I am new to spread betting (although I have traded futures before), and have been mulling over my first position. But before putting on a 'buy and hold' long in spot oil, I wanted to calculate holding costs, given that Jun-20 is around $20.00 and Jul-20 is $26.00. Would someone be kind enough to double check my maths and understanding? For example, suppose I enter a long spot position at $20.00 in £1 per point. By my calculations, the overnight roll cost would be £19.35 / day ((£2600-£2000) / 31 days), and there would be an additional daily IG funding cost of £0.16 (2.5% * £2300), giving a total daily holding cost of £19.51. Does this look about right? Over a year, this would cost £7,122, which is 3.1x the "investment" of £2,300. And is this the same maths that is working against someone buying an oil ETF which rolls over futures to get the relevant exposure? Assuming that I have understood the maths, a second question regards the big move in May-20 oil today to -$37. If you were holding a position on Friday in spot or May-20 futures, would this automatically have been rolled over last week into Jun-20 futures? Presumably, the weakness in May-20 futures was already pushing down the spot price, as from what I can tell the spot price is a "blend" of the two nearest futures. But suppose this move to -$37 had occurred on Friday, then you would have been ****ed, right? Rolling from May-20 (-$37) into Jun-20 (~£21) would have set you back £5,800 on just £1 per point exposure?