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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 EBOB/Naphtha NWE Gasoline Europe – Commodity Differential CFD

EBOB/Naphtha NWE Gasoline Europe – Commodity Differential CFD

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Name & Trade Code

Contract Name EBOB/Naphtha NWE(100mt-$/mt)
MT5 Code EBOB/Nap_NWE
Contract Classification Commodity Differential CFD
Geographical Region 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 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 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 contract enables market participants to:

  • Trade the price spread between Eurobob gasoline (EBOB) and Northwest European naphtha directly
  • Hedge exposure to the economics of blending naphtha into finished specification gasoline in Europe
  • Manage risk related to refinery margins and blending profitability, particularly in the ARA (Amsterdam-Rotterdam-Antwerp) hub
  • Speculate on the relative value of gasoline versus naphtha as market conditions shift

Market Significance

Refining and Blending Benchmark: This contract is central for physical blenders and refiners, as the EBOB/Naphtha spread directly reflects the cost-effectiveness of using naphtha as a blending component in gasoline production.

Blending Economics Insight: The spread provides a transparent measure of the attractiveness of blending naphtha into gasoline, which is a key driver of refinery operations and blending strategies in Northwest Europe.

Petrochemical and Energy Market Impact: The contract captures the competitive dynamics between gasoline and naphtha, both as fuels and as feedstocks for the petrochemical sector, influencing broader market flows and refinery economics.

Trading Benefits

  • Cross-Product Exposure: Gain simultaneous access to both gasoline and naphtha price movements in Europe
  • Risk Management: Effectively hedge against price volatility and margin swings between these two key refinery products
  • Spread Trading Opportunities: Capitalise on changes in blending economics and market fundamentals, using a single, liquid instrument

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