Trading performs three major transformations. Each offers arbitrage opportunities, but is a business of its own. The right coordination between each business line coupled to a rigorous execution performed within each logistics, will determine the overall profitability. A trader has to honour his off-take agreements and supply contracts, but how is up to him. Depending on ever changing price differentials, he can redirect deliveries, source elsewhere, inject into or withdraw from storage. The more he controls the supply chain, the more combinations he has and versatile he can be. The more as well he improves price competitiveness and finally market efficiency. Most operations however are a scale business which become cost-effective only if large volume can be processed, if multiple supply sources can be combined and decisions are made swiftly to grasp opportunities as long as they exist. Those activities are capital intensive, so should be funded, and are executed in unpredictable conditions, prone to slippage and unexpected drawbacks, which requires adequate risk management.