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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 Dated Brent/Dubai Crude Europe/Middle East – Commodity Differential CFD

Dated Brent/Dubai Crude Europe/Middle East – Commodity Differential CFD

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Name & Trade Code

Contract Name Dated Brent/Dubai(100bbl-$/bbl)
MT5 Code Dated/Dubai
Contract Classification Commodity Differential CFD
Geographical Region Europe/Middle East

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 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 enables market participants to:

  • Trade the price spread between Dated Brent (Europe’s physical crude benchmark) and Dubai Crude (Middle East’s key sour crude benchmark) directly.
  • Hedge exposure to price differentials between European and Middle Eastern crude oil markets, particularly for cargo flows between these regions.
  • Manage risks tied to geopolitical events, supply-demand shifts, or arbitrage opportunities affecting the Brent-Dubai spread.
  • Speculate on changes in the relative value of light sweet crude (Brent) versus medium sour crude (Dubai) in global markets.

Market Significance
Global Benchmark Relationship: The Brent-Dubai spread is a critical indicator of sweet vs sour crude dynamics, reflecting regional supply-demand balances, refinery preferences, and shipping economics.
Arbitrage Driver: The spread influences the viability of moving crude between Europe and Asia, with a narrower spread often boosting demand for Atlantic Basin crude in Asian markets.
Geopolitical Sensitivity: Sanctions, OPEC+ production changes, and shifts in Middle Eastern exports directly impact this spread, making it a barometer of geopolitical risk in energy markets.

Trading Benefits

  • Simplified Spread Trading: Execute arbitrage strategies between Europe and Asia with a single contract, avoiding the complexity of managing separate Brent and Dubai positions.
  • Risk Mitigation: Hedge against price volatility caused by regional disruptions (e.g., Middle East tensions, North Sea supply outages).
  • Capital Efficiency: Reduced margin requirements compared to trading outright positions in both benchmarks.
  • Market Insight: Gain exposure to the interplay between global sweet and sour crude markets, which drives refinery profitability and trade flows.

Target Users
This contract is vital for crude oil traders, refiners, and shipping firms operating across Europe and Asia. It serves as a strategic tool for managing price risks in transcontinental crude trade, optimising refinery feedstock costs, or capitalising on arbitrage opportunities shaped by shifting regional fundamentals.