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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money.

Onyx Markets Gasoline RBOB/EBOB Gasoline N. America/Europe – Commodity Differential CFD

RBOB/EBOB Gasoline N. America/Europe – Commodity Differential CFD

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Name & Trade Code

Contract Name RBOB/EBOB(35000gal-$/gal)
MT5 Code RBOB/EBOB
Contract Classification Commodity Differential CFD
Geographical Region N. America/Europe

Contract Specification

Sector Energy
Product Group Gasoline
Tenor Period Consecutive individual whole calendar months, e.g. May 25
Maximum Forward Tenor Up to 18 consecutive forward Tenor Periods available
Contract Size 35000
Contract Unit gal
Trading Price Quote $/gal
Price Digits 4
Currency USD
Tick Value 3.5
Tick Size 0.0001
Minimum Volume 1
Volume Steps [Lots] 0.01
Settlement Positions held into pricing month will be split into the constituent legs and then follow the settlement methodology for Outrights. i.e. Arithmetic mean of Settlement Prices throughout expiry month.
Margins Download a summary or detailed document with tiers.

Expiry Trading Overview

Contract Expiry Date The last trading day of the expiring Tenor Period (i.e. 30 May 2025 for May 25 Tenor Period)
Last Trading Day (for new open positions) Five working days prior to the Contract Expiry Date for the Tenor Period (i.e. 23 May 2025 for May 25 Tenor Period)
Last Trading Day (for closing position in that Tenor Period) The Contract Expiry Date of the relevant Tenor Period

Tenor Period Settlement Valuation Process

Open Volume The net open volume for the expiring Tenor Period
Daily Settlement Value Market-on-Close – The daily assessment settlement time, e.g. 4:30 pm for European contracts
Daily Settlement Volume Each day during Tenor Period, the remaining Open Volume reduces by the equivalent of 1/ (number of pricing days in the Tenor Period, including today if prior to Market-on-Close) and be settled at Daily Settlement Value
Final Settlement Price Positions held into pricing month will be split into the constituent legs and then follow the settlement methodology for Outrights. i.e. Arithmetic mean of Settlement Prices throughout expiry month.

Contract Purpose

This differential contract allows market participants to:

  • Trade the price spread between North American RBOB gasoline and European EBOB gasoline directly
  • Hedge exposure to transatlantic gasoline price differences that impact shipping economics
  • Manage risk associated with gasoline cargoes moving between Europe and North America
  • Implement arbitrage strategies across the world’s two major gasoline benchmark markets

Market Significance

Transatlantic Trade Indicator: Provides a transparent benchmark for the price differential between North American and European gasoline markets

Supply Chain Barometer: Reflects regional supply-demand imbalances and the economics of physical gasoline movements

Import/Export Economics: Captures the key pricing relationship that drives gasoline trade flows between Europe and the US, the world’s largest gasoline consumer

Trading Benefits

  • Efficient Spread Management: Execute transatlantic gasoline spread strategies with a single contract rather than holding seperate positions
  • Voyage Risk Control: Directly hedges the price risk associated with shipping gasoline across the Atlantic
  • Price Discovery: Enables transparent valuation of gasoline arbitrage opportunities betwen European and North American markets
  • Capital Efficiency: Reduces margin requirements compared to trading outright positions in both regional markets

This contract is particularly valuable for refiners, gasoline blenders, trading houses, and shipping companies involved in the transatlantic gasoline trade. It provides a precise instrument to manage the price differential between these key regional benchmarks, supporting both physical cargo hedging and speculative trading strategies in a market where Europe regularly exports significant volumes to meet US gasoline demand.