Gas Risk Analyst

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.

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.

Nice to Have

• Relevant certifications (CFA, FRM, ERP).

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.

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
• 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.
• The chance to push boundaries on cutting-edge AI infrastructure — these data centers aren't just storage for your spam emails, they're changing the industry, and the world, as we've known it.

Equal Opportunities Statement

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.

The range below reflects the base salary for the position. Actual compensation may vary based on job-related factors such as skill set, experience, education, and location. In addition to base salary, this role may be eligible for bonus, equity, and/or commission programs. Nscale may offer a competitive benefits package including medical, dental, vision, flexible paid time off, parental leave, and retirement plan participation.

Salary Range

• $100,000 — $140,000 USD
• For information on how Nscale handles candidate personal data, please see our Employee &