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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 RBOB Swap/Naphtha NWE Gasoline N. America – Commodity Differential CFD

RBOB Swap/Naphtha NWE Gasoline N. America – Commodity Differential CFD

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Name & Trade Code

Contract Name RBOB Swap/Naphtha NWE(100bbl-$/bbl)
MT5 Code RBOB/Nap_NWE
Contract Classification Commodity Differential CFD
Geographical Region N. America

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 bbl
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 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 US RBOB gasoline and European naphtha directly
  • Hedge exposure to transatlantic gasoline component and feedstock price relationships
  • Manage risk associated with gasoline blending economics using naphtha as a component
  • Implement trading strategies that capture the value chain between petrochemical feedstock and finished gasoline

Market Significance

Blending Economics Indicator: Provides a direct tool for tracking and managing the economics of using European naphtha in US gasoline blending operations

Transatlantic Value Chain: Captures the price relationship between a key European petrochemical feedstock and US finished gasoline

Regional Supply-Demand Barometer: Reflects fundamental balances in both the gasoline and naphtha markets across two major consuming regions

Trading Benefits

  • Simplified Spread Management: Execute cross-product and cross-regional strategies with a single contract
  • Value Chain Exposure: Access both upstream (naphtha) and downstream (gasoline) segments of the refining chain
  • Efficient Risk Control: Directly hedges the price relationship that underpins gasoline blending economics
  • Capital Efficiency: Reduces margin requirements compared to holding separate positions in both components

This contract is particularly valuable for refiners involved in gasoline production, gasoline blenders, petrochemical producers who may switch between gasoline and chemical production, and trading firms active in transatlantic petroleum product markets. It provides a specialized tool for managing the spread between these two benchmarks, supporting both operational hedging and speculative trading strategies in the global gasoline complex.