Portfolio Manager - Physical Commodities - EMEA

Direct message the job poster from Delta Executive Search.

Delta Executive Search is partnering with a leading global trading and investment firm seeking an experienced Physical Commodities Portfolio Manager. The ideal candidate will possess deep expertise in physical energy or agricultural markets, a strong commercial network across producers, refiners, and end-users, and a proven track record of generating returns through asset-backed or supply-demand-driven trading strategies. This role offers the opportunity to manage a book with meaningful risk capital, integrated logistics support, and access to a world-class global trading infrastructure.

Location: Flexible across (Geneva, London, Dubai).

• Develop, structure, and execute physical commodity trading strategies in oil, refined products, or agricultural markets, leveraging both spot and forward opportunities.
• Identify and capitalize on regional arbitrage, storage, freight, and blending opportunities within supply chains.
• Maintain and expand commercial relationships with producers, refiners, shippers, storage operators, and end-users.
• Optimize logistics, shipping, and financing structures to enhance margins and risk-adjusted returns.
• Coordinate closely with derivatives and risk teams to hedge physical exposure through futures, options, and swaps.
• Monitor and interpret global supply-demand balances, weather trends, freight rates, and policy changes impacting market flows.
• Ensure all trading activity aligns with internal risk, compliance, and credit guidelines, including robust P&L reporting and position controls.
• Collaborate with analytics, risk, and macro teams to enhance data-driven decision-making and improve portfolio optimization.

• Proven track record managing P&L in physical oil, refined products, or agricultural commodities (crude, biofuels, grains, softs, etc.).
• Deep understanding of commodity fundamentals, including logistics, storage economics, arbitrage, freight, and basis dynamics.
• Strong commercial network across producers, traders, and counterparties in targeted markets.
• Experience structuring and executing term contracts, offtakes, and optionality-based physical deals.
• Familiarity with derivatives hedging (futures, swaps, options) and risk management best practices.
• Minimum 7+ years of experience in trading, portfolio management, or commercial supply and trading.
• Excellent analytical, negotiation, and stakeholder management skills, with an entrepreneurial mindset.