EU Physical Gas Specialist (Middle Office Operations)

About the company

Engelhart, established in 2013 by BTG Pactual Group, operates as a commodities trading firm with an asset-light and diversified approach that helps it respond quickly to shifting market conditions. The company combines deep quantitative and weather research with fundamental analysis, backed by disciplined risk management, advanced technology, and strong operational execution. Its teams bring together varied international experience and work in a highly collaborative environment across products and functions.

In 2024, Engelhart acquired Trailstone, a global energy trading and technology business. This added new analytics, proprietary technology, and expertise that support risk management and optimisation services for renewable power clients, while also expanding the company’s physical natural gas presence in North America, an important fuel in the energy transition.

Engelhart is guided by four core values: Performance, Agility, Collaboration, and Entrepreneurship.

Role overview

The business is seeking an experienced Middle Office specialist to manage and support day-to-day EU physical natural gas activities. The position covers P&L reporting, storage agreements, imbalance management, invoicing, and settlement support, with the goal of ensuring correct commercial results, a strong controls environment, and prompt reporting to Trading, Finance, and Operations. The role works closely with Gas Traders and Originators, as well as Scheduling/Logistics, Back Office/Settlements, Finance, and Risk teams.

Key responsibilities

• Prepare and deliver recurring P&L reporting on a daily, weekly, and monthly basis.
• Produce daily P&L for physical gas portfolios, including flow, storage, balancing, and transport activity.
• Explain realised and unrealised results, accruals, provisions, and timing variances.
• Analyse the main drivers of performance, such as price movements, volume changes, FX, fees, losses, and constraints.
• Check trade capture and market data, including curves, indices, and FX, and work with Front Office and IT to resolve breaks.
• Support month-end close activities, including reconciliations, journal backup, commentary packs, and audit trail records.
• Maintain controls over valuation inputs such as indexation, resettlements, and true-ups.
• Support storage contracts and nominations from both a commercial and operational perspective.
• Ensure storage fees and optionality elements are captured correctly where relevant.
• Assist with dispute handling on storage statements and charges with counterparties and operators.
• Provide imbalance reporting, investigate root causes, and escalate issues to Trading or Scheduling.
• Support invoicing and settlements for physical gas deliveries and related services end to end.
• Validate volumes and prices using index formulas, averaging windows, FX, and calendar conventions.
• Review transmission and storage fees, balancing charges, shaping, and losses.
• Help ensure invoices are issued or approved on time, maintain query logs, and resolve disputes.
• Reconcile counterparty statements against internal records and escalate significant differences.
• Support credit and collections with accurate contractual and operational evidence.
• Maintain accurate reference data for points, hubs, TSOs, products, units, calendars, and VAT/tax fields where needed.
• Build and improve reporting tools using Excel, VBA, Power Query, SQL, and Python depending on the technology stack.

Candidate profile

The role requires a professional with solid experience in EU physical natural gas middle office operations and a strong grasp of the physical gas trade lifecycle. The successful candidate should understand storage economics and operational limitations, be comfortable with imbalance and cash-out mechanisms, and be able to manage P&L attribution and reconciliation in a commodities environment. Experience with ETRM systems and statement/invoice processes is also important.

Requirements

• Several years of proven experience in EU physical natural gas middle office operations.
• Strong understanding of the end-to-end lifecycle of physical gas trading.
• Hands-on knowledge of storage contract economics and operational constraints.
• Comfort with imbalance and cash-out concepts, including allocation processes.
• Ability to analyse P&L attribution and perform reconciliations in a commodities setting.
• Familiarity with ETRM systems and invoice or statement workflows.
• Advanced Excel capability, including pivot tables and lookups; VBA is a plus.
• Strong analytical ability, attention to detail, and reconciliation skills.
• Clear written and verbal communication for concise reporting to traders and finance teams.
• Ability to manage daily reporting deadlines, month-end tasks, and multiple stakeholders.

Preferred qualifications

• Knowledge of hub and market structures such as TTF, NBP, THE, and PEG, along with exposure to TSO processes.
• Understanding of VAT and tax invoicing basics for European energy commodities.
• Experience using Power BI, Tableau, SQL, or Python for automation and reporting.
• Background in audit and control frameworks, as well as process documentation.

What the company offers

• Competitive pay plus eligibility for Engelhart’s discretionary bonus plan.
• 25 days of annual leave, excluding UK public holidays.
• A comprehensive benefits package covering medical, dental, life insurance, a generous pension contribution, and additional benefits partially subsidised by the company.
• Access to external and internal training in line with the Training & Development Policy.

Inclusivity

Engelhart is committed to building an inclusive workplace where employees of all gender identities, races, ethnicities, sexual orientations, religions, and life experiences feel respected and included. The company values diversity as an important part of thoughtful, well-rounded decision-making.