Assume the NY Mercantile Exchange charges $10\%$ notional as Initial Margin in Crude Oil trading, and Variation Margin is made up by the totality of your daily gains and losses

What would be the margin required on a BUY a $10$ contract position in December $2025$ Crude Oil at $$62\mathrm{.}50/$bbl$,$ if each contract is $1,000$ barrels, and CLZ$5$ closed at $$63\mathrm{.}50/$bbl

Question $4$ options:

Initial Margin $10\%$ x $(10$ contacts x $1,000$ bbls$/$contract x $$62\mathrm{.}50/$bbl$)=$ $$62,500$

MINUS the Variation Margin against us $($our loss in the position$)$: $$1,000$

The Total Margin called for will be $$61,500$

Initial Margin $10\%$ x $(10$ contacts x $$62\mathrm{.}50/$bbl$)=$ $$62\mathrm{.}50$

PLUS the Variation Margin in our favor $($our gain in the position$)$: $$10,000$

The Total Margin called for will be $$10,062\mathrm{.}50$

Initial Margin $10\%$ x $(10$ contacts x $1000$ bbl$/$contract x $$62\mathrm{.}50/$bbl$)=$ $$62,500$

Plus the Variation Margin against us $($our loss in the position$)$: $-$$$10,000$

The Total Margin called for will be $$72,500$

Initial Margin $10\%$ x $(10$ contacts x $1000$ bbl$/$contract x $$62\mathrm{.}50/$bbl$)=$ $$62,500$

MINUS the Variation Margin in our favor $($our gain in the position$)$: $$10,000$

The Total Margin called for will be $$52,500$