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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 Fuel Oil Barges 3.5% Spread

Barges 3.5% Spread

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A CFD is a financial derivative that allows traders to speculate on the price movement of an asset without owning it. The trader enters into a contract with a broker, agreeing to exchange the difference in the asset's price from the time the contract is opened to when it is closed.

Name & Trade Code

Contract Name Barges 3.5 Spread(100mt-$/mt)
MT5 Code Bgs3.5_Sprd
Contract Classification Commodity Time-Spread CFD
Geographical Region Europe

Contract Specification

Sector Energy
Product Group Fuel Oil
Tenor Period Consecutive individual whole calendar months, e.g. Aug 25
Maximum Forward Tenor Up to 18 consecutive forward Tenor Periods available
Contract Size 100
Contract Unit mt
Trading Price Quote $/mt
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. 29 August 2025 for Aug 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. 22 August 2025 for Aug 25 Tenor Period)
Last Trading Day (for closing position in that Tenor Period) The Contract Expiry Date of the relevant Tenor Period
Trading Hours 8:00am - 5:30pm London time
Quoting Hours 8:00am - 6:00pm London time

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 Barges 3.5 Sprd contract is a commodity CFD (Contract for Difference) in the Fuel Oil group that represents the time spread between two consecutive months of Fuel Oil 3.5% FOB Rotterdam Barges prices.

Contract Purpose

This time spread contract allows market participants to:

  • Speculate on or hedge against changes in the price relationship between two consecutive months of Fuel Oil 3.5% FOB Rotterdam Barges
  • Manage exposure to seasonal price fluctuations in the European fuel oil market
  • Execute calendar spread trading strategies

Market Significance

  • Price Structure: Reflects the market’s expectation of near-term supply and demand dynamics for high-sulphur fuel oil in Northwest Europe
  • Seasonal Patterns: Captures typical seasonal variations in fuel oil consumption, particularly in the shipping and power generation sectors
  • Regional Benchmark: Serves as a key reference for high-sulphur fuel oil pricing in the European market, influencing related products and derivatives

Trading Benefits

  • Spread Risk Management: Allows traders to focus on relative price movements between months, reducing exposure to outright price volatility
  • Market Access: Provides a tool for trading the time structure of the European high-sulphur fuel oil market
  • Flexibility: Enables various trading strategies, from simple calendar spreads to more complex multi-leg trades

This contract is particularly useful for refineries, shipping companies, power generators, trading houses, and financial institutions active in the European fuel oil market, offering them a precise instrument to manage time-related price risks and implement sophisticated trading strategies in the high-sulphur fuel oil sector.

A spread bet is a form of wagering on the price movement of an asset, where the trader bets on whether the price will rise or fall. The profit or loss is determined by the difference between the opening and closing prices.

Name & Trade Code

Contract Name Barges 3.5 Spread($/0.01)
MT5 Code Bgs3.5_Sprd.s
Contract Classification Commodity Time-Spread SB
Geographical Region Europe

Contract Specification

Sector Energy
Product Group Fuel Oil
Tenor Period Consecutive individual whole calendar months, e.g. Aug 25
Maximum Forward Tenor Up to 18 consecutive forward Tenor Periods available
Contract Size 100
Contract Unit
Trading Price Quote $/mt
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. 29 August 2025 for Aug 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. 22 August 2025 for Aug 25 Tenor Period)
Last Trading Day (for closing position in that Tenor Period) The Contract Expiry Date of the relevant Tenor Period
Trading Hours 8:00am - 5:30pm London time
Quoting Hours 8:00am - 6:00pm London time

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.