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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 Crude Oil – WTI Crude (100BBL) N. America – Dated Commodity CFD

Oil – WTI Crude (100BBL) N. America – Dated Commodity CFD

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Name & Trade Code

Contract Name Oil - WTI Crude (100BBL)
MT5 Code WTI_Oil
Contract Classification Dated Commodity CFD
Geographical Region N. America

Contract Specification

Sector Energy
Product Group Crude
Tenor Period Dated: Next two available tenors
Maximum Forward Tenor Dated: Next two available tenors
Contract Size 100
Contract Unit
Trading Price Quote $/bbl
Price Digits 3
Currency USD
Tick Value 0.1
Tick Size 0.001
Minimum Volume 0.1
Volume Steps [Lots] 0.1
Settlement Dated: Priced by the settlement value as defined by the exchange traded underlying contract
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 Dated: Priced by the settlement value as defined by the exchange traded underlying contract
MOC Haircut None Applies

Contract Purpose

This outright contract allows market participants to:

  • Gain direct exposure to the price of West Texas Intermediate (WTI) crude oil
  • Hedge against price fluctuations in the global oil market
  • Speculate on the future price direction of crude oil in the United States and internationally

Market Significance

  • Benchmark Status: Serves as the primary pricing point for crude oil futures in North America and a key global benchmark
  • Global Reference: Used as a benchmark for crude oil pricing worldwide, influencing approximately 20 million barrels per day of North American crude oil sales
  • Regional Indicator: Provides insights into supply and demand dynamics for crude oil in the U.S. market and globally

Trading Benefits

  • Price Discovery: Offers a transparent mechanism for determining the price of crude oil based on actual supply and demand, with futures prices reflecting fundamentals in the physical crude oil market
  • Risk Management: Allows hedging against price volatility in the oil market, providing producers with downside price risk protection and consumers with upside price protection
  • Market Access: Provides exposure to the world’s most liquid crude oil contract, with over 1 million contracts of WTI futures and options traded daily

This contract is particularly valuable for oil producers, refiners, physical traders, and financial institutions active in the global energy market. It offers a tool for managing price risks and implementing trading strategies related to crude oil, with nearly 24-hour electronic access and high liquidity. The WTI futures contract’s close connection to the spot market and physical settlement option make it an efficient hedging tool for hundreds of international commercial oil companies.