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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 Naphtha Naphtha MOPJ Crk Naphtha Asia – Commodity Differential Spread Bet

Naphtha MOPJ Crk Naphtha Asia – Commodity Differential Spread Bet

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Name & Trade Code

Contract Name Naphtha MOPJ Crk($/0.01)
MT5 Code MOPJ_Crk.s
Contract Classification Commodity Differential SB
Geographical Region Asia

Contract Specification

Sector Energy
Product Group Naphtha
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
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 allows market participants to:

  • Trade the price spread between Naphtha C+F Japan (MOPJ) and Brent crude oil directly
  • Hedge refining margins for naphtha production in Asia using European crude as feedstock
  • Manage exposure to both Asian naphtha prices and global crude oil price movements
  • Implement trading and risk management strategies reflecting the economics of converting Brent crude into naphtha for Asian markets

Market Significance

Refining Margin Benchmark: Provides a direct tool for tracking and managing the profitability of refining Brent crude into naphtha in Asia

Petrochemical Value Chain Indicator: Captures the price relationship between imported crude oil and naphtha, a key feedstock for Asian petrochemical and gasoline blending industries

Regional Market Barometer: Reflects supply-demand dynamics and seasonal trends in the Asian naphtha and global crude oil markets

Trading Benefits

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

This contract is especially valuable for Asian refiners, petrochemical producers, and trading firms active in the naphtha and crude oil markets. It provides a focused tool for managing the spread between these two vital benchmarks, supporting both operational risk management and speculative opportunities in the region’s energy and petrochemical sectors.