How many shares of USO are the approximate equivalent of a crude oil futures contract?

Futures quote × multiplier∕ ETF share price
CL $ 65
USO $ 45
65*1000=$ 65000/45=1444 USO
One CL contract is 1444 USO.

Thanks, the broker that I use (TD Ameritrade) charges a hefty amount of commission for futures contracts but no commission for "stocks" such as USO. However, the margin that's needed for 1444 shares of USO is over $27,000 compared to about $8,000 for a futures contract. If you don't want to pay any margin interest on the USO, you'd have to put up the full price of about $68,000 for the USO.

In terms of options, USO is not the way to go because a commission of $.65 per option is charged for USO options. 14 USO options would cost over $9 in commissions versus the $3.77 in commission and fees I would pay for a futures option.

Always a lot more leverage with futures