European Gas & LNG Analyst Mastery
An end-to-end analyst program for European gas and LNG markets. Twelve modules take you from market and infrastructure fundamentals, through hubs and pricing, LNG global linkages, gas and LNG trading, risk, regulation, and data analytics, into ETRM systems and interview and desk readiness - built to get you onto a trading desk.
From market fundamentals to a trading desk
The 12 modules build in five phases - foundations, pricing and LNG, trading, risk and regulation, and desk readiness. Follow the gas from the fundamentals all the way to a desk-ready analyst.
Each phase builds on the last. Modules 9 to 12 - analytics, ETRM, strategy, and interview readiness - turn knowledge into placement.
12 modules · 120+ chapters
Expand any module for its goal, chapters, and hands-on lab, case study, or simulation.
01 European Gas Market Fundamentals
Goal: Build deep macro and structural understanding
- Evolution of European Gas Markets (1960s to today)
- Gas Market Liberalization (UK NBP model)
- EU Energy Packages (1st, 2nd, 3rd Energy Package)
- Unbundling: TSO vs Supplier vs Trader
- Key Market Participants (Producers, Utilities, Traders)
- European Gas Value Chain (Upstream to LNG to Retail)
- Russian Gas Dependency (Pre-2022 Structure)
- UK vs Continental Europe Market Differences
- Gas vs Power Market Linkages
- Role of Storage & LNG in Energy Security
Lab 1: Map European Gas Flows (Russia, Norway, LNG)
02 Physical Gas Infrastructure
Goal: Understand flows = pricing power
- European Pipeline Network Architecture
- Major Pipelines: Nord Stream, Yamal, TAP
- Interconnectors & Cross-Border Flows
- LNG Terminals Across Europe
- Regasification Process & Economics
- Gas Storage Types (Salt Caverns vs Depleted Fields)
- Storage Economics (Injection/Withdrawal Cycles)
- Bottlenecks & Congestion Pricing
- Maintenance, Outages & Flow Disruptions
- Infrastructure Geopolitics
Case Study: Nord Stream pipeline disruption
03 Key Gas Hubs & Pricing
Goal: Core trading knowledge
- Gas Hub Concept & Evolution
- NBP Market Structure
- TTF as Europe Benchmark
- PSV (Italy), THE (Germany) Overview
- Hub Pricing Mechanics
- Bid-Ask Spread & Market Liquidity
- Volume vs Liquidity vs Volatility
- Hub vs Oil-Indexed Pricing
- Forward Curve Structure (Contango vs Backwardation)
- Seasonal Pricing Dynamics
Lab 2: NBP vs TTF Spread Analysis
04 LNG Markets & Global Linkages
Goal: LNG = global arbitrage engine
- LNG Supply Chain (Liquefaction to Shipping to Regas)
- Major LNG Exporters (US, Qatar, Australia)
- LNG Contract Structures (Long-term vs Spot)
- Destination Flexibility & Portfolio Trading
- JKM Pricing
- TTF vs JKM Arbitrage
- Floating Storage Economics
- LNG Shipping Constraints & Costs
- Reload Terminals & Re-export
- Europe's LNG Dependence Post-2022
Case Study: Europe replacing Russian gas with LNG
05 Gas Trading Fundamentals
Goal: Make trader/analyst desk-ready
- Spot vs Forward Markets
- OTC vs Exchange Trading (ICE, OTC brokers)
- Seasonal Spreads (Summer/Winter)
- Storage Arbitrage Strategies
- Swing Contracts & Flexibility
- Basis Trading (NBP vs TTF vs PSV)
- Spread Trading Strategies
- Volatility & Price Drivers
- Trade Structuring Basics
- PnL Mechanics in Gas Trading
Lab 3: Build Gas Spread Strategy
06 LNG Trading Strategies
Goal: High-value niche skill
- LNG Cargo Economics Breakdown
- Delivered Ex-Ship (DES) vs FOB Pricing
- Shipping Optimization Models
- Cargo Diversion Decisions
- Reload & Re-export Arbitrage
- Atlantic vs Pacific Basin Arbitrage
- Portfolio Optimization for LNG Players
- Time Charter vs Spot Shipping
- Freight Market Dynamics
- LNG Optionality & Flexibility Value
Simulation: LNG Cargo Destination Optimization
07 Risk Management in Gas & LNG
Goal: Institutional-grade risk understanding
- Market Risk (VaR, Greeks in Energy)
- Stress Testing (Extreme Scenarios)
- Credit Risk in Trading Counterparties
- Collateral & Margining (Cleared vs OTC)
- Operational Risk (Logistics, Scheduling Failures)
- Liquidity Risk
- Wrong-Way Risk in Energy Markets
- Hedging Strategies (Futures, Options)
- Risk Reporting & Governance
- Case: 2022 European energy crisis
08 European Regulation & Compliance
Goal: Mandatory for London roles
- REMIT Overview
- Market Manipulation & Insider Trading in Energy
- MiFID II in Energy Trading
- EMIR
- Clearing & Reporting Requirements
- EU Energy Transition Policies
- Carbon Pricing & EU ETS
- Gas vs Power Regulatory Differences
- Compliance in Trading Firms
- Audit & Surveillance Systems
09 Data Analytics for Gas Analysts
Goal: Your unfair advantage
- Gas Demand Drivers (Weather, Industry)
- Heating Degree Days (HDD) Modeling
- Storage Level Analytics (Inventory Impact)
- Flow Data Analysis (ENTSOG)
- LNG Tracking (AIS Data)
- Time Series Modeling (ARIMA basics)
- Price Forecasting Techniques
- Correlation (Gas vs Power vs Carbon)
- Dashboarding (Power BI/Tableau)
- Building Analyst Reports
Lab 4: Demand Model (Weather + Storage)
10 ETRM Systems (Placement Critical)
Goal: Domain + tech bridge
- ETRM Overview & Architecture
- Trade Lifecycle (Front to Middle to Back Office)
- Deal Capture (Physical vs Financial)
- Scheduling & Nominations
- Risk & PnL Reporting
- Settlement & Invoicing
- Systems overview (trading & risk platforms)
- Systems overview (Allegro / Aspect)
- Data Models in Energy Trading
- Integration with Market Data (ICE, Brokers)
Lab 5: Model Trade Lifecycle in ETRM
11 Strategy & Market Intelligence
Goal: Move toward senior roles
- Supply-Demand Modeling (Europe)
- Scenario Planning (War, Weather, Policy)
- LNG Capacity Expansion Outlook
- Decline of Russian Pipeline Gas
- Energy Transition Impact on Gas
- Hydrogen & Future Fuels
- Long-Term Price Forecasting
- Strategic Positioning (Trading Firms)
- Market Intelligence Reporting
- Case Study: European Gas Demand Outlook
12 Interview & Desk Readiness
Goal: Placement-focused execution
- Interview Framework (BP, Shell, Vitol)
- Technical Questions (Gas + LNG + Trading)
- Case Studies (Arbitrage, Pricing, Risk)
- Excel Assignments (Trading Models)
- Python Assignments (Forecasting)
- Market Commentary Writing
- CV Positioning for Energy Roles
- LinkedIn Branding Strategy
- Mock Trading Desk Simulation
- Capstone: European Gas Market Outlook Report
Projects you build
- TTF Price Forecast Model
- LNG Cargo Optimization Simulation
- Storage Arbitrage Strategy
- Demand vs Temperature Analysis
- ETRM Trade Lifecycle Project
Industry-aligned tools
Educational content only. Does not include proprietary vendor UI, licensed software, or guaranteed placement outcomes.
The ETRM Pro Bundle
European Gas & LNG Analyst Mastery is an optional specialization course in the ETRM Pro Bundle, alongside the flagship ETRM Pro 500 and the functional courses.
European Gas & LNG Analyst Mastery - answered
What is European Gas & LNG Analyst Mastery?
A placement-focused mastery program for European gas and LNG analysts - 12 modules and 120+ chapters from market fundamentals to trading, risk, ETRM, analytics, and desk readiness. It runs to 12 modules and 120+ chapters.
How does the course teach gas and LNG analysis?
Each module pairs concept chapters with hands-on labs, simulations, and case studies - from mapping European gas flows and analysing NBP vs TTF spreads to optimizing LNG cargo destinations and modeling demand. It is self-paced with lifetime access, and available as a mentor-led cohort.
Is this an Endur or vendor-specific training?
No. It is a vendor-neutral energy trading & risk management and analytics program. The ETRM module teaches the trade lifecycle and data models common across modern trading and risk platforms, so the skills transfer between systems.
How does this help me get a gas or LNG analyst job?
It is placement-focused: it builds the market, trading, risk, regulation, analytics, and ETRM knowledge that European gas and LNG desks interview for, and includes an interview-and-desk-readiness module with mock desk simulation, Excel and Python assignments, market commentary, CV and LinkedIn positioning, and a capstone. It does not guarantee interviews, employment, or specific outcomes.
Is it focused on European markets?
Yes. It centres on European gas hubs (NBP, TTF, PSV, THE), infrastructure, regulation (REMIT, MiFID II, EMIR, EU ETS), and the post-2022 LNG shift, which is what London and European desks recruit for.
Who is it for?
Aspiring and practising gas and LNG analysts, energy traders, and ETRM professionals targeting European gas and LNG desks, especially London-based trading and analyst roles.
Is there a downloadable brochure?
Yes. A PDF brochure summarizing all 12 modules is available from the download button at the top of this page.
Is it self-paced or cohort-based?
Both. Self-paced with lifetime access is standard; mentor-led cohorts and private corporate delivery are also available.
Does it include hands-on projects?
Yes. Integrated projects include a TTF price forecast model, an LNG cargo optimization simulation, a storage arbitrage strategy, a demand vs temperature analysis, and an ETRM trade lifecycle project.
How does it fit the ETRM Pro Bundle?
It is an optional specialization course in the ETRM Pro Bundle - it complements the ETRM Pro 500 and functional courses with a deep European gas and LNG analyst focus.
Become a European gas & LNG analyst
Enrol as an individual with lifetime access, or bring the program to your team as a tailored corporate cohort.