Middle Office Analyst

repsol; Madrid; Hybrid; EUR 42,000 - 62,000; Full time

Benefits offered by this job

Bonus according to objectives

Medical insurance

Pension plan contribution

Digital disconnection

Conciliation measures

Legal advice

Employee support services

Job summary

Repsol in Madrid is seeking a Middle Office Analyst to support the Wholesale Gas, LNG, and Power trading activities. You will ensure trade integrity, monitor risk, validate positions and P&L, and collaborate across Front Office, Risk, and Back Office in a fast-paced environment.

The role requires a bachelor’s degree and 1–3 years in energy trading or related areas, strong analytical and Excel skills, and the ability to handle large data sets while maintaining tight controls and clear stakeholder

Qualifications

• Bachelor’s degree in Finance, Economics, Engineering, Mathematics, Business, Energy Management, or related discipline.
• 1-3+ years in energy trading, commodity trading, middle office, risk management, or related support.
• Understanding of physical and/or financial gas, LNG, power, or commodity markets.
• Experience with trading and risk management systems (ETRM experience preferred).
• Strong Excel and data analysis capabilities.
• Excellent communication and stakeholder management.
• Attention to detail and robust controls.

Responsibilities

• Support daily middle office activities including position validation, exposure monitoring, P&L reconciliation, and risk reporting.
• Validate trade capture and ensure accuracy of transactions across trading systems.
• Analyze daily P&L movements, market exposures, and valuation changes.
• Monitor compliance with risk limits, mandates, and internal controls.
• Investigate discrepancies with Front Office and Back Office teams.
• Produce regular management reporting on market risk and KPIs.
• Support month-end, quarter-end processes with analyses and documentation.
• Identify opportunities to improve processes, controls, and automation.
• Participate in new product and market expansions, including power trading.

Skills

Analytical thinking

Quantitative skills

Excel proficiency

Stakeholder management

Education

Bachelor's degree in Finance, Economics, Engineering, Mathematics, Business, Energy Management, or related discipline

Tools

ETRM

Job description

Key information

• Team: Wholesale Gas and LNG
• Location: Madrid, Spain
• Experience level: 1-3 years
• Job type: hybrid
• Requirements: English B2 or higher + Bachelor's degree or higher.

The team you are joining

Reporting to the Manager, Middle Office and Structuring Analysts, the Middle Office Analyst will play a key role in supporting the Wholesale Gas, LNG, and Power Trading business by ensuring the integrity of trading activity, risk reporting, valuation processes, and operational controls across the trade lifecycle. Acting as a critical link between Front Office, Risk, Back Office, and support functions, this position is responsible for monitoring exposures, validating positions and P&L, supporting risk reporting, investigating discrepancies, and driving continuous improvements to trading processes and controls. The successful candidate will possess strong analytical and problem-solving skills, a solid understanding of energy trading markets, and the ability to work effectively in a fast-paced and evolving trading environment.

Main tasks

• Support daily middle office activities including position validation, exposure monitoring, P&L reconciliation, valuation review, and risk reporting.
• Validate trade capture and ensure the accuracy and completeness of transactions across trading systems.
• Analyze and explain daily profit and loss movements, market exposures, and valuation changes.
• Monitor compliance with risk limits, trading mandates, and internal control requirements, escalating issues where appropriate.
• Investigate and resolve trade, pricing, position, or settlement discrepancies in collaboration with Front Office and Back Office teams.
• Produce regular management reporting related to market risk, trading performance, exposures, and operational KPIs.
• Support month-end, quarter-end, and audit processes by providing analysis and documentation as required.
• Identify opportunities to improve processes, controls, reporting, and automation within the middle office function.
• Participate in the implementation of new products, markets, systems, and business initiatives, including the expansion of Power Trading activities.
• Build strong working relationships with traders, risk managers, operations, finance, and technology teams to support effective front-to-back business management

What We Offer

• Permanent contract
• Bonus according to objectives
• Medical insurance
• Contribution to pension plan
• Digital disconnection
• Conciliation measures
• Legal advice
• Employee support services

You will fit the position if

• Bachelor's degree in Finance, Economics, Engineering, Mathematics, Business, Energy Management, or a related discipline.
• 1-3+ years of experience in energy trading, commodity trading, middle office, risk management, trade control, or related commercial support functions.
• Understanding of physical and/or financial gas, LNG, power, or commodity trading markets.
• Experience working with trading and risk management systems (ETRM experience preferred).
• Strong analytical and quantitative skills with advanced Excel capabilities.
• Ability to analyze large datasets and identify trends, anomalies, and risks.
• Excellent communication and stakeholder management skills with the ability to interact effectively across Front Office, Risk, Finance, and Operations.
• Demonstrated attention to detail, strong organizational skills, and a commitment to maintaining a robust controls environment.
• Excellent written and verbal communication skills