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.
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. 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:
- 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).
- Produce and explain daily P&L for physical gas portfolios (flow, storage, balancing, transport), including:
- 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.
- Imbalance & balancing (TSO / hub-specific)
- Provide imbalance reporting, root-cause analysis, and escalation to Trading/Scheduling.
- 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.
- Own end-to-end invoicing support for physical gas deliveries and services:
- 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).
About You
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.
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 such as medical, dental, life insurance, generous pension contribution, and supplemental benefits partially subsidised by the Company.
- Eligibility to receive external and internal training in accordance with our Training & Development Policy.
We believe in inclusivity and are therefore dedicated to ensuring all employees – across gender identity, race, ethnicity, sexual orientation, religion, life experience, background and more – feel welcome and included in the company. We promote diversity because we believe it is essential to our ability to think holistically.
Skills Required
- Proven years of experience in EU physical natural gas middle office operations
- Strong understanding of physical gas trade lifecycle
- Experience with storage contract economics and operational constraints
- 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)
- High attention to detail, with strong analytical and reconciliation capability
- Effective communication skills for P&L and operational commentary
- Ability to manage deadlines and multiple stakeholders
- Hub/market familiarity and exposure to TSO processes
- Knowledge of VAT/tax invoicing for energy commodities
- Experience with audit/control frameworks and process documentation
What We Do
Engelhart is a global commodities trading company built for today's markets and the transitions shaping tomorrow. We trade across the full commodities complex, from energy and renewables to agriculture, metals, freight, and carbon. Our role is to connect markets, manage risk, and uncover value where others see volatility. What sets us apart is how we bring it together: • Deep market expertise across physical and financial products • Quantitative and data-led insight that strengthens decision-making • A culture that values collaboration, speed, and independent thinking Founded in 2013 as part of BTG Pactual Group, Engelhart operates with a strong balance sheet and a global footprint. Our teams combine technical depth with commercial instinct: delivering liquidity, price discovery, and stability to the world’s most dynamic markets. We don’t just trade what exists today. We help shape what comes next. Engelhart Where the future trades
