Gas Risk Analyst

About the role

We are seeking a Gas Risk Analyst to support natural gas market analysis, price risk quantification, and hedging strategy for the Monarch Compute Campus. As Monarch scales to multi-gigawatt operations, disciplined commodity risk management is essential to delivering predictable economics for Nscale and our customers. Based in Houston and reporting into Nscale's energy team, you will partner closely with the Gas Supply Manager, Trading, Finance, and Operations functions to model exposures, run scenarios, support hedge execution, and produce the reporting our leadership and counterparties rely on.

Responsibilities

• Market & Fundamental Analysis
• Track Henry Hub, Appalachian basis points (Dominion South, TETCO M2, TGP Z4), and regional supply/demand fundamentals.
• Produce weekly and monthly market commentary for internal stakeholders.
• Maintain forward curves, basis differentials, and seasonality views supporting hedging decisions.
• Exposure & Risk Quantification
• Build and maintain exposure reporting across physical, financial, and basis positions for Monarch.
• Run VaR, stress testing, and scenario analysis on the gas book.
• Model PnL impact of supply disruptions, weather events, and basis blowouts.
• Hedging Strategy Support
• Support development and execution of the Monarch hedging strategy (fixed-price, basis, swaps, options) in coordination with Supply, Trading, and Finance.
• Model hedge effectiveness and provide pre-trade analytics.
• Track hedge accounting documentation requirements and partner with Finance on reporting.
• Counterparty Credit & Risk Reporting
• Monitor counterparty credit exposure across physical and financial trading.
• Produce daily, weekly, and monthly risk reports for senior leadership.
• Support audits, control reviews, and regulatory reporting (Dodd-Frank, EMIR-equivalent).
• Systems, Data & Continuous Improvement
• Maintain and improve risk reporting in ETRM and analytical systems.
• Build Python / SQL / Power BI tooling to automate routine reporting and enable deeper analytics.
• Continuously refine risk methodologies and assumptions.
• About You
• 4+ years of experience in commodities risk, market analysis, or trading support - ideally natural gas.
• Strong quantitative and analytical skills; proficient in Python, SQL, and Excel; R or Power BI a plus.
• Working knowledge of ETRM systems (Allegro, Endur, ZE) and US gas market structure.
• Familiarity with VaR, stress testing, and standard hedging instruments (swaps, futures, options).
• Excellent attention to detail and ability to communicate complex analyses clearly to non-technical stakeholders.
• Bachelor's degree in finance, economics, engineering, mathematics, or related quantitative field.

Requirements

• Relevant certifications (CFA, FRM, ERP).
• Why This Role Matters
• What We Can Offer You
• At Nscale, you'll find a collaborative, supportive, and innovative environment where your contributions spark real impact. We're building something extraordinary, and our people are driving it.
• Competitive base salary with annual reviews
• Performance bonus and long-term incentive eligibility
• Comprehe

Benefits

Additional Information

About Nscale At Nscale, we are building the infrastructure for the AI revolution. Nscale is developing cutting-edge, sovereign generative AI solutions powered by a new generation of high-performance, sustainable data centres and GPUs built specifically for AI workloads. The rapid growth of artificial intelligence is driving unprecedented global demand for compute and GPU infrastructure. Positioned at the heart of this transformation, Nscale is delivering the platforms that will enable the next decade of innovation. Working closely with the world's most advanced AI technology providers - including Microsoft and NVIDIA - Nscale integrates next-generation compute hardware and GPU clusters across both partner and self-delivered facilities. This is a unique opportunity to join Nscale's journey, play a pivotal role in delivering transformative AI infrastructure, and help shape a company designed to scale rapidly across North America, Europe, and beyond.

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