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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 NWE Crack Roll

Naphtha NWE Crack Roll

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A CFD is a financial derivative that allows traders to speculate on the price movement of an asset without owning it. The trader enters into a contract with a broker, agreeing to exchange the difference in the asset's price from the time the contract is opened to when it is closed.

Name & Trade Code

Contract Name Naphtha NWE Crk Roll(100bbl-$/bbl)
MT5 Code Nap_NWE_Crk_Rl
Contract Classification Commodity Differential Time-Spread CFD
Geographical Region Europe

Contract Specification

Sector Energy
Product Group Naphtha
Tenor Period Consecutive individual whole calendar months, e.g. Aug 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. 29 August 2025 for Aug 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. 22 August 2025 for Aug 25 Tenor Period)
Last Trading Day (for closing position in that Tenor Period) The Contract Expiry Date of the relevant Tenor Period
Trading Hours 8:00am - 5:30pm London time
Quoting Hours 8:00am - 6:00pm London time

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 Naphtha Crk Roll contract is a sophisticated commodity CFD (Contract for Difference) in the Naphtha group that combines both a time spread and a product differential between Naphtha CIF NWE Cargoes and Brent 1st Line crude oil futures.

Contract Purpose

This complex contract allows market participants to:

  • Hedge exposure to both the time spread of Naphtha CIF NWE Cargoes and its differential to Brent crude
  • Speculate on refining margins for producing naphtha from crude oil over time
  • Manage risk related to naphtha and crude oil price fluctuations across different months

Market Significance

  • Price Discovery: Provides insights into the evolving relationship between naphtha and crude oil prices
  • Refining Margins: Reflects changes in the economics of producing naphtha from crude oil over time
  • Regional Arbitrage: Captures opportunities between European naphtha and global crude oil markets

Trading Benefits

  • Comprehensive Risk Management: Allows hedging against both time-related and product-related price risks
  • Market Access: Provides exposure to both European naphtha and global crude oil markets
  • Complex Strategies: Enables traders to implement sophisticated crack spread and calendar spread strategies simultaneously

This contract is particularly valuable for refineries, petrochemical companies, trading houses, and financial institutions active in both the European naphtha and global crude oil markets. It offers a powerful tool for managing complex price risks and implementing advanced trading strategies that account for both product differentials and time spreads in a single instrument.

A spread bet is a form of wagering on the price movement of an asset, where the trader bets on whether the price will rise or fall. The profit or loss is determined by the difference between the opening and closing prices.

Name & Trade Code

Contract Name Naphtha NWE Crk Roll($/0.01)
MT5 Code Nap_NWE_Crk_Rl.s
Contract Classification Commodity Differential Time-Spread SB
Geographical Region Europe

Contract Specification

Sector Energy
Product Group Naphtha
Tenor Period Consecutive individual whole calendar months, e.g. Aug 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. 29 August 2025 for Aug 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. 22 August 2025 for Aug 25 Tenor Period)
Last Trading Day (for closing position in that Tenor Period) The Contract Expiry Date of the relevant Tenor Period
Trading Hours 8:00am - 5:30pm London time
Quoting Hours 8:00am - 6:00pm London time

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.