{
  "url": "https://thetraderwiki.com/en/commodities-trading/",
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  "lang": "en",
  "dir": "ltr",
  "kind": "article",
  "key": "commodities-trading",
  "title": "Commodities trading with CFDs: energy, metals, crops",
  "h1": "Commodities trading with CFDs",
  "description": "Commodities trading with CFDs in plain words: oil, gold and farm goods, futures-based prices, contango and backwardation, roll costs and gold’s margin.",
  "keywords": [
    "commodities trading",
    "commodity CFD",
    "oil CFD",
    "gold CFD",
    "contango and backwardation",
    "commodity roll cost"
  ],
  "published": "2026-09-05",
  "updated": "2026-10-13",
  "author": {
    "name": "Sebastian M.",
    "url": "https://thetraderwiki.com/en/authors/sebastian-m/"
  },
  "publisher": {
    "name": "TheTraderWiki",
    "url": "https://thetraderwiki.com/"
  },
  "riskWarning": "CFDs are complex, leveraged products, and the regulators’ own figures show that most retail accounts lose money. Nothing on TheTraderWiki is investment advice. Read the full risk disclosure, and if you’re unsure, talk to a qualified adviser. Broker details can change and they can be wrong. Before you open an account, confirm them with the broker and the regulator’s register.",
  "breadcrumbs": [
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      "url": "https://thetraderwiki.com/en/"
    },
    {
      "name": "Guides",
      "url": "https://thetraderwiki.com/en/learn/"
    },
    {
      "name": "Commodities",
      "url": "https://thetraderwiki.com/en/commodities-trading/"
    }
  ],
  "lead": [
    "Commodities trading with a CFD gives you a way to trade the price of crude oil, natural gas, gold, silver, copper, wheat, coffee or another physical good. A CFD is a contract with a provider that pays out the change in price. Trading the goods directly would take the goods themselves, storage and a futures account, and with a CFD you need none of them. Almost every commodity CFD is priced from a futures contract. A futures contract is an agreement to buy or sell at a set price on a set date in the future. Futures come with expiry dates, rolls from one contract to the next and price gaps between contracts. Unlike a share or index CFD, a commodity CFD comes with those expiry dates, rolls and price gaps that futures bring.",
    "This page covers the three groups of commodities, how futures-based pricing works and what contango and backwardation, the two shapes of the futures price curve, cost you. The page explains why gold has its own margin rate. Margin is the deposit that backs your trade. It also looks at what drives commodity prices and how big price swings compare with the leverage caps."
  ],
  "leadLinks": [
    {
      "label": "CFD",
      "url": "https://thetraderwiki.com/en/glossary/#cfd",
      "type": "internal"
    },
    {
      "label": "margin",
      "url": "https://thetraderwiki.com/en/glossary/#margin",
      "type": "internal"
    },
    {
      "label": "leverage",
      "url": "https://thetraderwiki.com/en/glossary/#leverage",
      "type": "internal"
    }
  ],
  "blocks": [
    {
      "type": "list",
      "id": "key-points",
      "heading": "Key points",
      "url": "https://thetraderwiki.com/en/commodities-trading/#key-points",
      "ordered": false,
      "items": [
        "Commodity CFDs take their price from futures contracts, so the futures curve becomes part of your trade. That means an expiry date, a roll to the next contract and a price difference between contracts that is either a cost or a credit.",
        "In contango, later contracts cost more and the price you hold tends to drift down towards spot. So a long position, a trade that gains when the price rises, bears a daily cost. In backwardation, later contracts are cheaper and the cost falls on a short position, a trade that gains when the price falls.",
        "Gold has a 20:1 leverage cap for retail traders if the company that opens your account is regulated in the EU or the UK. That’s the same cap as on major indices and non-major currency pairs. Other commodities get a 10:1 cap (ESMA press release, 27 March 2018, FCA PS19/18). A global company in the same group chooses its own leverage.",
        "No chart pattern can anticipate the price moves that supply problems, storage levels, weather and the seasons bring to commodities.",
        "Commodity prices swing more than currency prices. The lower EU and UK leverage cap doesn’t cancel out that volatility, because the caps were set for whole asset classes and not for how any single contract behaves."
      ],
      "links": [
        {
          "label": "long position",
          "url": "https://thetraderwiki.com/en/glossary/#long-position",
          "type": "internal"
        },
        {
          "label": "short position",
          "url": "https://thetraderwiki.com/en/glossary/#short-position",
          "type": "internal"
        },
        {
          "label": "the company that opens your account",
          "url": "https://thetraderwiki.com/en/broker-groups-and-regulators/",
          "type": "internal"
        },
        {
          "label": "ESMA",
          "url": "https://www.esma.europa.eu/",
          "type": "source",
          "title": "European Securities and Markets Authority",
          "publisher": "ESMA"
        },
        {
          "label": "press release, 27 March 2018",
          "url": "https://www.esma.europa.eu/press-news/esma-news/esma-agrees-prohibit-binary-options-and-restrict-cfds-protect-retail-investors",
          "type": "source",
          "title": "ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors",
          "publisher": "ESMA"
        },
        {
          "label": "FCA",
          "url": "https://www.fca.org.uk/",
          "type": "source",
          "title": "Financial Conduct Authority",
          "publisher": "FCA"
        },
        {
          "label": "PS19/18",
          "url": "https://www.fca.org.uk/publications/policy-statements/ps19-18-restricting-contract-difference-products-sold-retail-clients",
          "type": "source",
          "title": "PS19/18: Restricting contract for difference products sold to retail clients",
          "publisher": "FCA"
        },
        {
          "label": "global company",
          "url": "https://thetraderwiki.com/en/offshore-brokers/",
          "type": "internal"
        },
        {
          "label": "volatility",
          "url": "https://thetraderwiki.com/en/glossary/#volatility",
          "type": "internal"
        }
      ]
    },
    {
      "type": "subsections",
      "id": "commodity-groups",
      "heading": "Energy, metals and agriculture",
      "url": "https://thetraderwiki.com/en/commodities-trading/#commodity-groups",
      "intro": [
        "Energy, metals and agriculture make up the three groups of commodities available as CFDs. Each group has its own price drivers, contract rules and trading hours."
      ],
      "items": [
        {
          "id": "energy",
          "heading": "Energy",
          "url": "https://thetraderwiki.com/en/commodities-trading/#energy",
          "paragraphs": [
            "Energy contracts are the most traded commodity CFDs and among the most volatile. The group mainly covers crude oil in its two main benchmark grades, natural gas and refined products. Prices react to supply decisions by producing countries, weekly figures on how much is held in storage, the weather and refinery outages. Their futures curves change shape fast, and that can make holding a contract through the curve a large cost, or a large credit. The oil trading page covers the two crude benchmarks and natural gas."
          ]
        },
        {
          "id": "metals",
          "heading": "Metals",
          "url": "https://thetraderwiki.com/en/commodities-trading/#metals",
          "paragraphs": [
            "Metal contracts come in two kinds. Precious metals, meaning gold, silver, platinum and palladium, are held as a store of value, and their prices move with the US dollar and real interest rates. Real interest rates are what remains after inflation is taken out of interest rates. Industrial metals respond to demand from building and manufacturing, with copper above all. Gold is the only commodity the EU retail rules group with major indices instead of with other commodities (ESMA Decision (EU) 2018/796). The gold trading page covers gold on its own, and also includes silver and platinum."
          ]
        },
        {
          "id": "agriculture",
          "heading": "Agriculture",
          "url": "https://thetraderwiki.com/en/commodities-trading/#agriculture",
          "paragraphs": [
            "Agricultural contracts include wheat, corn, soybeans, sugar, coffee and cocoa. Their prices come from futures that follow strong seasonal patterns around planting and harvest, and they react to weather forecasts and crop reports. Before a harvest the futures curves often show strong contango. These contracts also trade less than energy or metals, so their liquidity is thinner and the CFD spreads are wider. The spread is the gap between the buy price and the sell price."
          ]
        }
      ],
      "links": [
        {
          "label": "natural gas",
          "url": "https://thetraderwiki.com/en/oil-trading/#natural-gas",
          "type": "internal"
        },
        {
          "label": "oil trading",
          "url": "https://thetraderwiki.com/en/oil-trading/",
          "type": "internal"
        },
        {
          "label": "ESMA Decision (EU) 2018/796",
          "url": "https://eur-lex.europa.eu/eli/dec/2018/796/oj",
          "type": "source",
          "title": "ESMA Decision (EU) 2018/796 of 22 May 2018 to temporarily restrict contracts for differences in the Union",
          "publisher": "Official Journal of the European Union (EUR-Lex)"
        },
        {
          "label": "gold trading",
          "url": "https://thetraderwiki.com/en/gold-trading/",
          "type": "internal"
        },
        {
          "label": "silver and platinum",
          "url": "https://thetraderwiki.com/en/gold-trading/#silver-and-platinum",
          "type": "internal"
        },
        {
          "label": "liquidity",
          "url": "https://thetraderwiki.com/en/glossary/#liquidity",
          "type": "internal"
        },
        {
          "label": "spreads",
          "url": "https://thetraderwiki.com/en/glossary/#spread",
          "type": "internal"
        }
      ]
    },
    {
      "type": "prose",
      "id": "futures-pricing",
      "heading": "How futures set the price",
      "url": "https://thetraderwiki.com/en/commodities-trading/#futures-pricing",
      "paragraphs": [
        "Futures contracts set the price of most commodity CFDs. A spot market is a market for delivery right now, and most commodities lack a continuous one. So a commodity CFD usually tracks one particular futures contract instead.",
        "Your provider can do this in one of two ways. It may quote the front-month contract, the contract that expires soonest. The CFD then expires and gets rolled. Alternatively, it may build a continuous price by blending contracts and adjusting for the gap between them. That CFD never expires. Instead, the roll cost reaches you as a charge or credit that works like financing.",
        "The contract specification tells you which futures contract is used, what occurs at expiry and how the adjustment is made. The indices trading page shows those same two methods for an index.",
        "Gold and silver work differently. A gold or silver CFD is usually priced from spot with a daily financing charge, because both metals have a busy spot market. That’s the same way a share or a cash index is priced. The gold trading page shows where that price comes from."
      ],
      "links": [
        {
          "label": "indices trading",
          "url": "https://thetraderwiki.com/en/indices-trading/#cash-vs-futures",
          "type": "internal"
        },
        {
          "label": "gold trading",
          "url": "https://thetraderwiki.com/en/gold-trading/#your-gold-cfd-price",
          "type": "internal"
        }
      ]
    },
    {
      "type": "subsections",
      "id": "contango-and-backwardation",
      "heading": "Contango, backwardation and roll costs",
      "url": "https://thetraderwiki.com/en/commodities-trading/#contango-and-backwardation",
      "intro": [
        "Contango and backwardation describe the two possible shapes of a futures curve. Which shape the curve takes determines whether the roll cost falls on a long position or a short one."
      ],
      "items": [
        {
          "id": "contango",
          "heading": "Contango",
          "url": "https://thetraderwiki.com/en/commodities-trading/#contango",
          "paragraphs": [
            "Contango describes a situation where contracts further out trade above those closer to expiry. Contango usually happens because storing the commodity costs money, and the market builds that cost into later prices. When your long position rolls from the expiring contract to the next one, it moves to a higher price. Your provider adjusts your cash balance so you neither gain nor lose on the switch itself. The cost comes between rolls. As a contract gets closer to expiry, its price tends to drift down towards the spot price. A long position bears that drift day by day, whether or not it crosses a roll."
          ]
        },
        {
          "id": "backwardation",
          "heading": "Backwardation",
          "url": "https://thetraderwiki.com/en/commodities-trading/#backwardation",
          "paragraphs": [
            "Backwardation flips contango around. Nearer contracts trade above later ones, usually because supply is tight right now and the market expects it to ease. As expiry approaches, each contract tends to drift up towards the spot price. That drift hands a gain to a long position, while a short position pays it. Energy markets move between the two shapes when supply shifts, sometimes within weeks."
          ]
        },
        {
          "id": "roll-cost",
          "heading": "What the roll costs",
          "url": "https://thetraderwiki.com/en/commodities-trading/#roll-cost",
          "paragraphs": [
            "Only the spread on the switch to the new contract is what the roll itself costs you, because the cash adjustment cancels the price jump. The drift is the real cost of contango. Say the curve is in contango by two per cent between one monthly contract and the next. If the spot price doesn’t change, the contract you hold drifts down about two per cent a month. A long position then loses about that much, more than a fifth of its value over a year. A trade held for one week pays the spread once to open and close, and bears roughly a week’s share of the drift, about half a per cent. A trade that crosses a roll in that week also pays the spread on the switch."
          ]
        }
      ]
    },
    {
      "type": "prose",
      "id": "gold-margin",
      "heading": "Why gold has its own margin rate",
      "url": "https://thetraderwiki.com/en/commodities-trading/#gold-margin",
      "paragraphs": [
        "Gold stands alone among commodities in its margin rate. When the company that opens your account is regulated in the EU or the UK, the retail rules group gold with non-major currency pairs and major stock indices. That gives it a maximum leverage of 20:1. That works out to an initial margin of 5 %. All other commodities get a 10:1 cap, so their margin is 10 % (ESMA Decision (EU) 2018/796, FCA PS19/18).",
        "The rules treat gold this way because it trades in a deep market and its price usually moves less than energy or agricultural commodities. That doesn’t make gold safe. A gold trade at that cap loses its whole margin on a 5 % move (ESMA Decision (EU) 2018/796).",
        "For a worked example of what that leverage means for one trade, see the gold trading page."
      ],
      "links": [
        {
          "label": "ESMA Decision (EU) 2018/796",
          "url": "https://eur-lex.europa.eu/eli/dec/2018/796/oj",
          "type": "source",
          "title": "ESMA Decision (EU) 2018/796 of 22 May 2018 to temporarily restrict contracts for differences in the Union",
          "publisher": "Official Journal of the European Union (EUR-Lex)"
        },
        {
          "label": "FCA PS19/18",
          "url": "https://www.fca.org.uk/publications/policy-statements/ps19-18-restricting-contract-difference-products-sold-retail-clients",
          "type": "source",
          "title": "PS19/18: Restricting contract for difference products sold to retail clients",
          "publisher": "FCA"
        },
        {
          "label": "gold trading",
          "url": "https://thetraderwiki.com/en/gold-trading/#gold-leverage",
          "type": "internal"
        }
      ]
    },
    {
      "type": "prose",
      "id": "price-drivers",
      "heading": "Storage, seasons and supply as price drivers",
      "url": "https://thetraderwiki.com/en/commodities-trading/#price-drivers",
      "paragraphs": [
        "Storage, seasons and supply cause commodity prices to behave differently from financial assets. Some commodities can’t be stored cheaply, natural gas and electricity especially. Because there are no stocks to release to meet demand, their prices can jump many times over in a shortage. Commodities with large stocks move more slowly.",
        "Seasons match the yearly rhythm of output and consumption: heating fuel in winter, driving fuel in summer, and planting and harvest for grains. In several markets, a small number of producers decide the supply. One statement from those producers can shift oil prices further in a minute than a full week of normal trading (fundamental analysis).",
        "None of these drivers appears on a chart ahead of time. For commodities, that’s as far as technical analysis, the study of past price charts, can take you. The drivers are published in scheduled reports, which an economic calendar lists, and the market prices in what it expects before they come out."
      ],
      "links": [
        {
          "label": "oil prices",
          "url": "https://thetraderwiki.com/en/oil-trading/#what-moves-oil",
          "type": "internal"
        },
        {
          "label": "fundamental analysis",
          "url": "https://thetraderwiki.com/en/fundamental-analysis/#commodities-supply-demand",
          "type": "internal"
        },
        {
          "label": "technical analysis",
          "url": "https://thetraderwiki.com/en/technical-analysis/#what-price-history-tells-you",
          "type": "internal"
        },
        {
          "label": "economic calendar",
          "url": "https://thetraderwiki.com/en/economic-calendar/",
          "type": "internal"
        }
      ]
    },
    {
      "type": "table",
      "id": "volatility-and-caps",
      "heading": "Volatility and the leverage caps",
      "url": "https://thetraderwiki.com/en/commodities-trading/#volatility-and-caps",
      "intro": [
        "Volatility is how far and how fast a price swings, and it’s what counts when you compare a commodity CFD with its leverage cap. The caps below apply if the company that opens your account is regulated in the EU or the UK. The caps were set for whole asset classes, not for how any single contract behaves."
      ],
      "caption": "Retail leverage caps by commodity group at a company regulated in the EU or the UK, and the price move that wipes out the whole margin at the cap (ESMA Decision (EU) 2018/796).",
      "head": [
        "Group",
        "Retail cap",
        "Initial margin",
        "Move that wipes out the margin"
      ],
      "rows": [
        [
          "Gold",
          "20:1",
          "5 %",
          "5 %"
        ],
        [
          "Silver, platinum, copper",
          "10:1",
          "10 %",
          "10 %"
        ],
        [
          "Crude oil, natural gas",
          "10:1",
          "10 %",
          "10 %"
        ],
        [
          "Wheat, corn, coffee, sugar",
          "10:1",
          "10 %",
          "10 %"
        ]
      ],
      "numericColumns": [
        1,
        2,
        3
      ],
      "outro": [
        "In energy and agricultural markets, a swing that equals your margin isn’t rare. Providers often raise margins above the regulatory minimum for those contracts ahead of inventory reports or during market turmoil. At an EU or UK company, the cap is the most leverage you’re allowed, not the leverage you have to use (leverage and margin, risk management). A global company decides its own maximum."
      ],
      "links": [
        {
          "label": "ESMA Decision (EU) 2018/796",
          "url": "https://eur-lex.europa.eu/eli/dec/2018/796/oj",
          "type": "source",
          "title": "ESMA Decision (EU) 2018/796 of 22 May 2018 to temporarily restrict contracts for differences in the Union",
          "publisher": "Official Journal of the European Union (EUR-Lex)"
        },
        {
          "label": "leverage and margin",
          "url": "https://thetraderwiki.com/en/leverage-and-margin/#effective-leverage",
          "type": "internal"
        },
        {
          "label": "risk management",
          "url": "https://thetraderwiki.com/en/risk-management/#position-sizing",
          "type": "internal"
        }
      ]
    },
    {
      "type": "callout",
      "id": "commodity-warning",
      "heading": "Commodity CFDs combine big price swings with roll costs a chart doesn’t show",
      "url": "https://thetraderwiki.com/en/commodities-trading/#commodity-warning",
      "variant": "warning",
      "label": "Risk warning",
      "paragraphs": [
        "Commodity CFDs pair large price swings with roll costs you won’t see on a chart. A long position in a contango market pays a cost every day it’s open. A trade held through an inventory report or a producers’ meeting can gap straight to a new price, blowing past its margin. And with the 10:1 cap on most commodities at an EU or UK company, a 10 % move against you costs all of your margin (ESMA Decision (EU) 2018/796)."
      ],
      "links": [
        {
          "label": "gap",
          "url": "https://thetraderwiki.com/en/glossary/#gap-risk",
          "type": "internal"
        },
        {
          "label": "ESMA Decision (EU) 2018/796",
          "url": "https://eur-lex.europa.eu/eli/dec/2018/796/oj",
          "type": "source",
          "title": "ESMA Decision (EU) 2018/796 of 22 May 2018 to temporarily restrict contracts for differences in the Union",
          "publisher": "Official Journal of the European Union (EUR-Lex)"
        }
      ]
    },
    {
      "type": "faq",
      "id": "commodity-questions",
      "heading": "Common questions about commodities trading",
      "url": "https://thetraderwiki.com/en/commodities-trading/#commodity-questions",
      "intro": [
        "Common questions about commodities trading ask what it is, how gold and oil are traded and when the markets are open."
      ],
      "items": [
        {
          "id": "what-is-commodities-trading",
          "question": "What is commodities trading?",
          "url": "https://thetraderwiki.com/en/commodities-trading/#what-is-commodities-trading",
          "answer": [
            "Commodities trading means buying and selling contracts based on the price of raw goods like oil, gold, copper and wheat. Most of this trading takes place in futures markets. A commodity CFD lets you take a view on those same prices in smaller sizes, without handling the goods or opening a futures account."
          ]
        },
        {
          "id": "how-gold-trading-works",
          "question": "How does gold trading work with a CFD?",
          "url": "https://thetraderwiki.com/en/commodities-trading/#how-gold-trading-works",
          "answer": [
            "Gold trading with a CFD usually means trading XAU/USD, the price of a troy ounce of gold in US dollars. The contract carries a daily financing charge and is usually priced from the spot market. For contract sizes, hours and what moves the price, see the gold trading page."
          ]
        },
        {
          "id": "how-oil-trading-works",
          "question": "How does oil trading work with a CFD?",
          "url": "https://thetraderwiki.com/en/commodities-trading/#how-oil-trading-works",
          "answer": [
            "Oil trading with a CFD follows one of the two main crude benchmarks, WTI or Brent, usually through a futures contract. That brings expiry dates and rolls with it. For both benchmarks and the roll, see the oil trading page."
          ]
        },
        {
          "id": "commodity-trading-hours",
          "question": "When can you trade commodity CFDs?",
          "url": "https://thetraderwiki.com/en/commodities-trading/#commodity-trading-hours",
          "answer": [
            "You can trade a commodity CFD when the market behind it is open. For gold and crude oil, trading is available most of the day and night on weekdays, but there is a daily pause. The trading hours page gives the sessions."
          ]
        }
      ],
      "links": [
        {
          "label": "gold trading",
          "url": "https://thetraderwiki.com/en/gold-trading/",
          "type": "internal"
        },
        {
          "label": "oil trading",
          "url": "https://thetraderwiki.com/en/oil-trading/#wti-vs-brent",
          "type": "internal"
        },
        {
          "label": "trading hours",
          "url": "https://thetraderwiki.com/en/trading-hours/#gold-oil-crypto",
          "type": "internal"
        }
      ]
    },
    {
      "type": "sources",
      "id": "sources",
      "heading": "Sources",
      "url": "https://thetraderwiki.com/en/commodities-trading/#sources",
      "intro": [
        "The original documents this page cites, in the order they first appear."
      ],
      "items": [
        {
          "key": "esma",
          "title": "European Securities and Markets Authority",
          "publisher": "ESMA",
          "url": "https://www.esma.europa.eu/"
        },
        {
          "key": "esma-2018-press",
          "title": "ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors",
          "publisher": "ESMA",
          "date": "2018-03-27",
          "url": "https://www.esma.europa.eu/press-news/esma-news/esma-agrees-prohibit-binary-options-and-restrict-cfds-protect-retail-investors"
        },
        {
          "key": "fca",
          "title": "Financial Conduct Authority",
          "publisher": "FCA",
          "url": "https://www.fca.org.uk/"
        },
        {
          "key": "fca-ps19-18",
          "title": "PS19/18: Restricting contract for difference products sold to retail clients",
          "publisher": "FCA",
          "date": "2019-07-01",
          "url": "https://www.fca.org.uk/publications/policy-statements/ps19-18-restricting-contract-difference-products-sold-retail-clients"
        },
        {
          "key": "esma-2018-decision",
          "title": "ESMA Decision (EU) 2018/796 of 22 May 2018 to temporarily restrict contracts for differences in the Union",
          "publisher": "Official Journal of the European Union (EUR-Lex)",
          "date": "2018-05-22",
          "url": "https://eur-lex.europa.eu/eli/dec/2018/796/oj"
        }
      ]
    }
  ],
  "related": [
    {
      "title": "Gold trading: how XAU/USD works as a CFD",
      "url": "https://thetraderwiki.com/en/gold-trading/",
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