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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 Fuel Oil Sing 380 Crk Fuel Oil Asia/Europe – Commodity Differential CFD

Sing 380 Crk Fuel Oil Asia/Europe – Commodity Differential CFD

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Name & Trade Code

Contract Name Sing 380 Crk(635bbl-$/bbl)
MT5 Code Sg380_Crk
Contract Classification Commodity Differential CFD
Geographical Region Asia/Europe

Contract Specification

Sector Energy
Product Group Fuel Oil
Tenor Period Consecutive individual whole calendar months, e.g. May 25
Maximum Forward Tenor Up to 18 consecutive forward Tenor Periods available
Contract Size 635
Contract Unit mt
Trading Price Quote $/bbl
Price Digits 2
Currency USD
Tick Value 6.35
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 allows market participants to:

  • Trade the price spread between Singapore 380 CST Fuel Oil and Brent crude oil directly
  • Hedge the refining margin, commonly known as the “380 fuel oil crack,” for fuel oil production using European crude as feedstock
  • Manage exposure to both product (fuel oil) and crude (Brent) price movements across two major global benchmarks
  • Implement trading and risk management strategies that reflect the economics of converting Brent crude into fuel oil in the Asian market

Market Significance

Refining Margin Benchmark: Provides a direct tool for tracking and managing the profitability of refining Brent crude into 380 CST fuel oil in Asia

Regional Price Indicator: Captures the economic relationship between European crude supply and Asian fuel oil demand, key for global shipping and power markets

Global Trade Relevance: Reflects the interconnectedness of European crude flows and Asian product consumption, underpinning trade and arbitrage in the fuel oil sector

Trading Benefits

  • Margin Management: Simplifies hedging or trading the fuel oil crack spread with a single contract
  • Cross-Market Access: Offers exposure to both Asian and European energy markets in one instrument
  • Efficient Risk Control: Directly addresses the risk of price movements between crude input and fuel oil output
  • Capital Efficiency: Reduces margin requirements compared to holding separate positions in both legs

This contract is especially valuable for refiners, shipping companies, and trading firms active in the fuel oil and crude oil markets. It provides a focused tool for managing the spread between these two vital benchmarks, supporting both operational hedging and speculative trading strategies in the global energy sector.