Senior Distillate Trader
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Key skills for this role
About the Role
We are seeking a Senior Distillate Trader to manage a Mediterranean refined products book covering gasoil, jet fuel, heating oil, and kerosene. The role involves executing physical and paper trades, managing risk, and developing relationships with regional refiners and counterparties.
Key Skills for This Role
Responsibilities
- Actively manage a distillates trading book across the Mediterranean, covering gasoil, jet fuel, kerosene and heating oil, to maximise P&L and ensure disciplined risk management
- Execute physical and paper transactions: spot cargoes, term supply/offtake agreements, OTC swaps, ICE Gasoil futures, CFDs, crack spreads and inter regional spreads across key MED hubs
- Develop and maintain strategic commercial relationships with regional refiners, distributors, utilities and industrial end users
- Monitor and analyse market fundamentals: regional supply/demand balances, refinery margins, NWE–MED arbitrage windows, imports/exports toward North Africa and the Middle East
- Identify and capture cross basin arbitrage opportunities: NWE ↔ MED, MED ↔ Middle East, MED ↔ West Africa
- Track regulatory and specification developments (Euro norms, IMO 2020 legacy impacts, ETS) and assess their impact on product flows and price differentials
- Oversee end to end trade execution: logistics coordination, vessel nominations, Bills of Lading, letters of credit, and liaison with operations and back office teams
- Manage exposure within defined risk parameters (VaR, credit lines, stop loss); contribute to daily P&L reporting and risk committee reviews
- Support origination of structured supply agreements and contribute to the commercial strategy of the refined products desk
Requirements
- 10 to 15 years of distillates trading experience (gasoil, jet fuel, kerosene) with significant exposure to the Mediterranean basin
- Deep understanding of MED market dynamics: storage and distribution hubs, port infrastructure, regional refinery margins and arbitrage flows
- Strong command of hedging and speculative instruments: ICE Gasoil futures, OTC swaps, CFDs, crack spreads and geographical spreads
- Well established network of contacts among MED refiners, distributors, brokers and trading counterparties, including North Africa
- Demonstrated ability to manage independently a book with material positions in a high pressure, rapidly evolving market environment
- Solid understanding of product tanker logistics (MR/LR1, coastal barges), oil terminal operations and specification/blending constraints
- Fluent English is mandatory
- Proficiency with market tools: Bloomberg, Platts, Argus, Reuters Eikon; comfortable with quantitative analysis and spreadsheet modelling
- Master's degree (or equivalent Bac+5) in Finance, Economics, Engineering or International Business from a leading university or Grande École
Full Job Posting
About the Role
- We are looking for Senior Distillate Trader to take ownership of and develop its Mediterranean refined products book. The successful candidate will manage a diversified distillates portfolio — covering gasoil, jet fuel, domestic heating oil and kerosene — with a clear mandate to optimise margins, ex
Key Responsibilities
- Actively manage a distillates trading book across the Mediterranean, covering gasoil (10ppm/50ppm/500ppm), jet fuel A1, kerosene and heating oil, to maximise P&L and ensure disciplined risk management.
- Execute physical and paper transactions: spot cargoes, term supply/offtake agreements, OTC swaps, ICE Gasoil futures, CFDs, crack spreads and inter regional spreads across key MED hubs (Augusta, Lavera, Sines, Thessaloniki, Izmir, Alexandria, Rades).
- Develop and maintain strategic commercial relationships with regional refiners (ENI, Saras, Tupras, Cepsa, Motor Oil, SONATRACH, Astomos, ENOC), distributors, utilities and industrial end users.
- Monitor and analyse market fundamentals: regional supply/demand balances, refinery margins (crack spreads), NWE–MED arbitrage windows, imports/exports toward North Africa and the Middle East.
- Identify and capture cross basin arbitrage opportunities: NWE ↔ MED, MED ↔ Middle East, MED ↔ West Africa.
- Track regulatory and specification developments (Euro norms, IMO 2020 legacy impacts, ETS) and assess their impact on product flows and price differentials.
- Oversee end to end trade execution: logistics coordination, vessel nominations, Bills of Lading, letters of credit, and liaison with operations and back office teams.
- Manage exposure within defined risk parameters (VaR, credit lines, stop loss); contribute to daily P&L reporting and risk committee reviews.
- Support origination of structured supply agreements and contribute to the commercial strategy of the refined products desk.
Candidate Profile
- 10 to 15 years of distillates trading experience (gasoil, jet fuel, kerosene), with proven and significant exposure to the Mediterranean basin.
- Deep understanding of MED market dynamics: storage and distribution hubs, port infrastructure, regional refinery margins and arbitrage flows.
- Strong command of hedging and speculative instruments: ICE Gasoil futures, OTC swaps, CFDs, crack spreads and geographical spreads.
- Well established network of contacts among MED refiners, distributors, brokers and trading counterparties, including North Africa.
- Demonstrated ability to manage independently a book with material positions in a high pressure, rapidly evolving market environment.
- Solid understanding of product tanker logistics (MR/LR1, coastal barges), oil terminal operations and specification/blending constraints.
- Fluent English is mandatory;
- Proficiency with market tools: Bloomberg, Platts, Argus, Reuters Eikon; comfortable with quantitative analysis and spreadsheet modelling.
Education
- Master's degree (or equivalent Bac+5) in Finance, Economics, Engineering or International Business from a leading university or Grande École.
- Additional training or certification in energy risk management or commodity trading is an advantage.
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