Market Fundamentals Analyst

• Location: CA-AB-Calgary
• Worker Type: Employee
• Job Post End Date: 11/10/2026

About this opportunity

Reporting to the Team Lead, Market Fundamentals and Pricing, this role provides short- and long-term energy market analysis to support commercial and strategic decision-making. The successful candidate will combine strong commodity market and pricing expertise with data-driven analysis to develop meaningful market insights, maintain forward price outlooks, and translate market views into practical recommendations. This role requires strong analytical and communication skills, a passion for energy markets, and the ability to thrive in a fast-paced, evolving environment while leveraging data analysis and visualization tools to support business decisions.

What you’ll do

• Conduct short- and long-term market analysis to support commercial, strategic, and business development decisions.
• Build and maintain supply and demand models across key regional hubs and commodities, including crude oil, natural gas, NGLs, and refined products.
• Maintain the corporate price deck model and provide accurate, timely forward price estimates to key stakeholders.
• Monitor North American and global commodity markets to develop independent perspectives on market trends, industry developments, commercial drivers, and risks.
• Develop market insights and translate analysis into practical recommendations that support strategy, commercial activities, and business development initiatives.
• Develop and enhance data analytics, automation, visualization, and supporting data infrastructure for commodity pricing, supply and demand balances, and other key market indicators.
• Provide timely market intelligence, analysis, and clear presentations to senior leadership and cross-functional stakeholders, including Strategy, Planning, Commercial, Business Development, Trading, and Marketing.
• Deliver ad hoc analysis to support business needs and evaluate the market backdrop, risks, opportunities, and commercial implications of strategic initiatives.

Who you are

Our ideal candidate will have the following minimum requirements

• Legally authorized to work in Canada
• Post-secondary degree in a quantitative or related field such as Statistics, Finance, Economics/Econometrics, Computer Science, Geophysics, or Engineering.
• Minimum 5 years of relevant experience in commodity markets, with a strong understanding of market fundamentals and experience in crude oil, natural gas, and/or refined products analytics; advanced knowledge of natural gas markets is preferred.
• Strong quantitative and analytical skills, with the ability to interpret complex market data and translate findings into meaningful insights.
• Proficiency with data analysis and visualization tools such as Excel, Databricks, Power BI, Spotfire, RStudio, Python, or similar platforms.
• Strong communication and interpersonal skills, with the ability to effectively engage with a broad range of stakeholders and corporate professionals.
• Demonstrated ability to work independently, apply sound judgment, and learn new analytical tools and approaches.
• Creative and solutions-focused mindset, with the ability to adapt and problem-solve in a dynamic and evolving market environment.
• Note: The application deadline for this position is 11:59 PM MT November 9, 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.