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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 MOGAS Arb Gasoline N. America/Europe – Commodity Differential CFD

MOGAS Arb Gasoline N. America/Europe – Commodity Differential CFD

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Name & Trade Code

Contract Name MOGAS Arb
MT5 Code MOGAS_Arb
Contract Classification Commodity Differential CFD
Geographical Region N. America/Europe

Contract Specification

Sector Energy
Product Group Gasoline
Tenor Period Up to 24 consecutive forward Tenor Periods available
Maximum Forward Tenor Up to 24 consecutive forward Tenor Periods available
Contract Size 100
Contract Unit mt
Trading Price Quote c/gal
Price Digits 2
Currency USD
Tick Value 3.5
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 View document

Expiry Trading Overview

Contract Expiry Date The last trading day of the expiring Tenor Period (i.e. 31 March 2025 for Mar 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. 24 March 2025 for Mar 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 settlement assessment 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.
MOC Haircut

The MOGAS Arb contract is a commodity CFD (Contract for Difference) in the Gasoline group that represents the price differential between RBOB Gasoline and Eurobob Oxy NWE Rotterdam Barges.

Contract Purpose

This product differential contract allows market participants to:

  • Hedge exposure to the price spread between RBOB Gasoline and Eurobob Oxy NWE Rotterdam Barges
  • Speculate on regional price differentials between North American and European gasoline markets
  • Manage risk related to arbitrage opportunities between these two key gasoline benchmarks

Market Significance

  • Transatlantic Arbitrage: Reflects opportunities for gasoline trading between North America and Europe
  • Refinery Economics: Captures the changing value proposition for refineries in different regions
  • Global Gasoline Flows: Provides insights into the dynamics of gasoline trade between the Atlantic Basin markets

Trading Benefits

  • Cross-Market Exposure: Provides simultaneous access to both North American and European gasoline markets
  • Risk Management: Allows hedging against price volatility between different regional gasoline benchmarks
  • Spread Trading: Enables traders to capitalise on price differentials between RBOB and Eurobob Oxy gasoline

This contract is particularly valuable for refineries, trading houses, and financial institutions active in both the North American and European gasoline markets. It offers a powerful tool for managing price risks and implementing sophisticated trading strategies that account for the relationship between gasoline prices in these key regions.