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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 WTI Crude N. America – Dated Commodity CFD

WTI Crude N. America – Dated Commodity CFD

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Name & Trade Code

Contract Name WTI (100bbl-$/bbl)
MT5 Code WTI
Contract Classification Dated Commodity CFD
Geographical Region N. America

Contract Specification

Sector Energy
Product Group Crude
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 0.1
Tick Size 0.001
Minimum Volume 1
Volume Steps [Lots] 0.01
Settlement Settlement determined by the official closing price on the Onyx Markets last dealing day
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 Dated: Priced by the settlement value as defined by the exchange traded underlying contract.

Contract Purpose

This dated commodity CFD allows market participants to:

  • Access directional exposure to WTI crude oil prices in North America with dated pricing methodology
  • Hedge against price risk in the North American crude market using precise settlement dates
  • Speculate on the price movements of WTI crude oil with specific timing considerations
  • Match hedges more precisely to physical delivery schedules with dated settlement features

Market Significance

Benchmark Alignment: Directly tracks the WTI crude benchmark, the primary oil pricing reference in North America

Timing Precision: Offers date-specific pricing rather than monthly averaging, enabling more targeted risk management

Market Correlation: Provides exposure to the world’s most liquid crude oil benchmark with settlement tied to exchange-traded contract values

Trading Benefits

  • Enhanced Precision: Dated settlement mechanism allows for more precise timing of price exposure compared to monthly average pricing
  • Direct Linkage: Settlement directly linked to exchange-traded WTI prices rather than monthly averages
  • Finer Price Granularity: Smaller tick size (0.001) enables more precise pricing and trade execution
  • Risk Management Flexibility: Offers alternative settlement approach for traders with specific timing requirements

This contract serves a wide range of market participants including oil producers needing date-specific hedging, refiners with scheduled purchases, trading firms requiring precise date exposure, and financial institutions seeking directional oil exposure. The dated settlement structure makes this contract particularly suited for entities with specific calendar-day price exposure rather than month-long averaging exposure. It complements the WTI Swap by providing an alternative settlement approach within the same MT5 trading platform.