Skip to main content

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 Fuel Oil Sing 180 Crk Fuel Oil Asia – Commodity Differential Spread Bet

Sing 180 Crk Fuel Oil Asia – Commodity Differential Spread Bet

Trade with the world's #1 oil derivatives liquidity provider

Name & Trade Code

Contract Name Sing 180 Crk($/0.01)
MT5 Code Sg180_Crk.s
Contract Classification Commodity Differential SB
Geographical Region Asia

Contract Specification

Sector Energy
Product Group Fuel Oil
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 6.35
Volume Steps [Lots] 0.05
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 Singapore 180cst Fuel Oil and crude oil directly
  • Hedge the refining margin for high sulfur fuel oil production in the Asian market
  • Manage exposure to both product (fuel oil) and crude price movements
  • Implement trading and risk management strategies that reflect the economics of converting crude into fuel oil in the Asian market

Market Significance

Refining Margin Benchmark: Provides a direct tool for tracking and managing the profitability of refining crude into 180cst fuel oil in Asia

Regional Price Indicator: Captures the economic relationship between crude supply and Asian fuel oil demand, important for shipping and power industries

Market Dynamics Barometer: Reflects regional supply-demand balances and regulatory impacts on high sulfur fuel oil markets

Trading Benefits

  • Margin Management: Simplifies hedging or trading the fuel oil crack spread with a single contract
  • Efficient Risk Control: Directly addresses the risk of price movements between crude input and fuel oil output
  • Capital Efficiency: Reduces margin requirements compared to holding separate positions in both legs
  • Regional Exposure: Provides focused access to Asian fuel oil market dynamics

This contract is especially valuable for Asian refiners, shipping companies, power generators, and trading firms active in the fuel oil and crude oil markets. It provides a specialized tool for managing the spread between these two vital benchmarks, supporting both operational hedging and speculative trading strategies in a key regional energy market.