Physical Commodity Trading
We buy cargoes and sell physical product across the Mediterranean, Southeast Asia and Latin America.
+3.5M MT
Annual Volume
150K
Storage Capacity
0+
Counterparty Network
0
Trading Regions
Physical flow is the foundation of every position we take. We source from refiners and producers, place product into terminals or vessels, and price against the benchmark that fits the counterparty — not the other way around.
Every cargo is shepherded by the same desk that bought it. Counterparties deal directly with the people who own the trade, with no layered process.
Traded Products
Crude oil and refined products, priced and delivered to fit the counterparty
Crude Oil
Physical crude sourced from refiners and producers, on spot and term offtake structures.
ULSD 10ppm
Ultra-low-sulphur diesel, delivered CIF, DAP or FOB to suit the counterparty.
Gasoline
Refined gasoline moved between refining centres and consuming markets.
Naphtha
Naphtha flows placed into terminals or vessels against the right benchmark.
Regional Focus
Concentration is intentional: the geographies, ports, specifications and operators we know on a first-name basis
Mediterranean
Where refinery output meets consuming markets. We work the spread between North African production and Southern European demand, with chartering depth across the basin — from Genoa to La Goulette, Algeciras to Mersin.
Southeast Asia
Anchored by the Singapore pricing complex. We connect regional refining and import demand across the Strait of Malacca and the archipelagic markets — Singapore, Port Klang and Jakarta.
Latin America
An import-led region across the Atlantic and Pacific coasts. We move product into growing consuming markets, with access anchored by the Panama Canal and Brazil’s Atlantic terminals — Santos, Balboa and Cartagena.
We trade a focused set of regions fluently rather than a dozen superficially.
How We Trade
Discipline as edge
Every position is sized against a defined risk frame. We do not chase markets; we wait for the trades that fit our portfolio, and we hold physical positions only when they serve a clear thesis.
→ Spot and term offtake structures
→ CIF / DAP / FOB delivery
→ Direct counterparty relationships, no layered process
→ Every cargo shepherded by the desk that bought it
Capability
Trading, storage and vessels on the same desk
Regional Depth
The Mediterranean, Southeast Asia and Latin America: the geographies, ports, specifications and operators we know on a first-name basis.
Infrastructure Layered
Storage, vessels and last-mile logistics sit on the same desk as the trading book. Optionality lives on our balance sheet.
Mandate-Driven
Every position is taken because it earns its place in the book — not because the market is moving.
Values
The qualities behind Spectra Energy
Reliability
We deliver against contract — in volume, in timing and in quality — through every market regime.
Restraint
We do not chase volume. The trades we decline are part of how we earn the trades we accept.
Long View
Counterparty relationships are measured in years, not cargoes. We invest in people, infrastructure and trust accordingly.
Ready to open a dialogue with the trading desk?