Distillates Trading Director

Position Summary 

Leads the global distillates trading portfolio across domestic and international markets. Responsible for optimizing margin through arbitrage strategies, structured term deals, and integration across logistics, planning, and trading execution. The Head of Distillates has four core objectives: 

Leads strategy and trading for diesel and jet fuel across North America and international markets, Structures spot/term agreements and arbitrage strategies aligned with regional and global pricing, Coordinates with Refining, Logistics, Fuels Value Chains (FVC) and Value Chain Optimization (VCO) to ensure flow assurance, quality compliance and owns desk-level performance through optimization and derivative hedging. 

Key Responsibilities  

Trading Strategy & Commercial Execution 

• Set and own the global distillates trading strategy, allocating domestic and international diesel and jet desks based on margin, volatility and regional demand 

• Define and execute arb strategies and term structure for each regional commodity desk 

• Support renewable diesel placement and LCFS/RIN strategy for diesel pools 

• Optimize crack spreads and basis trades across inland vs. coastal markets, balancing physical flow constraints 

• Structure and negotiate purchases and sales, aligning with refinery and terminal capabilities 

• Coordinate the use of derivatives (spreads, swaps, futures) to hedge regional exposures and protect margin 

Market Intelligence & Analytics 

• Monitor regional price differentials, crack differentials (e.g. ULSD vs. crude), and seasonality for real‑time decision support 

• Partner with Analytics/VCO/FVC’s to embed market outlook into the planning cycle to improve decision making 

• Sponsor continuous enhancement of distillates quality-arb activities and analytics 

• Engage in performance management by assessing trading actuals vs. planning benchmarks and recalibrate strategy to hit margin and volume goals 

•  Assist in tracking KPIs such as regional crack capture and desk‐specific basis performance 

Asset Coordination & Product Specification Management 

• Coordinate with Refining, Terminals, Scheduling and MPLX to align distillates flow plans, storage logistics and off‐take scheduling 

• Manage quality/spec constraints (e.g., cetane, aromatics, cold flow) and regrade options  

• Oversee inventory placement to optimize trading around market structure 

• Ensure compliance with product specs, regulatory requirements and regional fuel mandates 

Risk, Compliance & Counterparty Engagement 

• Collaborate with the Risk/Middle Office and the wider Finance function to design compliant hedging frameworks and approve term deals against credit limits 

• Define hedge objectives and risk limits 

• Partner with the Financial Trading desk for execution of broader financial portfolio trading and exposure management 

• Build and maintain relationships with major suppliers and end‑users in distillates markets globally 

• Structure transactions to balance credit, counterparty reliability, economics and regulatory compliance 

• Coordinate with Middle Office to ensure accurate P&L attribution and daily risk reporting 

Cross-Functional Interfaces 

• Work closely with Origination, FVC’s, VCO and cross-commodity trading teams to align term volumes, hedges and customer deliveries 

• Engage with the company-wide support functions including, but not limited to Legal, Regulatory, Compliance, Contracts, Risk, IT and Credit 

Leadership & Capability Development 

• Build and coach a high‑performing global distillate trading team across multiple US offices, along with Singapore and London 

• Foster data‑driven decision making, disciplined risk management and cross‑desk collaboration 

• Identify and develop future desk leads and ensure robust succession planning 

• Foster development of employees interested in trading and commercial roles 

Core Competencies:

• Commercial & Financial Acumen 

• Expert in understanding fundamental and financial drivers in the global distillate markets. Proficient in physical market and financial trading, along with structured deal negotiation 

• Adept in cross-commodity financial markets, including cracks and other inter-commodity spreads 

• Uses derivatives to hedge and monetize regional basis and quality arbitrage 

• Strategic Vision & Systems Thinking 

• Aligns regional desks to an integrated enterprise trading strategy 

• Embeds trading insights into long-term margin capture plans 

• Operational Excellence & Supply Chain Expertise 

• Oversees inventory and product spec management within logistical constraints 

• Collaborates with other MPC functions to enable physical trade execution 

• Risk Management & Resilience 

• Allocates hedge limits, manages risk exposures, and ensures counterparty compliance 

• Oversees daily P&L attribution and exception management 

• Digital & Analytical Fluency 

• Expert understanding of supply & demand, macroeconomics and geopolitical drivers within the global distillate markets 

• Applies basic and advanced analytics to optimize trading decisions against market signals 

Education and Experience 

Required: 

• Bachelor’s degree required;  

• 10 years of trader or related commercial experience, with a proven track record across multiple geographies 

Preferred:  

• At least 5 years managing global distillates P&L 

• Demonstrated leadership of regional and global distillate desks 

• Prior experience in other refined products or crude markets 

• Experience in both physical and paper markets 

• Strong understanding of quality arbitrage, regrade strategies, and regulatory program compliance  

• Proven track record structuring cycle‑tested arb strategies and term supply agreements 

• Strong stakeholder leadership with cross-functional and customer-facing responsibilities 

• Strong understanding of physical logistics, regrade mechanics and spec compliance 

Location: Houston, TX 

Relocation: Available  

Estimated Travel: Approximately 10% of the time