Engelhart
EU Physical Gas Specialist (Middle Office Operations)
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EU Physical Gas Specialist (Middle Office Operations)
Engelhart – Middle Office Professional (EU Physical Natural Gas)
About Us
Engelhart was founded in 2013 by BTG Pactual Group as a commodities trading company. Our business model is “asset light” and highly diversified – giving us the ability to adapt effectively and nimbly to changing market conditions.
We have assembled successful multidisciplinary teams, leveraging advanced fundamental analysis with deep quantitative and weather research capabilities. Our activities are underpinned by:
- Strong risk management practices
- Powerful technology
- Operational excellence
We have exceptional teams with diverse global backgrounds and decades of experience, and are driven by a highly collaborative culture, across products and competencies.
In 2024, Engelhart acquired Trailstone, a global energy trading and technology company. The acquisition provides us with:
- New expertise, analytics, and proprietary technology
- Services to maximise the value of clients’ renewable power
- Expanded capabilities in physical natural gas across North America, supporting the energy transition
Our talented individuals work together according to four core company values:
- Performance
- Agility
- Collaboration
- Entrepreneurship
About the Role
We are looking for an experienced Middle Office professional to own and deliver day-to-day support for EU physical natural gas activity. This role will cover:
- P&L reporting (daily/weekly/monthly)
- Storage contracts
- Imbalance management
- Invoicing and settlements
Key responsibilities include:
- Interface with Gas Traders, Originators, Scheduling/Logistics, Back Office/Settlements, Finance, and Risk
- Full-time role with full ownership of listed responsibilities.
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Detailed Responsibilities
P&L Reporting
- Produce and explain daily P&L for physical gas portfolios (flow, storage, balancing, transport), including:
- Realised vs unrealised, accruals, provisions, and timing differences
- Drivers: price moves, volume revisions, FX, fees, losses, constraints
- Validate trade capture and market data (curves, indices, FX) and resolve breaks with Front Office and IT
- Support month-end close:
- Reconciliations
- Journal support
- Commentary packs
- Audit trail documentation
- Maintain controls around:
- Valuation inputs (indexation, resettlements, true-ups)
Storage Contracts & Nominations
- Ensure correct capture of:
- Storage fees
- Optionality components
- Support dispute resolution on storage statements and fees with counterparties/operators
Imbalance & Balancing (TSO / Hub-Specific)
- Provide:
- Imbalance reporting
- Root-cause analysis
- Escalation to Trading/Scheduling
Invoicing, Settlements & Dispute Management
- Own end-to-end invoicing support for physical gas deliveries and services:
- Validate:
- Volume/price formulas
- Index formulas
- Averaging windows
- FX and calendars
- Transmission/storage fees
- Balancing charges/shaping/losses
- Validate:
- Ensure:
- Timely issuance/approval of invoices
- Managed query log to resolve disputes
- Reconcile counterparty statements to internal records and escalate material breaks
- Support credit/collections with accurate:
- Contractual and operational evidence
Data, Controls & Process Improvement
- Maintain high-quality:
- Reference data: points, hubs, TSOs, products, units, calendars, VAT/tax fields
- Develop/maintain reporting tools (e.g., Excel/VBA, Power Query, SQL, Python).
About You
The following experiences and skills are essential:
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- Proven years of EU physical natural gas middle office operations, with a strong understanding of the physical gas trade lifecycle
- Experience with storage contract economics and operational constraints
- Comfortable with imbalance/cash-out concepts and allocation processes
- Ability to:
- Manage and discuss P&L attribution and reconciliation in a commodities context
- Interface with stakeholders (traders, finance, operations)
- Familiarity with ETRM systems and statement/invoice workflows
- Strong Excel skills (pivot tables, lookups); VBA desirable
- High attention to detail with:
- Analytical and reconciliation capability
- Clear communication, e.g., ability to:
- Produce concise P&L and operational commentary for traders and finance
- Ability to:
- Manage deadlines (including daily reporting and month-end)
Highly desirable:
- Hub/market familiarity (e.g., TTF, NBP, THE, PEG)
- Knowledge of VAT/tax invoicing basics for European energy commodities
- Power BI/Tableau and SQL/Python for automation
- Experience with:
- Audit/control frameworks
- Process documentation
What We Offer
- Competitive compensation and participation in Engelhart’s discretionary bonus plan
- 25 days of annual holiday entitlement, excluding UK public holidays
- Robust benefits package, including:
- Medical insurance
- Dental insurance
- Life insurance
- Generous pension contribution
- Supplemental benefits (partially subsidised by the company)
- Eligibility for:
- External and internal training (under Training & Development Policy)
Inclusivity matters – We are committed to ensuring all employees feel welcome and included. We promote diversity because we believe it is essential to our holistic thinking.
“It took my CV and asked me questions relevant to understanding what kind of jobs to suggest for me. Suggestions were almost perfect. Jobs were exactly what I’ve been looking for.”
Jessica, London
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