EU Physical Gas Specialist (Middle Office Operations)

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 and by powerful technology and 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 which is being used to provide risk management and optimisation services to help maximise the value of our clients’ renewable power. The acquisition also expanded Engelhart’s capabilities into physical natural gas across North America, a critical fuel to support the energy transition.

Our talented and experienced individuals work together according to its four company values: Performance, Agility, Collaboration, Entrepreneurship.

We are looking for an experienced Middle Office professional to own and deliver day-to-day support for EU physical natural gas activity. Their remit will cover P&L reporting, storage contracts, imbalance management, and invoicing / settlements, ensuring accurate commercial outcomes, strong control environment, and timely reporting to Trading, Finance, and Operations. This person can expect to interface with Gas Traders & Originators directly, as well as Scheduling/Logistics, Back Office/Settlements, Finance and Risk.

This will be a full-time role, owning the following responsibilities:

1. P&L reporting (daily/weekly/monthly)
   • 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).
2. Storage contracts & nominations (commercial/operational support)
   • Ensure correct capture of storage fees and optionality components where applicable.
   • Support dispute resolution on storage statements and fees with counterparties/operators.
3. Imbalance & balancing (TSO / hub-specific)
   • Provide imbalance reporting, root-cause analysis, and escalation to Trading/Scheduling.
4. Invoicing, settlements & dispute management
   • Own end-to-end invoicing support for physical gas deliveries and services:
     • Volume/price validation (index formulas, averaging windows, FX, calendars)
     • Transmission/storage fees, balancing charges, shaping, losses
   • Ensure timely issuance/approval of invoices; manage query log and resolve disputes.
   • Reconcile counterparty statements to internal records and escalate material breaks.
   • Support credit/collections with accurate contractual and operational evidence.
5. Data, controls & process improvement
   • Maintain high-quality reference data: points, hubs, TSOs, products, units, calendars, VAT/tax fields (where relevant).
   • Develop/maintain reporting tools (Excel/VBA, Power Query, SQL, Python - depending on stack).

The following experiences and skills are essential for success in this role:

• Proven years of experience in EU physical natural gas middle office operations with a strong understanding of physical gas trade lifecycle.
• Experienced 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.
• Familiarity with ETRM systems and statement/invoice workflows.
• Strong Excel skills (pivoting, lookups; VBA desirable); comfort in handling large datasets.
• High attention to detail, with strong analytical and reconciliation capability.
• Clear communication, e.g. able to produce concise P&L and operational commentary for traders/finance.
• Ability to manage deadlines (daily reporting + month-end) and multiple stakeholders.

In addition, the following is not required, but highly desirable for this role:

• Hub/market familiarity (e.g., TTF, NBP, THE, PEG) and exposure to TSO processes.
• Knowledge of VAT/tax invoicing basics for energy commodities in Europe.
• Power BI/Tableau, SQL, Python for automation.
• Experience with audit/control frameworks and process documentation.