Market Risk Analyst

About this opportunity:

Reporting to the Senior Manager, Pricing and Risk Analytics, the Market Risk Analyst is responsible for ensuring the accuracy, integrity, and governance of commodity price data across its full lifecycle, from external pricing sources and aggregation methodologies to ETRM systems and downstream users. The role also supports daily trading operations through end-of-day processing, P&L reporting, and market risk analysis.  As a key member of the Middle Office (Market Risk) team, the Market Risk Analyst helps maintain the control framework that supports Cenovus' diverse commodity portfolios and business activities. The successful candidate will bring strong analytical and problem-solving skills, a continuous learning mindset, and the ability to collaborate effectively across teams in a fast-paced, dynamic environment.

What you’ll do:

• Manage the governance, integrity, and delivery of commodity pricing data from external sources through aggregation methodologies to ETRM systems and downstream consumers.

• Execute and maintain pricing processes across crude oil, natural gas, power, refined products, NGLs, and derivatives, including QA/QC of forward curves and ETRM configuration.

• Partner with Front, Middle, and Back Office teams to ensure accurate pricing for mark-to-market valuation, risk measurement, and reporting.

• Maintain and enhance commodity price curves and reference data to support new products, business activities, and market expansion.

• Perform independent price verification (IPV) across multiple commodities, leveraging internal and external market data to identify and communicate insights and exceptions.

• Develop and enhance pricing, reporting, and visualization solutions, including dashboards and analytical tools that support trading and risk management activities.

• Drive continuous improvement through the adoption of technologies such as Databricks, Python, Power BI, and MarketView to strengthen data management, automation, and analytics capabilities.

• Provide cross-commodity coverage, respond to ad hoc pricing requests, and support process, system, and control enhancements to ensure operational resilience and business effectiveness.

Who you are:

Our ideal candidate will have the following minimum requirements:

• Legally authorized to work in Canada

• Bachelor’s degree in a quantitative discipline such as Statistics, Mathematics, Finance, Economics, Computer Science, Engineering, Geophysics, or a related field.

• Minimum 5 years of experience in Market Risk, Commodity Trading, Middle Office, or a related analytical role.

• Knowledge of commodity pricing, market data, valuation, and risk reporting processes within an energy trading or commodity-focused environment.

• Experience working with market data platforms and commodity pricing repositories; familiarity with MarketView is considered an asset.

• Strong quantitative, analytical, and problem-solving skills, with proficiency in analytical capabilities, including programming languages such as Python and VBA, visualization platforms such as Power BI, or similar applications.

• Experience with ETRM systems and an understanding of commodity pricing, reference data management, and trading-related business processes.

• Strong attention to detail, organizational skills, and the ability to manage multiple priorities while delivering accurate results in a fast-paced environment.

• Excellent communication and stakeholder management skills, with the ability to clearly convey technical concepts and collaborate effectively across business functions.

Note: The application deadline for this position is 11:59 PM MT October 1st, 2026.  

Cenovus was ranked one of Canada’s Best Employers in 2025. We’re committed to being an employer of choice in our industry by offering a competitive total rewards package and employee programs and rewarding career development opportunities. Learn more.  

If you require accessibility assistance to complete the on-line application or otherwise apply for an open position with Cenovus, its subsidiaries and affiliates, please email [email protected].

Who we are:

Ranked as one of Canada’s Best Employers in 2025, Cenovus is an integrated energy company headquartered in Calgary. We’re committed to maximizing value by developing our assets in a safe, responsible and cost-efficient manner. We operate in Canada, the United States and the Asia Pacific region. Our operations include oil sands projects in northern Alberta, thermal and conventional crude oil and natural gas projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and liquids production offshore China and Indonesia. Cenovus’s downstream operations include upgrading, refining and marketing operations in Canada and the United States.

Find Cenovus on LinkedIn, Facebook and Instagram. 

The Cenovus experience

Total rewards

We’re committed to being an employer of choice through competitive compensation and our comprehensive total rewards package, including:

• Paid vacation (including a flex day program for eligible staff)
• Health & dental benefits
• Substantial mental health coverage
• Life insurance
• Disability benefits
• Employee family assistance
• Virtual healthcare coverage

Our development philosophy

We foster a culture of continuous learning and development to support employees as they build meaningful careers. We offer a variety of employee development initiatives, including:

• Internal course offerings
• Education assistance for additional development
• Opportunities to work on special projects
• Leadership development programs for emerging and established leaders

We actively promote internal job movement, recognizing the value of gaining new perspectives, building connections across teams, and applying expertise in new ways. As a fully integrated energy company, we believe that sharing knowledge across our business and operations creates stronger outcomes—for employees and for the company as a whole.

Our culture

• Our purpose: We energize the world to make people’s lives better.
• Our values:
  • Protect what matters
  • Do it right
  • Make it better
  • Do it together

• Cenovus Cares: We believe in the power of purpose-driven work. Our Employee Giving and Volunteering Program, Cenovus Cares, connects our people to our purpose, inspiring action and elevating impact year-round.
  • Support causes you care about with volunteer opportunities in and outside of work.
  • Earn donation grants while volunteering (up to $1,000 per event).
  • Receive donation matching up to $10,000 annually.

• Staff resource groups: We have various staff resource groups to help ensure our people feel a sense of belonging and can grow and do their best work. These voluntary groups are employee-led and all groups are open to all staff in all locations.

Equal opportunity employer

We believe a workplace where everyone has merit-based opportunities to grow, achieve career aspirations and feel a sense of belonging benefits our people, our company and the regions where we live and work. We embrace and encourage different perspectives and approaches, which help us make better business decisions. We believe that through this approach, we can solve challenges, seize opportunities and unlock innovative solutions.

To achieve an unbiased and respectful workplace, individuals are evaluated based on qualifications, merit and abilities, and we encourage applications from all qualified candidates. We also acknowledge the value of transferrable skills and may consider equivalent combinations of experience and education should you not meet a specific requirement.

For more information about working at Cenovus, visit cenovus.com.

The requirements of this posting may be modified to support business needs. Title and compensation administration will be based on the skills and capabilities of the successful incumbent.

Interested in this opportunity? Click the Apply link.

If you are a CURRENT EMPLOYEE, please apply by going to our Internal Career Site.