Energies: Product Details
Our Energy contracts offer exposure to changes in oil and gas prices. All our contracts expire at specified forward dates and are cash settled; we quote you our own bid/offer spread based on the underlying oil or gas price.
Note: We offer mini versions of all Energies Forward contracts at 50% of the main contract size and margin requirement (25% for Natural Gas).
Energies information table
| Contract and dealing hours (London time) | Value of one contract (per index point) | Contract spread | Guaranteed stop premium | Retail margin requirement (per contract) (9) | Professional margin requirement (per contract) (12) | Contract months and last dealing day (7) |
|---|---|---|---|---|---|---|
| Oil - US Crude 24 hours (except 22.00-23.00) |
$10 | 3 | 2 | 10% | 1.35% | Current and next month fourth business day before the 25th of the prior month |
| Oil - Brent Crude 01.00-23.00 |
$10 | 3 | 2 | 10% | 1.35% | Current and next month second business day prior to the 15th day before 1st of the month |
| Heating Oil 24 hours (except 22.00-23.00) |
$4.20 | 20 | 20 | 10% | 1.35% | Current and next month Penultimate business day of the prior month |
| No Lead Gasoline 24 hours (except 22.00-23.00) |
$4.20 | 20 | 20 | 10% | 1.35% | Current and next month Penultimate business day of the prior month |
| Natural Gas 24 hours (except 22.00-23.00) |
$10 | 12 | 20 | 10% | 3.15% | Current and next month four trading days prior to the first calendar day of contract month |
| Gas Oil 01.00-23.00 |
$100 | 0.8 | 0.6 | 10% | 3.15% | Current and next month third business day prior to 14th day of contract month |
| Carbon Emissions 07.00-17.00 |
$10 | 4 | 30 | 10% | 9% | Mar, Jun, Sep, Dec Trading day preceding third Friday of contract month |
Notes to table
All the instruments described on this site are Contracts For Difference (CFDs). Our energies contracts give you exposure to changes in the value of energy prices but they are cash settled and cannot result in the delivery of any commodity or instrument.
1. Our energies contracts give a client exposure to changes in the value of a futures contract but cannot result in the delivery of any commodity or instrument by or to the client.
2. a) CFDs on energy futures are quoted with reference to the equivalent expiry contract on the underlying futures market. We do not apply any weighting or biases to our pricing sources.
b) Spreads are subject to variation, especially in volatile market conditions. Our dealing spreads may change to reflect the available liquidity during different times of day. Our normal spread is shown in the table.
c) Dealing spreads may be offered as a fixed or variable amount. If variable spreads are in use, then the spread shown in this table is the amount of IG spread added to the underlying futures market spread. Any variable dealing spreads are marked with an asterisk (*).
d) We will not charge any additional commission unless we notify you in writing.
3. For guaranteed stop transactions a guaranteed stop premium is charged if your guaranteed stop is triggered. The potential premium is displayed on the deal ticket, and can form part of your margin when you attach the stop. Please note that premiums are subject to change, especially going into weekends and during volatile market conditions.
4. Positions not already closed by the client expire automatically either at the official exchange-published settlement for the contract or at the official market settlement on the last dealing day, whichever is the earlier.
5. The last dealing day shown in the tables may not always coincide with the last dealing day on the relevant exchange.
6. For most positions, a client can, at any time before the position has been automatically closed, ask for the position to be rolled over to a later date. Rolling over a position involves closing the old position and opening a new one. We normally attempt to contact a client shortly before a position is due to expire and offer him the opportunity to roll the position over. However, we cannot undertake to do this in every case and it remains the client's responsibility to give instructions, if he so wishes, to roll the position over before it expires.
7. Positions not already closed by the client expire automatically with spread on the following basis:
Light Crude Oil, Heating Oil, Natural Gas and No Lead Gasoline: based on the settlement price of the relevant futures contract on NYMEX on our last dealing day
Brent Crude, Gas Oil and Carbon Emissions: based on the settlement price of the relevant futures contract on ICE on the last dealing day
8. Normal expiry time for Daily US Light Crude is 19.30. Daily rolling trades expire without spread, if the daily autoroll flag is not set. Daily CFDs are quoted based on the front month contract in the underlying futures market. The current contract in use will be displayed in the market name. Prior to the expiry of the front month contract, we will roll clients over into a daily CFD based on the new front month contract, after applying a fair value adjustment based on the difference between the expiring contract and the new contract at their official settlement prices.
9. When Daily US Light Crude is rolled over, the position is closed based on the middle of our price at 19.30 and reopened with a charge of 1 point for non-limited risk trades and 2 points for limited risk trades.
10. When you trade in a currency other than your base currency your profit or loss will be realised in that currency and will be booked to your account in that currency. As a default, we will automatically, and on a daily basis, convert any positive or negative balance on your account in a currency other than your base currency to your base currency. You may change this default at any time by calling us or via our trading platform.
11. Please note that tiered margining applies; this means that higher margins may be required for large positions. Margin requirements represent a percentage of the overall position value, and can vary depending on which account type you hold. You can find the applicable tiered margins from the Get Info dropdown section within each market in the trading platform. See our tiered margining page for more details.
12. Professional clients are exempt from regulatory limits on leverage in place for retail clients, and are able to trade on lower margins as a result.