Gas Risk Analyst

Nscale; United States; On-site; USD 100,000 - 140,000; Full time

Benefits offered by this job

Competitive base salary with annual reviews

Performance bonus and long-term incentive eligibility

Comprehensive medical, dental, and vision coverage

401(k) retirement plan with company match

Generous PTO plus US federal holidays

Job summary

Nscale is seeking a Gas Risk Analyst to support our natural gas market analysis and hedging strategy at the Monarch Compute Campus based in Houston.

The role involves collaborating with various teams to model exposures, conduct risk assessments, and produce critical reports for leadership. The company offers a competitive salary range of $100,000 - $140,000 USD, comprehensive benefits, and opportunities for growth in one of the fastest-growing AI infrastructure companies.

Qualifications

• 4+ years of experience in commodities risk, ideally natural gas.
• Strong quantitative and analytical skills; proficient in Python, SQL, and Excel.
• Familiarity with VaR, stress testing, and standard hedging instruments.

Responsibilities

• Track Henry Hub and regional supply/demand fundamentals.
• Produce market commentary for internal stakeholders.
• Build exposure reporting for physical and financial positions.

Skills

Quantitative analysis

Risk assessment

Market analysis

Python

SQL

Excel

Education

Bachelor's degree in finance, economics, engineering, mathematics, or related quantitative field

Tools

ETRM systems (Allegro, Endur, ZE)

Power BI

Job description

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.

What You'll be Doing

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.

What We Can Offer You

• Competitive base salary with annual reviews
• Performance bonus and long-term incentive eligibility
• Comprehensive medical, dental, and vision coverage
• 401(k) retirement plan with company match
• Generous PTO plus US federal holidays
• A career-defining opportunity to be an early member of one of the fastest growing AI infrastructure companies in the world
• A human-first approach: We treat you as humans first. Our flexible workplace trusts Nscalers to deliver, giving you the autonomy needed to get the job done.

Why This Role Matters

The Monarch Compute Campus is Nscale's flagship North American AI factory: a 2,250+ acre hyperscale campus in Mason County, West Virginia, and the first state-certified AI microgrid district in the United States. At full build-out, Monarch is engineered to deliver multi-gigawatt, off-grid power to support the world's most demanding AI training and inference workloads, anchored by an MOU with Microsoft for 1.35 GW of capacity using NVIDIA Vera Rubin NVL72 GPUs.

Phase 1 — a 2.16 GW natural gas-fired facility comprising three H-shaped data center buildings and 864 Caterpillar reciprocating natural gas engines — is targeted for initial operation in early 2027. Monarch represents a once-in-a-generation opportunity to build mission-critical AI infrastructure in close partnership with Caterpillar, Babcock & Wilcox, Powell Industries, and the State of West Virginia.

Salary Range

$100,000 - $140,000 USD

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At Nscale, we are committed to fostering an inclusive, diverse, and equitable workplace. We believe that a variety of perspectives enriches our work environment, and we encourage applications from candidates of all backgrounds, experiences, and abilities. If there's anything we can do to accommodate your specific situation, please let us know.