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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 Jet CIF NWE Crk Distillates Europe – Commodity Differential CFD

Jet CIF NWE Crk Distillates Europe – Commodity Differential CFD

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Name & Trade Code

Contract Name Jet CIF NWE Crk(100bbl-$/bbl)
MT5 Code Jet_NWE_Crk
Contract Classification Commodity Differential CFD
Geographical Region Europe

Contract Specification

Sector Energy
Product Group Distillates
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 European jet fuel (Jet CIF NWE) and crude oil directly
  • Hedge the refining margin for jet fuel production in the European market
  • Manage exposure to both jet fuel product prices and crude oil price movements
  • Implement trading strategies that reflect the economics of converting crude oil into jet fuel, a vital transport fuel

Market Significance

Refining Margin Benchmark: This contract is a transparent tool for tracking and managing the profitability of refining crude oil into jet fuel in Europe.

Aviation Sector Focus: Jet fuel is essential for airlines and a key cost driver—this spread helps manage the risk of price swings in both crude and refined product.

European Market Indicator: The contract reflects regional supply-demand, refinery operations, and seasonal travel patterns, making it a key barometer for the European energy and aviation sectors.

Trading Benefits

  • Margin Management: Simplifies hedging or speculating on the “jet crack spread” with a single contract
  • Efficient Risk Control: Directly addresses the risk of price movements between crude oil input and jet fuel output
  • Operational Flexibility: Supports both physical market hedging and speculative trading strategies
  • Capital Efficiency: Reduces margin requirements compared to holding separate positions in both legs

This contract is particularly valuable for airlines managing jet fuel costs, refiners optimising their production mix, and trading firms active in the European distillates market. It provides a focused tool for managing the spread between these two vital benchmarks, supporting both operational hedging and speculative opportunities in the fast-moving European energy landscape.