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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 Brent Swap/Dubai Roll Crude Middle East – Commodity Differential Time-Spread

Brent Swap/Dubai Roll Crude Middle East – Commodity Differential Time-Spread

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Name & Trade Code

Contract Name Brent Swap/Dubai Roll(100bbl-$/bbl)
MT5 Code Brent/Dubai_Bx
Contract Classification Commodity Differential Time-Spread CFD
Geographical Region Middle East

Contract Specification

Sector Energy
Product Group Crude
Tenor Period Consecutive individual whole calendar months, e.g. Jun 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 June 2025 for Jun 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 June 2025 for Jun 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.

The Brent/Dubai Box contract is a sophisticated commodity CFD (Contract for Difference) in the Crude group that represents the time spread between Brent 1st Line and Dubai 1st Line crude oil futures for two consecutive months.

Contract Purpose

This time spread contract allows market participants to:

  • Speculate on or hedge against changes in the price relationship between Brent and Dubai crude oil over two consecutive months
  • Manage exposure to regional price differentials between European and Middle Eastern crude oil markets
  • Execute complex calendar spread trading strategies across two major crude oil benchmarks

Market Significance

  • Intercontinental Arbitrage: Reflects opportunities for crude oil trading between Europe and the Middle East
  • Refinery Economics: Captures the changing value proposition for refineries processing different crude grades
  • Global Oil Flows: Provides insights into the dynamics of crude oil trade between Atlantic Basin and East of Suez markets

Trading Benefits

  • Cross-Benchmark Exposure: Allows traders to focus on relative price movements between two major global crude oil benchmarks
  • Spread Risk Management: Provides a tool for managing price risks across different crude oil grades and regions
  • Complex Strategies: Enables sophisticated trading approaches that combine both time spread and inter-grade spread elements

This contract is particularly valuable for refineries, trading houses, and financial institutions active in both the European and Middle Eastern crude oil markets. It offers a powerful tool for managing complex price risks and implementing advanced trading strategies that account for both temporal and geographical price differentials in the global crude oil market.