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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 Distillates Gasoil 10ppm E/W Box Distillates Asia/Europe – Commodity Differential Time-Spread

Gasoil 10ppm E/W Box Distillates Asia/Europe – Commodity Differential Time-Spread

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Name & Trade Code

Contract Name Gasoil 10ppm E/W Box(13.42mt-$/mt)
MT5 Code Gasoil_E/W_Bx
Contract Classification Commodity Differential Time-Spread CFD
Geographical Region Asia/Europe

Contract Specification

Sector Energy
Product Group Distillates
Tenor Period Consecutive individual whole calendar months, e.g. Jun 25
Maximum Forward Tenor Up to 18 consecutive forward Tenor Periods available
Contract Size 13.42
Contract Unit bbl
Trading Price Quote $/mt
Price Digits 2
Currency USD
Tick Value 0.1342
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 Gasoil EW Box contract is a sophisticated commodity CFD (Contract for Difference) in the Distillates group that combines both a time spread and a product differential between Singapore Gasoil and Low Sulphur Gasoil 1st Line.

Contract Purpose

This complex contract allows market participants to:

  • Hedge exposure to both the time spread of Singapore Gasoil and its differential to Low Sulphur Gasoil 1st Line
  • Speculate on regional price differentials between Asian and European gasoil markets over time
  • Manage risk related to arbitrage opportunities between Singapore and Northwest European gasoil markets across different months

Market Significance

  • Global Benchmark Relationship: Reflects the evolving relationship between key gasoil benchmarks in Asia and Europe over time
  • Arbitrage Opportunities: Captures potential price discrepancies between two major gasoil trading hubs across different months
  • Global Trade Flows: Provides insights into the dynamics of gasoil trade between Asia and Europe and how they change over time

Trading Benefits

  • Comprehensive Risk Management: Allows hedging against both time-related and product-related price risks across regions
  • Market Access: Provides exposure to both Asian and European gasoil markets over multiple months
  • Complex Strategies: Enables traders to implement sophisticated spread trading and arbitrage strategies that account for both regional differentials and time spreads in a single instrument

This contract is particularly valuable for refineries, trading houses, and financial institutions active in both the Asian and European gasoil markets. It offers a powerful tool for managing complex price risks and implementing advanced trading strategies that account for the relationship between gasoil prices in different regions over time.