Course 20 of 20 · Natural Gas Desk Academy

Integrated Gas Merchant Simulation

Stage E, Integrated book management. Level 10 of 10.

Running the whole merchant book through multi-period live constraints with accountability for profit, cash position and imbalance outcomes.

122 chapters · 11 modules · every chapter one 8 to 10 minute explainer · builds on: Course 14, Course 17, Course 18, Course 19

Enrol or enquire See the 122 chapters
How a chapter is sized

One chapter is one idea taken to the point of use

Each chapter is a single self-contained explainer of 8 to 10 narrated minutes, covering one idea to the point where you can use it.

Chapters run in order. Each one assumes only what the chapters before it taught, and capability belonging to a later course is named and deferred rather than half-covered.

Curriculum

11 modules · 122 chapters

Open any module for its full chapter list, in teaching order.

M0 The Mandate, the Inherited Book and the Seasonal Plan Ch 1-11
  1. The Mandate You Countersign
  2. The Book as It Stands on the First of April
  3. The Transport Rights You Hold and the Ones You Lack
  4. The Storage Right and Its Ratchets
  5. Reading the Inherited Hedges Without a Handover Note
  6. Credit Headroom and Collateral Already Pledged
  7. The Customer Load You Are Already Obliged to Serve
  8. Setting Your Own Limits Inside the Mandate
  9. The Seasonal Plan You File Before Trading
  10. How the Run Is Marked
  11. Declaring the Swing You Will Not Sell Uncovered
M1 Opening the Gas Year and the Position for Injection Ch 12-21
  1. The Opening Tape and the Seasonal Spread
  2. Does the Spread Pay for the Space You Hold?
  3. The Basis Picture Across Your Three Hubs
  4. Interrogating the Fundamentals Pack
  5. The Weather Forecast You Must Act On
  6. What the Daily Pack Leaves Out
  7. Sorting Market Talk from Market Fact
  8. Stating a View That Can Be Proved Wrong
  9. Locking the Plan Before the First Trade
  10. The Injection Programme You Commit To
M2 The Injection Season Ch 22-32
  1. Week One of Injection: Buying the First Tranche
  2. Hedging the Injected Gas, or Not
  3. The Spread Narrows and the Space Is Half Empty
  4. The Ratchet You Forgot About
  5. A Cheaper Molecule at the Wrong Hub
  6. Releasing Capacity You Will Not Use
  7. The Maintenance Notice That Lands Mid-Season
  8. Funding the Inventory You Are Building
  9. The Injection You Declined
  10. Closing the Injection Season: What You Actually Hold
  11. The Injection Season Examined With the Winter Still Hidden
M3 The Customer Tender Ch 33-43
  1. The Tender Document Arrives
  2. Costing the Load Shape You Are Asked to Serve
  3. The Peak Day Inside the Tender
  4. Fixed Price or Indexed Pass-Through
  5. The Margin You Add and the Margin You Can Hold
  6. Credit Terms You Are Willing to Grant
  7. Submitting the Bid
  8. The Buyer Comes Back for One Concession
  9. Won or Lost, and What Each Costs You
  10. Folding the New Load Into the Book
  11. The Tender Reviewed by Someone Holding the Buyer's File
M4 The Operating Day, Run for Real Ch 44-55
  1. The Gas Day Opens
  2. Nominating for a Day You Cannot Forecast
  3. The Confirmation That Comes Back Cut
  4. Intraday: The Temperature Drops Four Degrees
  5. Choosing the Cheapest Balancing Action Under Time Pressure
  6. Renominating Inside the Day
  7. The Customer Who Takes More Than Contracted
  8. Running Five Days in Sequence
  9. The Operator Message You Nearly Missed
  10. The Morning Call You Have to Chair
  11. What the Operating Week Cost
  12. The Imbalance You Created Yourself
M5 Month-End: Allocation, Imbalance, Invoice and Attribution Ch 56-67
  1. Freezing the Month
  2. The Allocation Statement Does Not Match Your Record
  3. Quantifying the Month's Imbalance Position
  4. Valuing the Gas Still in Storage
  5. The Hedge Book Against the Clearing Statement
  6. The Invoice You Dispute and the One You Pay
  7. Issuing Your Own Customer Invoices
  8. Setting the Accruals You Will Be Judged On
  9. Where the Month's Money Actually Came From
  10. The Position Report You Put Your Name To
  11. Volume Balances, Energy Does Not
  12. Defending the Storage Valuation to the Controller
M6 Turning the Book Towards Winter Ch 68-77
  1. The Autumn Reassessment
  2. Planning the Withdrawal Profile
  3. Buying Winter Peak Cover
  4. Rolling the Hedges Into Winter Months
  5. The Weather Call You Have to Make
  6. Stress-Testing the Winter Book Before It Starts
  7. The Peak Funding Week You Can Now See
  8. The Curtailment Order You Must Pre-Agree
  9. The Trade You Are Tempted to Put On
  10. Filing the Winter Plan
M7 Winter: Cold and Supply Failure Ch 78-89
  1. Event: A Cold Snap Arrives Early
  2. Emergency Procurement Inside Two Hours
  3. Storage, Market or Interruption
  4. Invoking the Interruption Clause for Real
  5. The Cost of the Cold Snap, Owned
  6. Event: A Producer Freeze-Off Cuts Your Supply
  7. Replacing Lost Supply at Four Hubs
  8. Telling the Customer Before They Find Out
  9. Defending the Snap Response to Someone With Better Information
  10. Right Reasoning, Bad Number
  11. Both Winter Supply Events Scored on Process
  12. Rebuilding the Winter Plan After Two Shocks
M8 Winter: Cash, Credit and the Counterparty Ch 90-100
  1. Event: The Margin Call Sequence Begins
  2. Funding Four Consecutive Calls
  3. The Pressure to Lift a Hedge That Is Working
  4. Explaining a Paper Loss With the Gain Still in the Ground
  5. Event: A Supply Counterparty Fails
  6. Default Declared, Replacement Priced
  7. The Security You Thought You Held
  8. Winter Strip Sized for Gas That Will Not Flow
  9. The Credit Line Trimmed at the Worst Moment
  10. Choosing Which Obligation to Break
  11. What You Should Have Seen in Your Own Data
M9 Winter: Obligation Under Stress Ch 101-110
  1. Event: The Take-or-Pay Position You Cannot Absorb
  2. Taking Gas You Do Not Need
  3. Negotiating the Shortfall Down
  4. Booking the Take-or-Pay Charge
  5. Event: A Force Majeure Notice Arrives
  6. Accept, Challenge or Settle
  7. Passing the Event Down the Chain, or Not
  8. Reporting the Limit You Have Just Broken
  9. The Contract Events Marked on Anticipation
  10. Marked Blind: A Week of Decisions
M10 The End of Withdrawal, the Final Close and the Defence Ch 111-122
  1. The Last Weeks of Withdrawal
  2. Unwinding the Winter Hedges
  3. Settling the Year's Imbalance Account
  4. The Final Freeze and the Pack You Cannot Amend
  5. Attribution Across the Whole Gas Year
  6. The Cash Statement That Must Tie
  7. Writing Up the Gas Year
  8. Your Own Log as Evidence Against You
  9. The Panel Takes the Seasonal Decisions First
  10. The Panel Takes the Operating Days
  11. The Panel Takes the Money
  12. What a Single Gas Year Could Not Test

The brochure gives each of these 122 chapters a paragraph on what it covers and what you can do once you have worked through it.

This is course 20 of twenty

It stands alone, and it is also the entry point to the Natural Gas Desk Academy pathway.

Enrol or enquire See the whole pathway