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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.

WordPress on Azure NGL C3 FEI v MOPJ ($/0.01) NGL Asia – Commodity Differential SB

C3 FEI v MOPJ ($/0.01) NGL Asia – Commodity Differential SB

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Name & Trade Code

Contract Name C3 FEI v MOPJ ($/0.01)
MT5 Code C3_FEI/MOPJ.s
Contract Classification Commodity Differential SB
Geographical Region Asia

Contract Specification

Sector Energy
Product Group NGL
Tenor Period Up to 24 consecutive forward Tenor Periods available
Maximum Forward Tenor Up to 24 consecutive forward Tenor Periods available
Contract Size 100
Contract Unit
Trading Price Quote $/mt
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 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 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.
MOC Haircut

The C3 FEI v MOPJ contract is a commodity Spread Bet (SB) in the NGL group that represents the price differential between Propane Argus Far East Index (AFEI) and Naphtha C+F Japan Cargoes (“MOPJ”).

Contract Purpose

This product differential contract allows market participants to:

  • Hedge exposure to the price spread between propane and naphtha in the Far East market
  • Speculate on the relative value of propane versus naphtha as petrochemical feedstocks
  • Manage risk related to the substitution between propane and naphtha in petrochemical production

Market Significance

  • Feedstock Economics: Reflects the relative economics of using propane versus naphtha in petrochemical production
  • Regional Benchmark: Serves as a key reference for propane pricing in the Far East market
  • Petrochemical Industry Indicator: Provides insights into the competitiveness of different feedstocks in the region’s petrochemical sector

Trading Benefits

  • Cross-Product Exposure: Provides simultaneous access to both propane and naphtha markets in the Far East
  • Risk Management: Allows hedging against price volatility between propane and naphtha
  • Spread Trading: Enables traders to capitalise on price differentials between these two key petrochemical feedstocks

This contract is particularly valuable for petrochemical companies, trading houses, and financial institutions active in the Far East NGL and naphtha markets. It offers a powerful tool for managing price risks and implementing sophisticated trading strategies that account for the relationship between propane and naphtha prices in the region.