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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 92 v MOPJ (9.0) ($/0.01) Gasoline Asia – Commodity Differential SB

92 v MOPJ (9.0) ($/0.01) Gasoline Asia – Commodity Differential SB

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Name & Trade Code

Contract Name 92 v MOPJ (9.0) ($/0.01)
MT5 Code Sing_92_v_MOPJ_(9.0).s
Contract Classification Commodity Differential SB
Geographical Region Asia

Contract Specification

Sector Energy
Product Group Gasoline
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 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 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 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.
MOC Haircut

The 92 v MOPJ (9.0) contract is a commodity SB (Spread Bet) in the Gasoline group that represents the price differential between Singapore Mogas 92 Unleaded and Naphtha C+F Japan Cargo (“MOPJ”).

Contract Purpose

This product differential contract allows market participants to:

  • Hedge exposure to the price spread between Singapore Mogas 92 Unleaded and Naphtha C+F Japan Cargo
  • Speculate on refining margins for producing gasoline from naphtha
  • Manage risk related to gasoline and naphtha price fluctuations in the Asian market

Market Significance

  • Price Discovery: Serves as a benchmark for the relative value of gasoline and naphtha in the Asian market
  • Refining Margins: Reflects the economics of producing gasoline from naphtha
  • Regional Demand Patterns: Captures shifts in demand between gasoline and petrochemical feedstocks

Trading Benefits

  • Risk Management: Allows hedging against price volatility in the gasoline and naphtha markets
  • Market Access: Provides exposure to key Asian gasoline and naphtha markets
  • Spread Trading: Enables traders to capitalise on price differentials between gasoline and naphtha

This contract is particularly useful for refineries, petrochemical companies, and commodity traders operating in the Asia-Pacific region, offering them a tool to manage price risks and implement sophisticated trading strategies in the gasoline and naphtha markets.