Oil, Gas and Fuels: Order Flow in Energy Futures
WTI crude (CL) is one of the best order flow markets outside the indices: huge liquidity, clear reactions to data and lots of algorithmic trading. Natural gas is much more violent, and refined products have a thinner book.
Order flow in this group
In crude, the key events are the weekly EIA inventory data (usually Wednesday at 10:30 AM New York time) and OPEC+ decisions. Before the data the book thins out; afterwards you see sharp swings in delta.
Natural gas (NG) reacts to storage data (Thursday, 10:30 AM New York time) and weather forecasts. Moves are large relative to the tick, so the footprint can get very wide.
The contracts have monthly expirations, and liquidity rolls to the next month sooner than in the indices. You need to keep track of which contract is currently the most liquid.
Instruments (10)
| Instrument | Symbol | Exchange | Tick value | Order flow |
|---|---|---|---|---|
| WTI Crude Oil one of the best markets for order flow | CL | NYMEX (CME) | 1 tick ($0.01) = $10 | Model market |
| Micro WTI Crude Oil | MCL | NYMEX (CME) | 1 tick ($0.01) = $1 | Good |
| E-mini Crude Oil | QM | NYMEX (CME) | 1 tick ($0.025) = $12.50 | Limited |
| Brent Crude | B | ICE Futures Europe | 1 tick ($0.01) = $10 | Model market |
| Henry Hub Natural Gas very violent | NG | NYMEX (CME) | 1 tick ($0.001) = $10 | Good |
| E-mini and Micro Henry Hub | QG, MNG | NYMEX (CME) | check with the exchange | Limited |
| RBOB Gasoline | RB | NYMEX (CME) | 1 tick ($0.0001) = $4.20 | Good |
| Heating oil (ULSD) | HO | NYMEX (CME) | 1 tick ($0.0001) = $4.20 | Good |
| Gasoil (Low Sulphur Gasoil) | G | ICE Futures Europe | check with the exchange | Good |
| Dutch TTF Natural Gas European gas, liquid during European hours | TFM | ICE Endex | check with the exchange | Limited |
Other groups
- US stock indices
- European and Asian indices
- Interest rates and bonds
- Currencies (currency futures)
- Metals
- Agricultural and livestock commodities
- Volatility and exchange-traded crypto
- Poland: Warsaw Stock Exchange
- US stocks and ETFs
- Options
- Where order flow doesn't work
- All instruments
Frequently asked questions
Is crude oil suitable for order flow?
Yes, the CL contract on NYMEX (CME) has very high liquidity and real data. The MCL micro contract is the same market at 1/10 the size, but with a thinner book.
When does the most happen in crude oil?
Around the EIA inventory data on Wednesday at 10:30 AM New York time and OPEC+ decisions.
Educational content, not investment advice. Exchanges sometimes change contract specifications (tick size, multiplier, hours): check the current specification on the exchange website before trading. The rating concerns suitability for order flow analysis, not profitability. Leveraged futures involve a high risk of losing capital.