Energy trading is having its busiest stretch since the 2022 crisis, and this time the drivers are structurally different, not simply a repeat of the last shock.
The most active hirers right now are not the four trading houses that made $50 billion combined in 2022 and 2023. They are the platforms materially building out power and gas for the long term, and we are seeing it directly. We placed a senior European power trader earlier this year, and we are currently working several live energy mandates, including another senior power trader, two senior gas traders and an exotic trader.
Our own read is that a difficult 2025 on a commodities book moves senior people more than comp or title. A weak year usually triggers an internal review: restructuring and redundancies, or tighter risk and VaR limits that make the book harder to trade. Either way, strong performers get frustrated and would rather join a platform serious about building energy than one that shrinks the desk or tightens the risk budget after a bad year.
Two forces are running in parallel right now
1- A Middle East Shock
Escalation in the Middle East earlier this year closed the Strait of Hormuz, the corridor carrying around a fifth of the world's daily oil supply, sending Brent from $71 a barrel to $120 at the peak. The ceasefire broke down in July, and Brent is back above $90. Desks are now pricing this as a recurring risk.
2- A Structural Shift
The second driver comes down to one thing: Artificial Intelligence. Data centre electricity demand rose 17% in 2025. Capital expenditure from the largest technology companies is set to jump a further 75% this year, and global grid investment is projected near $550bn in 2026.
Where the hiring sits
- Trading Houses: Vitol, Trafigura, Mercuria and Gunvor are funding a hiring push into gas and power trading off the back of their 2022/23 profits.
- Banks: Commodities revenue jumped at most bank desks in H1 2026: Bank of America up 60% in Q1, and Goldman Sachs up 32% in Q2.
- Hedge funds: Citadel's commodities arm has moved into physical assets, buying Paloma Natural Gas and hiring senior power traders. Millennium, P72 and Qube are all expanding their physical energy desks too.
- Utilities: RWE, Uniper, EDF, Vattenfall and Centrica continue to grow their power and gas trading arms.
What it means for talent
For power & gas professionals with a proven track, this is one of the more active hiring markets we have covered in some time.
At Laz Partners, we are having regular conversations across energy trading desks and are currently working in close partnership with several hiring managers in the space on live mandates.
