Skip to main content

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 Distillates Gasoil 10ppm E/W Distillates Asia/Europe – Commodity Differential CFD

Gasoil 10ppm E/W Distillates Asia/Europe – Commodity Differential CFD

Trade with the world's #1 oil derivatives liquidity provider

Name & Trade Code

Contract Name Gasoil 10ppm E/W(13.42mt-$/mt)
MT5 Code Gasoil_E/W
Contract Classification Commodity Differential CFD
Geographical Region Asia/Europe

Contract Specification

Sector Energy
Product Group Distillates
Tenor Period Consecutive individual whole calendar months, e.g. May 25
Maximum Forward Tenor Up to 18 consecutive forward Tenor Periods available
Contract Size 13.42
Contract Unit bbl
Trading Price Quote $/mt
Price Digits 2
Currency USD
Tick Value 0.1342
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 differential contract enables market participants to:

  • Trade the price spread between Asian gasoil 10ppm and European gasoil 10ppm directly
  • Hedge exposure to the East-West arbitrage, reflecting the price difference between these two major regional distillate benchmarks
  • Manage risk associated with the movement of gasoil cargoes between Asia and Europe
  • Implement trading strategies that respond to shifts in supply, demand, and freight rates across the two regions

Market Significance

Arbitrage Benchmark: This contract provides a transparent and reliable measure of the price differential between Asian and European gasoil markets, a key factor in global distillate trade flows.

Regional Market Indicator: The East-West spread reflects regional imbalances, refinery maintenance, shipping economics, and seasonal demand changes, making it a vital barometer for traders, refiners, and importers.

Supply Chain Optimisation: Used by refiners, trading houses, and shipping firms to optimise sourcing, sales, and logistics strategies for gasoil across both continents.

Trading Benefits

  • Spread Trading Efficiency: Allows direct trading of the Asia-Europe gasoil spread without holding outright positions in both markets
  • Risk Management: Offers an effective hedge for those exposed to inter-regional price swings and arbitrage opportunities
  • Price Discovery: Facilitates transparent valuation of arbitrage and market imbalances between Asia and Europe
  • Capital Efficiency: Reduces margin requirements compared to trading both legs separately

This contract is particularly valuable for global refiners, trading firms, and shipping companies involved in the international gasoil market. It provides a focused tool for managing exposure to one of the most actively traded and closely watched price spreads in the global distillates sector.