USOilSpot represents the current spot price of West Texas Intermediate (as opposed to the Futures price).
Spot Oil prices are derived from the prices of various Futures contracts. FXCM use a method that derives a spot price based on the real time movements of the front two Futures months.
Margin Requirements can be viewed in the dealing rates and create order windows on the trading station or by clicking here.
USOilSpot has a target spread of 4 pips/points
Max Contract Size
The maximum number of contracts per click (trade) for USOilSpot is 5,000.
Minimum Pip Cost (Value)
USOilSpot has a minimum value of $0.10 per point (Your per point value may be different if your account is denominated in a different currency. Please refer to the Simple Dealing Rates Window in Trading Station for this value). The pip/point location is shown in the diagram. Each 0.01 price movement on USOilSpot is 1 pip/point. FXCM’s pricing displays an additional decimal place - ideal for scalpers in a fast-moving market.
Size of FXCM Contracts
1 FXCM USOilSpot contract is currently the equivalent to 10 Barrels of WTI Crude.
Due to the current exceptional market events related to this product and in addition to the rights we have in our Terms of Business, until further notice, all Oil CFD contracts may be closed without notice should the underlying reference price reach or fall below $3.00. We will close open positions at the prevailing price at the time the positions are closed. We do not guarantee the closing price.
In such circumstances the Oil CFD market will remain closed for the remainder of the trading day. We expect to re-open the market at the next available opportunity.
USOilSpot does not expire.
USOilSpot does have financing cost (Rollover).
The financing formula for this product is based on the prices and days remaining of the underlying Futures markets that are used to derive the spot price.
F = Closing Price of front Future (x10 to equate for FXCM contract size)
B = Closing Price of back future (x10 to equate for FXCM contract size)
T = Days remaining on front Future.
M = FXCM Markup
Long Positions: [(F-B)/T] - M
Short Positions: ([(F-B)/T] + M) x - 1
T may change month to month, but remains a constant value for the whole period until the underlying Futures contracts change.
FXCM’s Markup is currently 10 cents, but subject to change.
To account for holding a position into the weekend, there is a 3X rollover on Wednesdays.
With FXCM’s Enhanced Execution, there is no minimum stop distance.