Initial margin | $9,957.20 | $3,527.70 |
| Maintenance margin | $9,052 | $3,207 |
| Settlement | Physical delivery | Physical delivery |
| Contract months | Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z) | Jan (F), Feb (G), Mar (H), Apr (J), May (K), Jun (M), Jul (N), Aug (Q), Sep (U), Oct (V), Nov (X), Dec (Z) |
| Front contract | CLZ26, roll by 18 Nov 2026 | NGZ26, roll by 23 Nov 2026 |
| Trading hours | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. |
How they compare
WTI Crude Oil (Light Sweet) (CL) and Henry Hub Natural Gas (NG) are different markets, so there is no exact equivalence between a position in one and a position in the other. What can be compared directly is what a move costs and what the exchange requires you to deposit. One point is worth $1,000 on CL and $10,000 on NG; ticks are worth $10 and $10.
Exchange initial margin is $9,957.20 for CL and $3,527.70 for NG, a ratio of 2.8 to 1. Both trade the same hours (CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break). CL is physically delivered and NG is physically delivered.
Because a point means something different in each market, risk is best compared in money rather than in points: decide the loss you would accept at your stop, convert it to ticks on each contract, and compare the resulting position sizes with the position-size calculator. The two markets also move by different amounts on a typical day, so the same number of contracts carries different risk.
Size a position on either with the CL calculators or the NG calculators.
Questions
- What is the difference between CL and NG?
- They are different markets. One point is worth $1,000 on CL and $10,000 on NG.
- Which needs more margin, CL or NG?
- Exchange initial margin is $9,957.20 for CL and $3,527.70 for NG (as of 27 Oct 2026).
- Do CL and NG trade the same hours?
- Yes.