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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/LSGO Distillates Europe – Commodity Differential CFD

Jet CIF NWE/LSGO Distillates Europe – Commodity Differential CFD

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Name & Trade Code

Contract Name Jet CIF NWE/LSGO(100mt-$/mt)
MT5 Code Jet_NWE/LSGO
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 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. 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 allows market participants to:

  • Trade the price spread between European jet fuel (Jet CIF NWE) and European low sulphur gasoil (LSGO) directly
  • Hedge exposure to the margin between jet fuel and gasoil, two of the most important middle distillates in Europe
  • Manage risk associated with shifts in demand, supply, and refining economics for these products
  • Implement trading strategies that reflect the close relationship and volatility between jet fuel and gasoil prices

Market Significance

Distillate Margin Benchmark: This contract acts as a transparent tool for tracking and managing the profitability of producing jet fuel versus gasoil in Europe.

Aviation and Transport Focus: Jet fuel and gasoil are both critical to the transport sector—airlines, hauliers, and refiners all rely on this spread to manage operational costs and revenues.

Market Dynamics Insight: The spread reflects changes in seasonal demand, refinery maintenance, and supply disruptions, making it a key indicator for the European energy market.

Trading Benefits

  • Margin Management: Allows airlines, refiners, and traders to hedge or speculate on the jet-gasoil spread with a single contract
  • Efficient Risk Control: Directly addresses the risk of price movements between two closely linked distillate products
  • 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 especially valuable for airlines managing jet fuel costs, refiners optimising production, and trading firms active in the European distillates market. It provides a focused tool for managing the spread between these two vital benchmarks, helping participants to stabilise margins and respond quickly to market changes.