Job Description

Main purpose

We are seeking a driven and commercially sharp Naphtha & Condensates Trader to join our trading team in Geneva. The ideal candidate brings a strong foundation in speculative derivative trading across light ends and crude-related instruments, combined with a proven ability to build systematic, model-driven trading strategies grounded in both fundamental and quantitative analysis. This role requires deep knowledge of naphtha market dynamics — including flat price, cross-product spreads, cracks, and condensate fair-value assessment — as well as a thorough physical understanding of US market flows, naphtha-to-crude blending arbitrage, and US export dynamics. The candidate will independently manage a naphtha and condensates trading portfolio, develop proprietary pricing and systematic models, and contribute to the desk's commercial performance. Fluency in both Russian and English is required given the desk's market coverage and counterparty relationships

Key responsibilities

• Speculative Derivative Trading: Trade speculative derivative strategies in naphtha instruments with a focus on flat price, cross-product spreads, cracks, and inter-market arbitrage opportunities, leveraging a fundamental-driven long/short bias around core physical positions
• Systematic Strategy Development: Build and develop low-to-medium frequency systematic trading models based on fundamental and price inputs, targeting portfolios with acceptable long-run Sharpe and Sortino ratios across multiple concurrent strategies
• Condensate Fair-Value Modelling: Develop and maintain fair-value models to evaluate different grades of condensates as inputs into refinery feedstock basket assessments, drawing on deep knowledge of condensate quality differentials and refinery economics
• US Market & Arbitrage: Apply a strong physical understanding of US naphtha and crude markets, including naphtha-to-crude blending arbitrage mechanics and the dynamics of US light ends exports, to identify and execute cross-market opportunities
• Supply & Demand Modelling: Develop and maintain rigorous supply and demand balances and pricing models across key naphtha and condensate market hubs to form actionable views on structure, grades, and arbitrage windows
• Physical Portfolio Management: Manage physical and derivative position exposures across trade-month and forward curves, ensuring positions are consistent with the desk's risk appetite and commercial strategy Risk Management: Monitor and manage market risks including price volatility, supply disruptions, grade differentials, and geopolitical factors; maintain robust hedging programmes and MTM valuations
• Market Analysis & Reporting: Conduct in-depth market research on naphtha and condensate supply chains, pricing mechanisms, and key market participants; prepare regular reports on market conditions, trading activity, and portfolio performance for senior management
• Relationship Management: Build and maintain strong relationships with key market counterparties including producers, refiners, suppliers, and other traders, leveraging language capabilities (Russian & English) to develop and manage a broad counterparty network
• Collaboration: Work closely with the research, operations, logistics, risk management, and deals desk teams to ensure seamless execution and strategic alignment across the desk

Required qualifications

• Bachelor's degree in Chemical Engineering, Finance, Economics, Computer Science, or a related quantitative field. A background in engineering or the physical sciences is a strong advantage given the technical nature of condensate and feedstock modelling
• Experience: Minimum of 4–6 years of experience in energy trading, commodities markets, or a closely related role, with demonstrated exposure to light ends, crude derivatives, or petrochemical feedstocks
• Derivative Trading Expertise: Proven track record of trading speculative derivative strategies across flat price, structure, grade differentials, and arbitrage instruments in liquid energy markets
• Systematic & Quantitative Modelling: Demonstrated ability to build and run systematic trading portfolios composed of multiple concurrent strategies, leveraging both fundamental and price-based inputs, with measurable risk-adjusted performance (Sharpe/Sortino ratios)
• Condensate & Feedstock Knowledge: Strong understanding of condensate grades, quality differentials, and their role as refinery feedstock inputs; ability to construct and maintain fair-value pricing tools with high explanatory
• US Market Knowledge: Deep physical understanding of US naphtha and crude markets, including PADD-level supply and demand dynamics, USGC export flows, naphtha-to-crude blending economics, and key pricing hubs
• Fundamental Analysis: Ability to develop and maintain supply and demand balances across key market hubs, with a track record of improving forecast accuracy through ground-up model construction
• Risk Management: Solid understanding of physical and derivative position management, hedging programmes, cost accruals, MTM valuations, and P&L reporting
• Languages: Fluency in both Russian and English is required
• Technology: Proficiency in quantitative tools and programming languages for model development and data analysis; experience with VBA, Python, or equivalent tools for automating data workflows and building pricing models
• Communication: Excellent communication and negotiation skills, with the ability to build and maintain professional relationships across a global, multicultural trading environment
• Compliance: Knowledge of relevant regulatory requirements and compliance standards applicable to commodities and derivatives trading

Attributes for success

• Commercial Acumen: Strong instinct for identifying and capitalising on market opportunities across physical and paper markets
• Quantitative Rigour: Ability to build, validate, and iterate on pricing and systematic models with a high degree of accuracy and intellectual honesty
• Decision-Making: Confident, independent decision-maker with the ability to act decisively under market pressure while managing risk appropriately
• Attention to Detail: Meticulous approach to position management, model construction, and reporting
• Integrity: High ethical standards and integrity in all trading activities
• Team Player: Collaborative mindset with the ability to work effectively across a globally connected, multidisciplinary team

Department overview

The Naphtha & Condensates trading desk is responsible for the buying, selling, and risk management of naphtha and condensate products — key feedstocks in petrochemical production, gasoline blending, and refinery operations. The team conducts in-depth market analysis, develops and executes trading strategies across physical and derivative markets, manages condensate grade fair-value assessments, and maintains relationships with a broad network of global counterparties. The desk actively trades paper instruments — including flat price, spreads, cracks, and cross-product derivatives — to hedge physical positions and express speculative market views. Systematic and quantitative model development is central to the desk's edge, with a strong emphasis on fundamental-driven strategy construction and measurable risk-adjusted returns.

Equal opportunity employer

We are an Equal Opportunity Employer and take pride in a diverse workforce! We do not discriminate in recruitment, hiring, training, promotion or other employment practices for reasons of race, colour, religion, gender, sexual orientation, national origin, age, marital or veteran status, medical condition or handicap, disability, or any other legally protected status.