Senior • Gas • Desk-First

Gas Trading Desk Master Program

US & EU Gas Markets

How senior gas traders run P&L, manage risk, govern systems, and survive extreme volatility. Built from how gas desks actually operate — not how textbooks describe them.

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Who This Program Is For

  • ✔ Senior Gas Traders & Desk Heads
  • ✔ Market Risk & Credit Leaders
  • ✔ ETRM & Trading Systems Owners
  • ✔ Energy Portfolio Managers
  • ✖ Not for beginners or certification-seekers

Why This Program Exists

Most gas trading training focuses on market theory or curve mechanics. Real gas desks fail due to governance gaps, misunderstood optionality, infrastructure constraints, and systems that lag physical reality.

  • • Mispriced basis & storage optionality
  • • Weather-driven stress not captured in VaR
  • • Nomination and capacity mistakes
  • • Poor escalation during extreme events

This program is designed around survival, accountability, and senior decision-making.

Curriculum — 120 Cumulative Chapters

Module 1 — Running a Gas Trading Desk (Chapters 1–12)
  1. What a Gas Desk Is Accountable For (P&L, Risk, Reputation)
  2. Physical vs Financial Gas Desks
  3. Asset-Backed vs Portfolio Gas Trading
  4. Senior Trader vs Junior Trader Decision Rights
  5. Desk Mandates & Capital Allocation
  6. When Not to Trade Gas
  7. Spec vs Flow Control Points
  8. How Gas Desks Actually Fail
  9. Authority, Overrides & Escalation
  10. Senior View of Gas Desk P&L
  11. ETRM as a Control System for Gas
  12. Lessons from Failed Gas Desks
Module 2 — Gas Market Structure That Actually Matters (Chapters 13–28)
  1. North America vs Europe Gas Market Design
  2. Henry Hub vs TTF vs NBP — What Really Trades
  3. Pipeline-Based Markets vs Hub Liquidity
  4. Balancing Rules That Kill P&L
  5. Nominations, Renominations & Cut-Offs
  6. Capacity Rights & Firm vs Interruptible
  7. Basis Risk in Gas Markets
  8. Storage as a Trading Instrument
  9. LNG as a Market Disruptor
  10. Weather as a Non-Linear Gas Risk
  11. Regulatory Interventions in Gas
  12. Liquidity Illusions in Gas
  13. Congestion & Constraint Pricing
  14. Market Rule Changes Traders Ignore
  15. When Forward Curves Stop Working
  16. Case Study: Gas Market Design Failure
Module 3 — Senior Gas Trading Playbooks (Chapters 29–48)
  1. Portfolio-First Gas Trading
  2. Seasonal vs Short-Term Positioning
  3. Storage-Driven Trading Strategies
  4. Basis Trading Under Stress
  5. Transport Arbitrage Reality
  6. LNG Optionality & Desk Exposure
  7. Weather-Driven Gas Trading
  8. Volatility Regimes in Gas
  9. Scalping vs Position Trading
  10. Event-Driven Trading (Outages, Geopolitics)
  11. Liquidity-Aware Position Building
  12. Scaling vs All-In Gas Trades
  13. Knowing When You’re Wrong
  14. Risk-Off Playbooks
  15. Correlation Breakdowns (Gas–Power–Oil)
  16. Trading Through Infrastructure Failure
  17. Netting vs Risk Masking
  18. When Diversification Fails
  19. Senior Trade Reviews
  20. Case Study: Desk That Survived by Going Flat
Module 4 — Valuation, Curves & Model Skepticism (Chapters 49–62)
  1. Forward Gas Curves — When They Lie
  2. Seasonal Shape & Reality
  3. Basis Curve Construction Failures
  4. Storage Valuation Errors
  5. Transport Option Mispricing
  6. Weather Models Traders Don’t Trust
  7. Intraday Signals vs Noise
  8. MTM as an Estimate
  9. P&L Attribution on Gas Desks
  10. Model Overrides & Governance
  11. Analytics Bias
  12. Stressing Models, Not Markets
  13. Managing Quant & Analytics Teams
  14. Case Study: Model-Driven Gas Loss
Module 5 — Risk, Credit & Survival (Chapters 63–78)
  1. Risk as Capital Preservation
  2. Volumetric Risk in Gas
  3. Basis Risk You Cannot Hedge
  4. Liquidity Risk Under Stress
  5. Credit as a Trading Constraint
  6. Margin Calls in Volatile Gas Markets
  7. VaR — What It Misses in Gas
  8. Stress Testing Extreme Winters
  9. Kill Switches & Trade Freezes
  10. Who Pulls the Plug — And When
  11. Risk Escalation Playbooks
  12. Trading Under Regulatory Scrutiny
  13. Lessons from Major Gas Blow-Ups
  14. Europe Gas Crisis — Desk Decisions
  15. US Winter Storm Stress
  16. Case Study: Desk Survival Playbook
Module 6 — Execution, Scheduling & Operations (Chapters 79–90)
  1. Trade Intent vs Physical Reality
  2. Nomination & Renomination Risk
  3. Scheduler–Trader Conflict
  4. Pipeline Constraints & Reality
  5. Storage Injection / Withdrawal Failures
  6. LNG Cargo Execution Risk
  7. Scheduling Errors That Kill P&L
  8. Intraday Adjustments Under Pressure
  9. Automation Failures
  10. Manual Overrides & Audit Risk
  11. Follow-the-Sun Gas Desks
  12. Operational Risk Case Study
Module 7 — ETRM for Gas Desks (Chapters 91–102)
  1. ETRM as a Gas Risk System
  2. Deal Capture Under Pressure
  3. Position & Exposure Views Traders Use
  4. Intraday Reval Reality
  5. Transport & Storage Modelling Gaps
  6. LNG Modelling Limitations
  7. Real-Time P&L — Myth vs Reality
  8. Shadow Systems & Excel
  9. Control vs Flexibility Trade-Off
  10. Governance Failures in Gas ETRM
  11. What a Gas Desk-Grade ETRM Looks Like
  12. When Technology Becomes the Risk
Module 8 — Regulation, Behavior & Accountability (Chapters 103–112)
  1. Trading vs Balancing Responsibility
  2. Imbalance as Strategy vs Failure
  3. Inside Information in Gas Markets
  4. REMIT / FERC Personal Liability
  5. Brokered & Voice Market Risk
  6. Behavioral Risk & Overconfidence
  7. Fatigue, Shift Trading & Errors
  8. Culture: Fear vs Discipline
  9. Crisis Leadership on Gas Desks
  10. Case Study: Regulatory Fallout
Module 9 — Desk Leadership & Legacy (Chapters 113–120)
  1. Designing a Resilient Gas Desk
  2. Capital Allocation Across Traders
  3. Hiring & Firing Decisions
  4. Compensation & Risk Incentives
  5. Succession Planning
  6. Desk Metrics That Matter
  7. Avoiding Complacency
  8. Lessons from Long-Lived Gas Desks

Program Formats

  • • Self-paced senior reference
  • • Closed corporate cohorts
  • • Executive desk offsites
  • • Post-incident remediation

Why Senior Gas Traders Respect This Program

  • ✔ No junior-level fluff
  • ✔ Focused on survival, not theory
  • ✔ Treats curves, models & ETRM with skepticism
  • ✔ Reflects real US & EU gas desk pain points

Request Program Details

For enterprise pricing, cohorts or executive briefings.

Email: contact@durgaanalytics.com

$999


Video • PDF • Audio Podcast

Cohort-Based

Live Instructor-Led (ILT)

Enterprise

Private cohorts & customized content

Instructors & Desk Credibility

Instructor

Program Authors

Senior practitioners with hands-on experience across natural gas trading desks, covering physical gas, pipeline-constrained markets, storage-driven portfolios, and complex ETRM / CTRM implementations.

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