Biofuels & SAF Trading Desk Master Program

Renewable Fuels, Credits & Mandate-Driven Markets

How senior traders run risk, P&L and compliance on biofuels and SAF desks. Built around mandate reality, credit fragility, enforcement risk, and capital survival.

Curriculum — 110 Cumulative Chapters

Module 1 — What a Biofuels & SAF Desk Really Is (Chapters 1–10)
  1. Why Biofuels Are Mandate Markets, Not Free Markets
  2. Biofuels vs SAF — Where the Money Actually Is
  3. Physical, Paper & Credit Desks
  4. Trader vs Compliance vs Operations Responsibilities
  5. Desk Mandates, Capital Allocation & Risk Budgets
  6. When Not to Trade Biofuels
  7. Speculation vs Compliance Control Points
  8. How Biofuel Desks Actually Fail
  9. Senior View of Biofuel Desk P&L
  10. Lessons from Failed Biofuel Books
Module 2 — Market Structure & Regulation Reality (Chapters 11–26)
  1. US RFS (RINs) — Real Risk, Not Policy Theory
  2. LCFS (CA, OR, WA) Mechanics
  3. EU RED II / RED III Reality
  4. SAF Mandates & Book-and-Claim
  5. Feedstock Eligibility Rules
  6. Double Counting & Fraud Risk
  7. Regional Fragmentation (US, EU, Asia)
  8. Compliance Deadlines as Price Drivers
  9. Regulatory Change as Primary Risk
  10. Credit Banking & Carry Risk
  11. Political Risk in Renewable Fuels
  12. Liquidity Illusions in Credit Markets
  13. When Mandates Move Against You
  14. Enforcement & Audit Exposure
  15. Policy Delays & Retroactive Changes
  16. Case Study: Regulatory Shock
Module 3 — Senior Trading & Structuring Playbooks (Chapters 27–44)
  1. Physical Fuel vs Credit-Only Trading
  2. Feedstock-Driven Optionality
  3. Margin Stack Reality (Feedstock → Conversion → Credits)
  4. RIN Generation vs Purchase Strategy
  5. SAF Pricing Without a Benchmark
  6. Blending Economics & Optimization
  7. Location & Logistics Arbitrage
  8. Inventory Timing Risk
  9. Counterparty Credit in Biofuels
  10. Cross-Commodity Exposure (Ag, Energy, Carbon)
  11. Scaling Positions Without Liquidity
  12. Knowing When Mandates Are Overpriced
  13. Risk-Off Playbooks
  14. Correlation Breakdown Events
  15. Trading Through Policy Noise
  16. Senior Trade Review Framework
  17. Walking Away from “Green” Trades
  18. Case Study: Trade That Looked Compliant
Module 4 — Valuation, Credits & Model Skepticism (Chapters 45–58)
  1. Biofuel Valuation — Why Models Lie
  2. Credit Price Formation Reality
  3. Feedstock Volatility vs Credit Floors
  4. MTM as Narrative, Not Truth
  5. P&L Attribution: Fuel vs Credit
  6. Stressing Policy Assumptions
  7. Banking & Carry Valuation Errors
  8. Model Override Governance
  9. Consultant Curves vs Desk Reality
  10. Shadow Books & Excel
  11. When Credit Models Break
  12. Managing Analytics Teams
  13. Audit-Driven Valuation Adjustments
  14. Case Study: Model-Driven Credit Loss
Module 5 — Risk, Credit & Compliance Survival (Chapters 59–74)
  1. Risk as Capital & License Preservation
  2. Feedstock Supply Risk
  3. Liquidity Risk in Credits
  4. Counterparty Default Risk
  5. Inventory Write-Downs
  6. Compliance Failure Scenarios
  7. Margin Calls in Thin Markets
  8. Stress Testing Mandate Changes
  9. Kill Switches & Trading Freezes
  10. Who Pulls the Plug — And When
  11. Risk Escalation Playbooks
  12. Regulatory Scrutiny & Investigations
  13. Lessons from Biofuel Blow-Ups
  14. Fraud Cases Traders Should Know
  15. SAF Credit Failures
  16. Case Study: Desk Survival Playbook
Module 6 — Execution, Logistics & Operational Risk (Chapters 75–86)
  1. Physical Movement & Blending Reality
  2. Storage & Quality Degradation
  3. Certification & Chain-of-Custody
  4. Documentation Failures
  5. Measurement & Volume Disputes
  6. Logistics Bottlenecks
  7. Operational Overrides & Audit Trails
  8. Disallowed Credits & Clawbacks
  9. Force Majeure Abuse
  10. Settlement Disputes
  11. Follow-the-Sun Operations
  12. Operational Risk Case Study
Module 7 — Systems, ETRM & Credit Tracking (Chapters 87–98)
  1. Why ETRM Struggles with Biofuels
  2. Physical + Credit Deal Capture
  3. Credit Lifecycle Tracking
  4. Exposure Views That Matter
  5. MTM Under Regulatory Uncertainty
  6. Reporting for Regulators
  7. Shadow Systems & Manual Tracking
  8. Governance Failures in Credit Desks
  9. Change Control & Audit Trails
  10. What a Desk-Grade Biofuel Stack Looks Like
  11. Integration with Emissions Systems
  12. When Systems Create False Comfort
Module 8 — Behavior, Accountability & Leadership (Chapters 99–110)
  1. Career Risk on Compliance Desks
  2. Incentives vs Compliance Reality
  3. Overconfidence in Policy Stability
  4. Decision-Making Under Ambiguity
  5. Ethics & Disclosure Risk
  6. Crisis Leadership Under Investigation
  7. Managing Post-Loss Environments
  8. Cultural Drift on Mandate Desks
  9. Board-Level Risk Communication
  10. Lessons from Long-Lived Biofuel Desks
  11. When to Exit a Market
  12. Legacy of a Senior Biofuel Trader

Why Senior Biofuel & SAF Traders Respect This Program

Self-Paced


Lifetime access • Video • PDF • Audio Podcast

Cohort-Based

Live Instructor-Led (ILT)

Enterprise

Private cohorts & customized content

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