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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 GasNap Gasoline Europe – Commodity Differential CFD

GasNap Gasoline Europe – Commodity Differential CFD

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Name & Trade Code

Contract Name GasNap
MT5 Code GasNap
Contract Classification Commodity Differential CFD
Geographical Region Europe

Contract Specification

Sector Energy
Product Group Gasoline
Tenor Period Up to 24 consecutive forward Tenor Periods available
Maximum Forward Tenor Up to 24 consecutive forward Tenor Periods available
Contract Size 100
Contract Unit mt
Trading Price Quote $/mt
Price Digits 2
Currency USD
Tick Value 1
Tick Size 0.01
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 View document

Expiry Trading Overview

Contract Expiry Date The last trading day of the expiring Tenor Period (i.e. 31 March 2025 for Mar 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. 24 March 2025 for Mar 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 settlement assessment 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.
MOC Haircut

The GasNap contract is a commodity CFD (Contract for Difference) in the Gasoline group that represents the price differential between Eurobob OXY FOB Rotterdam Barges and Platts Naphtha CIF NWE Cargoes.

Contract Purpose

This product differential contract allows market participants to:

  • Hedge exposure to the price spread between gasoline and naphtha in Northwest Europe
  • Speculate on the relative value of gasoline versus naphtha as refinery products
  • Manage risk related to refinery margins and blending economics

Market Significance

  • Refining Margins: Reflects the economics of producing gasoline relative to naphtha in the European market
  • Blending Economics: Provides insights into the value of naphtha as a gasoline blending component
  • Petrochemical Industry Impact: Captures the competitive dynamics between gasoline and naphtha as alternative uses for light distillates

Trading Benefits

  • Cross-Product Exposure: Provides simultaneous access to both gasoline and naphtha markets in Europe
  • Risk Management: Allows hedging against price volatility between gasoline and naphtha
  • Spread Trading: Enables traders to capitalise on price differentials between these two key refinery products

This contract is particularly valuable for refineries, trading houses, and financial institutions active in the European gasoline and naphtha markets. It offers a powerful tool for managing price risks and implementing sophisticated trading strategies that account for the relationship between gasoline and naphtha prices in Northwest Europe.