Physical Oil Trader - Vice President

JPMorgan Chase & Co. • Houston, TX

10d

About The Position

The commodities team collaborates and partner across Origination, Risk, Logistics, Legal, and Middle/Back Office to drive commercial outcomes and control performance.
Job Summary
As a Vice President in the Commodities Oil Trading team, you will own market exposure, pricing, and the economic performance of structured and physical positions. You will ensure all trades are optimized, appropriately hedged, and compliant with risk limits.

Requirements

• Proven experience in physical oil trading (crude and/or refined products) with direct responsibility for P&L and risk.
• Expertise in derivatives hedging (futures, swaps) and differential structures.
• Strong command of pricing mechanics, location/quality differentials, and exposure measurement.
• Demonstrated ability to interpret and negotiate commercial terms that affect risk and economics.
• Proficiency with trading and risk systems; advanced Excel; comfort with data analysis.
• Excellent communication and cross-functional collaboration skills.

Nice To Haves

• Experience coordinating terminal/transport logistics and scheduling.
• Familiarity with regional benchmarks and price reporting agencies.
• Programming or analytics skills (e.g., Python) a plus.
• Relevant degree in Finance, Economics, Engineering, or related field.

Responsibilities

• Support origination by developing full transaction economics, pricing, and hedge structures.
• Define market-risk management strategies across futures, swaps, and differential hedging.
• Contribute to commercial term drafting that affects pricing, title transfer, incoterms, and exposure mechanics.
• Set and validate product pricing differentials relative to the index used for hedging.
• Execute and manage hedges; monitor and optimize daily position exposure.
• Track P&L drivers, valuation changes, and risk metrics; escalate exceptions per policy.
• Review and update product differentials as market conditions evolve.
• Coordinate closely with Logistics on delivery windows, quality specs, and timing.
• Communicate market insights, performance drivers, and risk positioning to stakeholders.
• Operate within limit frameworks and adhere to all policies, procedures, and regulatory requirements.
• Ensure accurate, timely trade capture, confirmations, and reconciliation.
• Uphold highest standards of conduct, compliance, and control rigor.

Benefits

• We offer a competitive total rewards package including base salary determined based on the role, experience, skill set and location.
• Those in eligible roles may receive commission-based pay and/or discretionary incentive compensation, paid in the form of cash and/or forfeitable equity, awarded in recognition of individual achievements and contributions.
• We also offer a range of benefits and programs to meet employee needs, based on eligibility.
• These benefits include comprehensive health care coverage, on-site health and wellness centers, a retirement savings plan, backup childcare, tuition reimbursement, mental health support, financial coaching and more.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level