Physical Commodities Trading 2022 Graduate Program Megathread

With the increased interest in the physical commodities trading industry, it'd be useful to have a mega thread on all the programs and applications..

Last updated : 19-Sep-21

Glencore - Commercial Graduate Program - Open, deadline 31-Oct

Trafigura - Global Graduate Program - Open, deadline 03-Oct

Cargill - European Graduate Program - Open, deadline (?)

Total - Closed

BP - Trading & Shipping Development Program - Open, deadline (?)

RWE - Commercial Graduate Programme - Open, deadline (?)

CCI - Commodities Trading Analyst Graduate Programme - Open, deadline (?)

Shell - Trader Development Programme - ?

Louis Dreyfus Company - Global Graduate Program - October Start, deadline (?)

EDF Trading - Commercial Graduate Program - ?

The above is (as you can see) a work in progress. Please post comments of other programs/expected opening dates/if you know of any progress please comment here we can all consolidate them!

PTP

Comments (43)

  • Prospect in HF - Macro
Sep 15, 2021 - 4:58pm

CCI commodities trading program. Deadline: already passed.

Sep 16, 2021 - 5:26am
physicaltradingprep.com, what's your opinion? Comment below:

thanks for that - seems London 2022 applications are still open from their website, do you know otherwise?

Physical Commodities Trading Specific Interview Resources - Use WSO20 for 20% off all products being a WallStreetOasis member
Dec 7, 2021 - 6:20pm
allnatgasnobrakes, what's your opinion? Comment below:

Finished the CCI rotational program in 2020 on the Houston desk. Great base experience into how a phys merchant desk operates. If anyone has any questions, I'm still close with the Houston/Stamford.

Looks like they're hiring a Trade Operations Associate. Very similar responsibilities to the grad program, but looks like they want a few years of experience. 

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Sep 28, 2021 - 8:10pm
GoodBread, what's your opinion? Comment below:

My experience is second hand given I'm on the commodity side but dry bulk probably gives you a better macro picture than you would otherwise get.

The industry seems very old school. Even more clubby than commodities, the London shipbroking community is about as old boys club as it gets.

That said working for a principal is probably very fun, especially at the really big guys like Oldendorff or Cargill, or Shell in oil. There was a thread on freight by a guy who said there are two kinds of roles at charterers, ones where you just end up being a pricing input for the traders, and at more agressive firms roles where you really are trading your freight position. The former doesn't sound as interesting but pay might be reasonable for something fairly chill, and those brokers will definitely show you a good time.

Outside of a few select positions I don't think you should pick freight in the hopes of switching to commodities. In commodities that are extremely freight dependent (iron ore, coal, crude, LPG) that might be possible but otherwise I'd say forget about it. I know Shell once advertised the opportunity to move into crude trading from crude freight trading for what it's worth.

Not a ton of roles in commodities I would consider jumping ship for but trading dry bulk for Cargill does sound pretty fun, and chartering at NOCs or supermajors sounds pretty chill (I might be completely wrong).

  • Intern in HF - Other
Sep 18, 2021 - 11:48am

For US applicants,

CCI has already scheduled 1st rounds

BP reached out that Hirevues will be all reviewed by the end of this month

Sep 18, 2021 - 4:03pm
Irrawaddy, what's your opinion? Comment below:

LDC's graduate program will open in October or November I think.
And Total's Trading and Shipping graduate program was early 2021.

Sep 20, 2021 - 2:46am
physicaltradingprep.com, what's your opinion? Comment below:

On the interviewing side, expect to now meet trading employees which will usually range from traders, to risk managers, operators, etc. Unlike the first interviews with HR, the types of questions you'll be getting will be slightly more technical and market related (although you should still prepare for the usual behavioural type questions). 

On the assessment center, unsure as to how they'll look like now with covid but it used to be a 1 to 2 day event with trading simulations, group negotiation exercises, case studies and multiple interviews (not sure whether they do the negotiations/case studies every year). The trading simulations are relatively basic and for the most part, actually a lot of fun (if you do like trading that is). You are trading one product (crude) and will be taking either flat price or time spread positions. Your PnL isn't be the most important factor, how familiar you are with basic trading concepts and how you react in stressful environments are. There's quite a lot of material on the negotiation exercises and case studies online (and on this forum). 

Physical Commodities Trading Specific Interview Resources - Use WSO20 for 20% off all products being a WallStreetOasis member
  • 3
Oct 27, 2021 - 2:47pm
itachi, what's your opinion? Comment below:

Did anyone got any response from trafigura or Glencore? When did you apply and received your response? Which location and commodity?

  • Intern in HF - Other
Oct 27, 2021 - 5:47pm

Glencore Oil US, are in the middle of 1st/2nd rounds.

Nov 3, 2021 - 4:04pm
zarahhomes, what's your opinion? Comment below:

I got an invite to the first round of Glencore on the 8th. Process sounds very long so im not sure its worth my time 

Nov 7, 2021 - 8:11am
PowerNGas, what's your opinion? Comment below:

Don't sleep on the Phillips 66 development program.

A lot of their traders came out of the new hire/Katalyst program. And it's modeled after the BP development program.  

https://p66oncampus.jobs/university-new-hires/commercial/

  • Intern in IB-M&A
Nov 10, 2021 - 3:44am

does BP TDP run its recruitment almost exclusively from its pool of summer analysts or is there solid intake from their graduate recruitment?

Can anyone provide some color on the number of SA interns/return rates/FT graduates  

Nov 13, 2021 - 9:04am
vixday, what's your opinion? Comment below:

Has anyone heard back from Glencore's London Grad Programme round 1 interview?

  • Intern in S&T - Comm
Nov 20, 2021 - 11:43am

Glencore offers are out

Feb 21, 2022 - 3:31pm
COntangoCharlie, what's your opinion? Comment below:

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