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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 EBOB Crk Gasoline Europe – Commodity Differential CFD

EBOB Crk Gasoline Europe – Commodity Differential CFD

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Name & Trade Code

Contract Name EBOB Crk(100bbl-$/bbl)
MT5 Code EBOB_Crk
Contract Classification Commodity Differential CFD
Geographical Region Europe

Contract Specification

Sector Energy
Product Group Gasoline
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 contract allows market participants to:

  • Trade the price spread between European gasoline (Eurobob Oxy FOB Rotterdam Barges) and European crude oil (Brent)
  • Hedge exposure to the refining margin, commonly known as the “gasoline crack,” for producing gasoline from crude oil in Europe
  • Manage risk associated with fluctuations in both gasoline and crude oil prices within the European market
  • Speculate on changes in refining profitability and market dynamics impacting the relationship between crude oil and finished gasoline

Market Significance

Refining Margin Benchmark: The EBOB Crack contract is a key indicator of the economics of producing gasoline from crude oil in Northwest Europe, widely referenced by refiners, traders, and analysts.

Market Reference: Serves as a benchmark for gasoline pricing relative to crude oil, underpinning both physical and financial contracts across the region.

Arbitrage Opportunities: Captures trading opportunities between European gasoline and global crude oil markets, reflecting shifts in supply, demand, and refinery operations.

Trading Benefits

  • Cross-Market Exposure: Provides simultaneous access to both European gasoline and global crude oil price movements
  • Risk Management: Enables effective hedging against price volatility in both the gasoline and crude oil markets
  • Spread Trading: Allows traders to capitalise on price differentials between refined products and crude oil, supporting sophisticated trading strategies

This contract is especially valuable for refineries, trading houses, and financial institutions active in the European gasoline and crude oil markets. It offers a focused tool for managing price risk, optimising refining strategies, and responding to market shifts in the relationship between crude oil and gasoline prices.