Distillates Commercial Analyst

Entity:

Supply, Trading & Shipping

Job Family Group:

Supply & Trading Group

Job Description:

Our purpose is to deliver energy to the world, today and tomorrow. For over 100 years, bp has focused on discovering, developing, and producing oil and gas in the nations where we operate. We are one of the few companies globally that can provide governments and customers with an integrated energy offering. Delivering our strategy sustainably is fundamental to achieving our ambition to be a net zero company by 2050 or sooner.

About the role

We are looking for a Distillates Commercial Analyst to join our Trading & Shipping (T&S) team as we strive to transform and connect the global energy market.

The Commercial Analyst role works directly with all the RPTE books within a bench to ensure accurate/timely deal capture and reporting of T0 exposure within BP systems of record. Precision and timeliness are key attributes required for this role, alongside an inquisitive approach to understand the underlying portfolio and trading strategies of the various books.

The Commercial Analyst will assist the RPTE traders in monetizing commercial value in the book’s trading structures. This will include a focus on managing pricing options, post-deal management for complex deals, collaborating with internal customers (including our Assets team), and conducting analytical work in support of live origination projects. The roles will also include developing and managing relationships with third parties, primarily “from the desk”, with whom we have long-term contracts.

The role is London based reporting to either the Commodity Commercial Manager or the Commercial Advisor depending on the Commodity Line, this will involve fostering relationships with commercial teams across our Chicago, Houston, and Singapore offices and T&S RSOs, where necessary for deal entry requirements on arb flows, self-funding transactions and Global process simplification/standardization. They will also interface directly with the Traders and Support Functions within their own region.

In this role You will

All accountabilities will be supported and supervised by the RPTE traders. Depending on the bench, this will include, but not limited to the following:

• Managing daily exposure for all trading books in the assigned RPTE bench – morning position updates, reconciliations, record intraday moves, end of day position explanation, collating orders, uploading hedges, performing blotter checks, MOC checks, entering deal level cost provision for completeness of Day 1 P&L valuation, etc.
• Conduct post-deal management internally, alongside brokers, and third parties – FX hedges, supporting futures expiry, EFP and Trigger price process for posting of futures via the broker and being point of contact for third parties to trigger lots.
• Managing pricing options – evaluating structure options, executing rolls, nominating pricing to third parties.
• Input all deals daily in a timely, accurate, and reliable manner. Respond timely to support functions for deal entry queries.
• Provide daily support to the traders, ensuring changes in position can be clearly articulated upon request
• Manage and maintain daily and forward pricing, refreshing curves, and publish daily prices.
• Manage the cost reconciliation process and collaborate with support functions to ensure deals have the appropriate costs applied (freight, demurrage, etc).
• Understand inter-regional cargo optimisation.
• Manage working capital funding structures supporting bench RAN targets – optimising with operations
• Assist support functions with exposure queries, working as a critical interface between trading and functions.
• Supporting on-bench business development / origination, including ensuring origination opportunities support trading strategies.
• Collaborating with on bench origination around new deal pipeline for producer team –including initial analysis on grade values / pricing benchmarks and complexity.
• Managing the delta hedging of flat price options, and third-party declarations
• Pricing declarations on existing contracts
• Developing a clear understanding of all sources of value
• Ensuring PNL on the day is accurate
• All deals, including house deals, are marked accurately in line with MTM policy, including monitoring and clearing of failed valuations.
• Support delivery of effective validation of deal valuation on t0
• Ensure timely communication of performance (Expo / P&L) on t0 via the completion of the FTS process.
• Ensure accurate reflection of deal valuation throughout the lifecycle of the deal. This includes operational and deal amends, blending/regrades, updating exposure modelled deals and dummy deals.
• Effectively problem solve any issues identified in the t0 validation and FTS handover process in line with best practice and internal policies and procedures.
• Developing into a capacity to manage daily third-party relationship with smaller producers for existing deals,
• Have a progressive approach and actively drive continuous improvement to streamline and simplify processes.
• Work with the T&S strategic programmes to continuously modernize ways of working to reduce waste.

What You will need to be successful

• Experience, in a role where commercial, strong analytical and numeracy skills are required
• Technical knowledge in derivatives and physical trading strategies
• Ability to prioritise and organise workload autonomously
• Open communication style - Confidence to challenge where required and ask for clarity when in doubt.
• Able to communicate key issues clearly and succinctly
• Highly effective team player, eager to learn and teach.
• Eager self-starter, with track record of solving business problems
• Innovative approach to problem solving, technology and analytics
• Awareness and understanding of hydrocarbon operations
• Experience with bp deal entry systems
• Intermediate Excel skills

Why Join us:

At bp, we offer a supportive and inclusive environment where you can grow and develop your career. We provide flexible ways of working, competitive benefits, and opportunities to learn within a global organisation. We are committed to building a diverse workforce and creating a culture where everyone feels valued, respected, and able to thrive.We understand that people have different priorities and responsibilities, which is why we offer a range of benefits and flexible options to help you balance work and life effectively.

Join us in shaping the future and take the next step in your career with bp. Apply now.

Travel Requirement

No travel is expected with this role

Relocation Assistance:

This role is not eligible for relocation

Remote Type:

This position is a hybrid of office/remote working

Skills:

Agreements and negotiations, Analytical Thinking, Business Acumen, Commercial Business Development, Continuous Learning, Customer promise execution, Customer service delivery excellence, Deal modelling and valuation, Developing and implementing strategy, Influencing, Internal alignment, Listening, Loyalty Management, Marketing strategy and programmes, Negotiating value, Negotiation planning and preparation, Partner relationship management, Presenting, Sentiment and Trends, Thought Leadership, Trade discipline and compliance, Trading Fundamentals, Trading knowledge, Writing skills

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Legal Disclaimer:

We are an equal opportunity employer. We do not discriminate on the basis of protected characteristics like race, religion, color, sex, national origin, sexual orientation, veteran status or disability status. Individuals with an accessibility need may request an adjustment/accommodation related to bp’s recruiting process (e.g., accessing the job application, completing required assessments, participating in telephone screenings or interviews, etc.). If you would like to request an adjustment/accommodation related to the recruitment process, please contact us.

If you are selected for a position and depending upon your role, your employment may be contingent upon adherence to local policy. This may include pre-placement drug screening, medical review of physical fitness for the role, and background checks.

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About Us

We’re an international energy company with global scale, ambitious plans and a team of brilliant people delivering energy to the world, today and tomorrow.