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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 WTI

WTI

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

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 WTI (100bbl-$/bbl)
MT5 Code WTI
Contract Classification Dated Commodity CFD
Geographical Region N. America

Contract Specification

Sector Energy
Product Group Crude
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 0.1
Tick Size 0.001
Minimum Volume 1
Volume Steps [Lots] 0.01
Settlement Dated: Priced by the settlement value as defined by the exchange traded underlying contract.
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 7:30am - 6:00pm London time
Quoting Hours 7:30am - 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 Dated: Priced by the settlement value as defined by the exchange traded underlying contract.

Contract Purpose

This dated commodity CFD allows market participants to:

  • Access directional exposure to WTI crude oil prices in North America with dated pricing methodology
  • Hedge against price risk in the North American crude market using precise settlement dates
  • Speculate on the price movements of WTI crude oil with specific timing considerations
  • Match hedges more precisely to physical delivery schedules with dated settlement features

Market Significance

Benchmark Alignment: Directly tracks the WTI crude benchmark, the primary oil pricing reference in North America

Timing Precision: Offers date-specific pricing rather than monthly averaging, enabling more targeted risk management

Market Correlation: Provides exposure to the world’s most liquid crude oil benchmark with settlement tied to exchange-traded contract values

Trading Benefits

  • Enhanced Precision: Dated settlement mechanism allows for more precise timing of price exposure compared to monthly average pricing
  • Direct Linkage: Settlement directly linked to exchange-traded WTI prices rather than monthly averages
  • Finer Price Granularity: Smaller tick size (0.001) enables more precise pricing and trade execution
  • Risk Management Flexibility: Offers alternative settlement approach for traders with specific timing requirements

This contract serves a wide range of market participants including oil producers needing date-specific hedging, refiners with scheduled purchases, trading firms requiring precise date exposure, and financial institutions seeking directional oil exposure. The dated settlement structure makes this contract particularly suited for entities with specific calendar-day price exposure rather than month-long averaging exposure. It complements the WTI Swap by providing an alternative settlement approach within the same MT5 trading platform.

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 WTI ($/0.01)
MT5 Code WTI.s
Contract Classification Dated Commodity SB
Geographical Region N. America

Contract Specification

Sector Energy
Product Group Crude
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 0.1
Tick Size 0.001
Minimum Volume 1
Volume Steps [Lots] 0.01
Settlement Dated: Priced by the settlement value as defined by the exchange traded underlying contract.
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 7:30am - 6:00pm London time
Quoting Hours 7:30am - 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 Dated: Priced by the settlement value as defined by the exchange traded underlying contract.

Contract Purpose

This dated commodity Spread Bet allows market participants to:

  • Access directional exposure to WTI crude oil prices in North America with dated pricing methodology
  • Hedge against price risk in the North American crude market using precise settlement dates
  • Speculate on the price movements of WTI crude oil with specific timing considerations
  • Match hedges more precisely to physical delivery schedules with dated settlement features

Market Significance

Benchmark Alignment: Directly tracks the WTI crude benchmark, the primary oil pricing reference in North America

Timing Precision: Offers date-specific pricing rather than monthly averaging, enabling more targeted risk management

Market Correlation: Provides exposure to the world’s most liquid crude oil benchmark with settlement tied to exchange-traded contract values

Trading Benefits

  • Enhanced Precision: Dated settlement mechanism allows for more precise timing of price exposure compared to monthly average pricing
  • Direct Linkage: Settlement directly linked to exchange-traded WTI prices rather than monthly averages
  • Finer Price Granularity: Smaller tick size (0.001) enables more precise pricing and trade execution
  • Risk Management Flexibility: Offers alternative settlement approach for traders with specific timing requirements

This contract serves a wide range of market participants including oil producers needing date-specific hedging, refiners with scheduled purchases, trading firms requiring precise date exposure, and financial institutions seeking directional oil exposure. The dated settlement structure makes this contract particularly suited for entities with specific calendar-day price exposure rather than month-long averaging exposure. It complements the WTI Swap by providing an alternative settlement approach within the same MT5 trading platform.