What is Rollover?
Rollover happens on symbols where pricing is derived from a futures contract. When the underlying one month futures contract is due to expire we must roll your open orders over to the next month’s futures contract. We place a cash adjustment on your account to enable the rollover. Please note that the cash adjustment on your account is equal and opposite to the difference between the last price before market close and the first price of the new futures contract at market open. There is therefore no loss or profit caused by this cash adjustment on your account. At Valutrades this happens on our USOil and UKOil symbols.
When does this occur and where can I find the Rollover Dates?
The Oil Rollovers are processed at end of day once a month on roughly the same date per symbol per month; all times and dates can be found on our Client Area.
Summary: If you plan on keeping your Oil position open over the Rollover period an adjustment must be booked on your account to replicate:
(i) the closure of the existing contract upon its expiry
(ii) the opening of the new futures contract
If you closed your position before Rollover and opened another after Rollover, you would be paying away the spread and commission by doing so.