Onyx Commodities

Onyx Commodities is the trading arm of Onyx Capital Group, a UK-based energy markets firm. It describes itself as the global leader in oil derivatives trading, providing liquidity and execution across crude, distillates, gasoline and fuel oil, with 24-hour market coverage. The business was launched in 2016 by Greg Newman and Omar Kayaam, who had previously run trading desks at another firm and left together to build Onyx. It began with a crude oil trading desk and quickly added gasoline and naphtha, then distillates, NGLs and fuel oil desks. Onyx Commodities Ltd (OCL) grew from a two-person trading desk into a multi-faceted market leader, and in 2019 its parent Onyx Capital Group Ltd was formed. The group now houses several divisions, including Onyx Commodities, the market-making arm Axis Limited headquartered in Dubai, and the market access platform Flux. Onyx Commodities reports very large trading volumes: in 2024 it traded over $4 trillion in oil swaps, representing 35.6 billion barrels of notional volume, and it cites a 30% market share in S2F contracts. The group reported $388 million in annual revenue year-to-date 2026 and 29% trading volume growth on a four-year CAGR basis. Onyx operates from London, Switzerland, Singapore and America, and its culture is presented as demanding but highly rewarding, with equity participation for traders. The company is privately held and is not listed on a public exchange.

Onyx Commodities was founded in 2016 as an oil derivatives trading house. Its co-founders, Greg Newman and Omar Kayaam, had previously met while running their own trading desks at another firm, and they left together to build Onyx into a multi-faceted market leader. The company's own history page describes the origin as a two-person trading desk that grew into global market infrastructure. In June 2016 Greg and Omar launched Onyx Commodities Ltd, followed in August by the launch of its Crude Oil Trading Desk and in September by a Gasoline and Naphtha Trading Desk. In June 2017 OCL reported revenue of £17 million and net profit of £1 million, and in August a Distillates Trading Desk was launched. In June 2018 OCL reported revenue of £31 million and net profit of £4 million; in July Onyx Capital Advisory Ltd was formed, and in September an NGL Trading Desk was launched. In January 2019 Onyx Capital Group Ltd was formed. In June 2019 OCGL reported revenue of £47 million and net profit of £12 million. In August 2019 Onyx Insight was launched, and in September the Fuel Oil Trading Desk was re-launched. In January 2020 Onyx began to make headlines. In February 2020 Onyx Brokerage was launched as the first interdealer brokerage in oil with an advisory licence. In May 2020 Onyx Capital Group won Newcomer of the Year. In June 2020 OCGL reported revenue of £120 million and net profit of £52 million. In July 2020 traders were rewarded with equity, becoming the first equity partners in Onyx Capital Group Ltd. In December 2020 an LNG Trading Desk was launched. In May 2021 Onyx Commodities won Market-Maker of the Year, and Flux Financial was also referenced in the company's timeline. The group's mission is to digitise, democratise and scale the oil swaps market. Onyx Commodities is the trading arm and top global market maker in oil swaps, while Axis Limited, headquartered in Dubai, is a newer market-making arm, and Flux provides market access solutions. By 2024 Onyx Commodities traded over $4 trillion in oil swaps, representing 35.6 billion barrels of notional volume, and it cites a 30% market share in S2F contracts. The group reported $388 million in annual revenue year-to-date 2026 and 29% trading volume growth on a four-year CAGR basis. Onyx operates from London, Switzerland, Singapore and America.

• 2024

  Onyx Commodities trades over $4 trillion in oil swaps, representing 35.6 billion barrels of notional volume.

• 2021

  Onyx Commodities wins Market-Maker of the Year in May; Flux Financial referenced.

• 2020

  Onyx starts to make headlines in January; Onyx Brokerage launched in February; Onyx Capital Group wins Newcomer of the Year in May; OCGL reports revenue of £120m and net profit of £52m in June; traders become equity partners in July; LNG Trading Desk launched in December.

• 2019

  Onyx Capital Group Ltd formed in January; OCGL reports revenue of £47m and net profit of £12m; Onyx Insight launched in August; Fuel Oil Trading Desk re-launched in September.

• 2018

  OCL reports revenue of £31m and net profit of £4m; Onyx Capital Advisory Ltd formed in July; NGL Trading Desk launched in September.

• 2017

  OCL reports revenue of £17m and net profit of £1m; Distillates Trading Desk launched in August.

• 2016

  Greg Newman and Omar Kayaam sketch out how Onyx will work; Onyx Commodities Ltd is launched in June.

• 2016

  Crude Oil Trading Desk launched in August; Gasoline and Naphtha Trading Desk launched in September.

Global leader and market maker in oil derivatives trading, offering deep liquidity and precision execution across the barrel.

• Oil swaps

  Core market-making product; over $4 trillion traded in 2024.

• Crude oil derivatives

  Traded via the Crude Oil Trading Desk launched in 2016.

• Distillates derivatives

  Traded via the Distillates Trading Desk launched in 2017.

• Gasoline and naphtha derivatives

  Traded via the Gasoline and Naphtha Trading Desk launched in 2016.

• Fuel oil derivatives

  Traded via the Fuel Oil Trading Desk re-launched in 2019.

• NGL derivatives

  Traded via the NGL Trading Desk launched in 2018.

• LNG derivatives

  Traded via the LNG Trading Desk launched in 2020.

1. 1Onyx Commodities | Onyx Capital Grouponyxcapitalgroup.com
2. 2Onyx History | Onyx Capital Grouponyxcapitalgroup.com
3. 3Onyx Commoditieswikidata.org