Job Description
Reporting to the Head of Trading & Risk, the Portfolio Research Analyst will produce market outlooks, price forecasts and thematic research that directly inform the team’s hedging decisions, procurement strategy and budget planning cycle. The scope of this role is EMEA wide.
You will be responsible for generating actionable market research and fundamental analysis across European energy and commodity markets to support the development and execution of DS Smith’s hedging strategies. The Portfolio Research Analyst provides the team with forward-looking insights on price drivers, supply/demand dynamics and macroeconomic factors that influence the Group’s energy and starch commodity cost base.
The Energy & Commodity Category Team is accountable for all physical Energy supply contracts across DS Smith, management of claims, reporting and input to the central Energy Management System, supporting Energy Tax workflows for all sites, shaping and aligning the Energy & Commodity Procurement strategy to support growth, innovation, ESG (inc. Scope 3) and manufacturing excellence, partnering with stakeholders to ensure the function competitively sources quality products and supplier services whilst maintaining strong relationships with strategic suppliers in line with group Innovation, ESG and Diversity, Equity and Inclusion goals.
Key Accountabilities:
Market Research & Fundamental Analysis
Conduct in-depth fundamental analysis of European power, natural gas, carbon (EUA) and agricultural commodity (starch/wheat) markets, including supply/demand balances, storage dynamics, weather impacts, regulatory developments and geopolitical factors
Monitor macroeconomic indicators (interest rates, FX, inflation) and their implications for energy and commodity price trajectories
Maintain and develop comprehensive market databases and data feeds to support continuous research activities
Price Forecasting & Quantitative Modelling
Develop and maintain price forecasting models for key energy and commodity markets using statistical, econometric and machine learning approaches
Provide forward price curve estimates and scenario-based forecasts to support hedging programme design and budget assumptions
Collaborate with the Portfolio Risk Analyst to integrate research outputs into risk scenarios and stress tests
Hedging Strategy Support
Translate research findings into specific hedging recommendations, identifying optimal timing, instrument selection and hedging horizon
Provide real-time market commentary and tactical insights to the Senior Execution Trader to support execution decisions
Support the Head of Trading & Risk in preparing strategy presentations for the Commodity Risk Committee and senior stakeholders
Identify emerging risks and opportunities across commodity markets that may require a strategic response
Stakeholder Engagement / Business Partnering
Communicate market insights and forecasts clearly to both specialist and non-specialist audiences within the business
Partner with Procurement Category teams to align research outputs with physical procurement strategies
Engage with Finance and Treasury on commodity price assumptions used in business planning and budget cycles
Build and maintain relationships with external research providers, banks and brokers to access best-in-class market intelligence
Initiative Management
Lead or contribute to research and data infrastructure improvement projects
Contribute to the development of ESG-related commodity research, including carbon market dynamics and Scope 3 emissions
Health & Safety
Ensure H&S clauses are embedded in supplier and counterparty contracts and manage non-compliance issues or breaches
About you:
Strong knowledge of European energy markets (power, gas, EUAs) and agricultural commodity markets
Experience in fundamental market analysis, price forecasting and econometric modelling
Familiarity with quantitative and statistical techniques applied to commodity market research
Understanding of energy market regulation, carbon markets and ESG factors affecting commodity prices
Analytical excellence: Ability to synthesise large volumes of market data into clear, concise and actionable insights
Intellectual curiosity: Continuously seeks out new data sources, methodologies and market developments
Communication and influencing: Ability to present complex research findings compellingly to senior stakeholders
Fluency in English; additional European language advantageous
Intellectual rigour and commitment to evidence-based analysis
Bachelor’s degree in Economics, Mathematics, Statistics, Finance, Environmental Science or a related discipline; Master’s degree desirable
Minimum 5 years’ relevant experience in a commodity or energy market research role, ideally within a trading house, bank, utility or specialist consultancy
Strong Excel and data management skills essential; Python or R programming skills strongly preferred
Experience with market data platforms (Bloomberg, Reuters Eikon, Argus, ICIS) required
Demonstrated experience in price forecasting and econometric or statistical modelling
“To fulfil our purpose of redefining packaging for a changing world, we aim to build a diverse, motivated, and engaged workforce. Our goal is to create a culture of inclusion where everyone is treated fairly, differences are valued, and everyone has an equal opportunity to succeed.
Our people come from diverse backgrounds, bring different perspectives, ideas and experiences to generate unique solutions focused on present and future sustainability challenges. We welcome all candidates to apply, even those not meeting all criteria.”