The futures trading of crude oil on the NYMEX oil price started in the year 1983 and continues till date. Crude oil as we know is the highest traded commodity. The units used for trading crude oil futures are in the order of 1000 US barrels.

Crude oil futures are traded for a period of 30 months in a row. In addition, the long-dated futures that are listed in the beginning are traded from 36 to 84 months before they are delivered. Furthermore, it is possible to execute trading at an average differential to the settlement rates one day prior for 2 to 30 months' spans in just a single transaction.

The NYMEX oil price quotations work in US dollar and cents and are measured for a single US barrel (42 gallons). The minimum fluctuation in prices is one cent for every barrel and ten dollars for every contract. The maximum NYMEX oil price fluctuations for options are null.

For futures, the three dollars every barrel, that makes the initial limit, remains for all months except the first two. For every barrel, they go up to six dollars as long as the settlement price (in any back month) for the previous day was at a limit of three dollars. Hence, it is important to keep the NYMEX oil price in check.

Trading ends when the business closes on the 3rd business day before every 25th of the month prior to the month of delivery. When the 25th is not a business day itself, then this day is replaced by the last business day before the 25th. For options, the trading is terminated 3 days prior to the underlying futures contract.

Every delivery is rateable over a period of a month and needs to be initiated either on the first day of the month of delivery or day the after that and needs to finished on the last day of the same month in the case of NYMEX oil price.

For every match on or before the date stipulated in the month's contract for cessation of trading, an alternate delivery procedure is in place for sellers and buyers. If both parties are in agreement with different terms apart from those specified in the original contract, then this delivery can continue following a different procedure.

An EFP or Exchange of Futures of Physicals is used when a seller or a buyer wishes to liquidate or initiate a futures position. By notifying the Exchange, either party can switch between futures positions and physical positions for equivalent quantities.

Inspections are held as per the pipeline practices. Buyers and sellers can appoint an inspector oil quality inspection. The person who requests for such as inspection bears the cost of it and notifies the other party.

The position limit for a single month is twenty thousand net futures. However, it cannot exceed a thousand in the final 3 trading days of the spot month. A margin is also required for a short option position and an open future. The margin requirements for options purchasers generally does not go beyond the premium.