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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 Crude Dated Brent ($/0.01) Crude Europe – Commodity SB

Dated Brent ($/0.01) Crude Europe – Commodity SB

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Name & Trade Code

Contract Name Dated Brent ($/0.01)
MT5 Code Dated_Brent.s
Contract Classification Commodity SB
Geographical Region Europe

Contract Specification

Sector Energy
Product Group Crude
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
Trading Price Quote $/bbl
Price Digits 2
Currency USD
Tick Value 1
Tick Size 0.01
Minimum Volume 1
Volume Steps [Lots] 0.01
Settlement 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 Arithmetic mean of Settlement Prices throughout expiry month
MOC Haircut None Applies

The Dated Brent contract is a commodity SB (Spread Bet) in the Crude group that represents the outright price of Dated Brent.

Contract Purpose

This outright contract allows market participants to:

  • Gain direct exposure to the price of Dated Brent
  • Hedge against price fluctuations in the physical North Sea crude oil market
  • Speculate on the future price direction of Dated Brent

Market Significance

  • Benchmark Status: Dated Brent serves as the world’s leading benchmark for physical, light North Sea crude oil
  • Global Pricing Reference: Used as a pricing reference for approximately 65% of the world’s internationally traded crude oil
  • Economic Indicator: Often viewed as a bellwether for the health of the overall oil market and global economy

Trading Benefits

  • Price Discovery: Offers a transparent mechanism for determining the price of physical North Sea crude oil
  • Risk Management: Allows hedging against price volatility in the physical crude oil market
  • Market Access: Provides exposure to a key global crude oil benchmark

This contract is particularly valuable for oil producers, refineries, trading houses, and financial institutions active in the global crude oil market. It offers a tool for managing price risks and implementing trading strategies related to physical North Sea crude oil.