For CME Crude Oil (CL) futures, the “active month” refers to the nearest contract month available. Once the expiration date of the spot month approaches—specifically, two business days prior—the active month will switch to the next listed contract. So, for instance, if the spot month ends on a Friday, then the following contract would be considered active starting on the Wednesday before that Friday.
This market will conclude either as soon as a high above the specified price is recorded, or when the final data for the last trading day in April 2026 is published, and no high surpassing $147.27 is noted.
The resolution for this market derives from the daily “high” price of crude oil (CL) futures during the active month, which can be found on the CME Group website.
