Senior Risk Analyst – Physical Energy Trading in London

Job reference: JL/44943Sector: Commerce and IndustryRegion: LondonClosing date: 2026-10-30Senior Risk Analyst – Physical Energy Trading London | Permanent | Energy & CommoditiesWe are working with an established energy trading business looking to appoint a Senior Risk Analyst to its London team.This is a hands-on role sitting close to the trading activity, with responsibility for understanding physical transactions, translating contractual terms into positions and exposures, and ensuring that daily mark-to-market P&L accurately reflects the underlying economics of the book.The position would particularly suit someone from a product control, deals desk, middle office or physical commodity risk background who enjoys getting underneath the detail of individual trades rather than relying solely on system-generated reporting.The roleYou will take direct responsibility for a physical trading book, working closely with Trading, Commercial, Finance and other control functions.Day to day, this will include:Ownership and oversight of physical commodity positions and exposuresProduction, validation and explanation of daily mark-to-market P&LUnderstanding how contractual terms translate into physical and financial exposuresReviewing market data, curves and valuation inputsInvestigating P&L movements, discrepancies and reporting breaksUnderstanding the interaction between physical transactions and associated hedgingWorking with Finance around reconciliation and month-end processesChallenging existing methodologies and improving controls and reportingSupporting the continued development of systems and processesActing as a senior technical reference point and helping develop less experienced members of the teamThe environment is relatively lean, so this is not a position where every calculation is delivered by a highly automated platform. You will need to understand what sits behind the numbers and be capable of working through a position or P&L calculation independently when required.Your backgroundWe are particularly interested in candidates with experience gained within physical energy or commodity trading, ideally covering refined products, fuels or related markets.You are likely to have a background in one or more of:Product ControlDeals DeskTrading Middle OfficePhysical Commodity RiskP&L / Position ControlDirect physical energy experience would be particularly relevant, although candidates from other physical commodity markets may also be considered where the underlying skills are transferable.You should be able to demonstrate strong practical experience of physical contracts, positions, exposures, hedging and mark-to-market P&L, alongside the confidence to discuss and challenge valuation methodologies.Strong Excel and analytical skills are important, as is the ability to explain complex exposures clearly to both trading and non-trading stakeholders.Why consider it?The attraction is the combination of ownership, proximity to the business and opportunity to influence how the function develops.Rather than joining a large, heavily automated control environment with a narrowly defined remit, you will have the opportunity to understand a trading book in depth, improve how risk and P&L are analysed and reported, and play a meaningful role in developing the wider team.Over time, the business also intends to broaden its analytical risk capability. Experience of measures such as VaR is therefore useful, but this is not a conventional quantitative market-risk position. The immediate requirement is for someone with strong physical commodity, product-control and P&L fundamentals who can understand a trade from first principles.