| Name & Trade Code | Singapore Mogas 92 Unleaded and Brent 1st Line | |
| Contract Name: | Sing 92 Crk Roll (Gasoline), Time Spread & Product Differential, Asia/Europe -Commodity CFD | |
| Platform Code: | Sing 92 Crk Roll | |
| Deal Classification: | Commodity CFD | |
| Deal Type (Outright/Product Differential/Time Spread): | Time Spread & Product Differential | |
| Geographical Region: | Asia/Europe | |
| Specification | ||
| Category: | ||
| Sector: | Energy | |
| Price Digits: | 2 | |
| Product Group: | Gasoline | |
| Tenor Period: | Consecutive individual whole calendar months, e.g. February 25 (Feb25) | |
| Maximum Forward Tenor: | 12 consecutive forward Tenor Periods available | |
| Trading Screen Name: | Sing 92 Crk Roll | |
| Deal Type: | Time Spread & Product Differential | |
| Contract Size: | 100 | |
| Unit of Trading: | bbl | |
| Currency: | USD | |
| Minimal Volume[Lots] (Lots * Contract Size = Total Deal Volume ): | 1 | |
| Maximal Volume [Lots] (Lots * Contract Size = Total Deal Volume ): | ||
| Volume Step: | 0.1 | |
| Settlement: | Arithmetic mean of settlement prices throughout expiry month, please refer to Expiry Trading Overview below | |
| Trading Price Quote: | $/bbl | |
| Underlying Settlement Price Reporting Agency (PRA): | Platts, ICE Exchange | |
| Expiry Trading Overview: | ||
| Contract Expiry Date: | The last working day of the month prior to the nearest expiring Tenor Period | |
| Last Trading Day (for new open positions): | ||
| Last Trading Day for closing position in that Tenor Period: | The Contract Expiry Date for the Tenor Period | |
| Tenor Period Settlement Valuation Process: | ||
| Open Volume | The net open volume for the Tenor Period | |
| Daily Settlement Value | Market-on-Close – The daily Underlying PRA assessment (Platts, Argus or Exchange) settlement assessment time, e.g. Singapore window for Singapore contracts or local PRA settlement time | |
| Daily Settlement Volume | All Open Volume will be closed and settled at Daily Settlement Value, with an MOC haircut applied | |
| Final Settlement Price | Arithmetic mean of settlement prices throughout expiry month | |
| MOC Haircut | +/- 50% of nominal OMGO spread? |
The Sing 92 Crk Roll contract is a sophisticated commodity CFD (Contract for Difference) in the Gasoline group that combines both a time spread and a product differential between Singapore Mogas 92 Unleaded and Brent crude oil futures.
Contract Purpose
This complex contract allows market participants to:
- Hedge exposure to both the time spread of Singapore Mogas 92 Unleaded and its differential to Brent crude
- Speculate on refining margins for producing gasoline from crude oil over time
- Manage risk related to gasoline and crude oil price fluctuations across different months
Market Significance
- Price Discovery: Provides insights into the evolving relationship between gasoline and crude oil prices
- Refining Margins: Reflects changes in the economics of producing gasoline from crude oil over time
- Regional Arbitrage: Captures opportunities between Asian gasoline 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 Asian gasoline 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, trading houses, and financial institutions active in both the Asian gasoline 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.
