Yes, US Oil is a so-called “future” product. This means that it expires after a certain period, which in the case of US Oil is one month.
What happens when the product expires?
When the product expires, your position will be automatically closed. However, to make sure you can trade US Oil on a continuous basis, we make sure that the new product is always available (about) one week before the one of the current month expires.
So, how do I trade US Oil?
Up to you. You can keep the current product until it expires while opening a new position in the new product, or close your current position and open a new one with the new future product.
To make it clear for you (know which future you are looking at), we've added the expiration date to the product name.
Is there a specific expiration time?
Yes, 19:00 GMT (unless we are dealing with a daylight savings time difference in the US).
What about the fees?
When you open the product from the market screen or from your portfolio, you will see a full overview of what fees you will pay - or are paying - when buying, holding and closing a position in US Oil.
As with other products, the minimum fee for opening and closing your position will be 0.25£ and is dependent on the total size of your trade.
One cool thing about US Oil is that you pay no financing fee when you use the multiplier for this product.
Questions? Feedback? Yell out at BUX Support.