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Commodities are physical goods: crude oil, natural gas, gold, copper, wheat, coffee. They trade almost entirely through FUTURES, which expire and must be rolled. Each contract represents a specific physical quantity, and that quantity is what determines how much you make or lose per unit of price movement.
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How big is one oil contract?
A standard WTI contract (symbol CL) is 1,000 barrels. With oil at $75, notional is $75,000. The minimum tick is $0.01 per barrel, i.e. $10 per contract. A mini (QM, 500 barrels) and a micro (MCL, 100 barrels) exist for smaller accounts.
How much is one gold contract worth?
The standard contract (GC) is 100 troy ounces. With gold at $2,400/oz, notional is $240,000. Every $1 move in the ounce is $100 per contract. The micro (MGC) is 10 ounces.
What drives the natural gas price?
Mainly weather — heating demand in winter, cooling demand in summer — plus storage levels (the weekly EIA report), production, and in Europe the geopolitics of supply. It is the most volatile future in the energy complex: 5-10% daily moves are routine.
What is contango and why does it hurt me?
Contango is when far-dated contracts trade above near-dated ones. Holding a long position means rolling every month: selling the cheap one and buying the expensive one, losing money on each roll even if spot never moves. It is why many commodity ETFs underperform the commodity they track.
Can you trade commodities without futures?
Yes: through ETFs and ETCs (which suffer the roll effect), miner and oil-producer shares (which add company risk), or CFDs (with a daily financing cost). Each route changes the risk — none gives you pure spot exposure for free.
