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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 Distillates Sing GO Dubai Crk Distillates Europe/Middle East – Commodity Differential CFD

Sing GO Dubai Crk Distillates Europe/Middle East – Commodity Differential CFD

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Name & Trade Code

Contract Name Sing GO Dubai Crk(100bbl-$/bbl)
MT5 Code Sg_GO_Dub_Crk
Contract Classification Commodity Differential CFD
Geographical Region Europe/Middle East

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 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 Singapore Gasoil and Dubai crude oil directly
  • Hedge refining margins for diesel/gasoil production using Middle Eastern crude as feedstock
  • Manage exposure to both product and crude price movements across two key regional benchmarks
  • Implement cross-regional trading and risk management strategies between Asian refined products and Middle Eastern crude supply

Market Significance

Refining Margin Benchmark: Provides a direct tool for tracking and managing the profitability of refining Dubai crude into gasoil/diesel in Asia

Regional Price Indicator: Captures the economic relationship between Middle Eastern crude supply and Asian distillate demand

Global Trade Relevance: Reflects the interconnectedness of Middle Eastern crude flows and Asian product consumption, a major axis in global energy markets

Trading Benefits

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

This contract is especially valuable for Asian refiners processing Dubai crude, trading firms active in the distillates market, and industrial consumers seeking to manage diesel/gasoil costs. It provides a focused tool for managing the spread between these two vital benchmarks, supporting both operational hedging and speculative trading strategies.