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