Role Overview We are looking for a trader with demonstrated experience in trading calendar spreads and forward curves on the energy complex (Crude Oil and Natural Gas). This is a proprietary trading role running commodities absolute-return strategies. The trader will manage a dedicated sub-book on the CAL desk, taking directional and relative-value positions across the energy forward curve on both domestic (MCX) and overseas (NYMEX/ICE) exchanges. What You Will Do
• Trade calendar spreads on Crude Oil (WTI/Brent) and Natural Gas futures, expressing views on forward curve shape — contango/backwardation steepening, flattening, rolls, and seasonal structure. •Analyse term structure dynamics, storage economics, refining margins, and physical market fundamentals to identify spread opportunities across the energy curve. •Construct and manage a portfolio of spread positions across multiple expiries — not isolated front-month trades — with a coherent forward-curve thesis. •Monitor position risk, manage P&L; drawdowns within desk risk limits (OI caps, notional caps, drawdown triggers), and escalate as required.
• Track and interpret physical market signals: OPEC policy, US inventory data, LNG cargo flows, refinery turnaround schedules, and seasonal demand patterns as they feed into curve shape. •Collaborate with the Book Owner and other sub-book traders on desk-level risk allocation and shared market views. •Contribute to development of trading frameworks, spread analytics tools, and internal research on energy term structures. Required Experience & Skills




• 3–5 years of experience specifically trading calendar spreads or forward curve positions on Crude Oil and/or Natural Gas futures. •Demonstrable track record with auditable P&L; from spread trading — not hedging, not scalping, not outright directional trading.
• Deep understanding of energy forward curve dynamics: contango/backwardation mechanics, roll yield, term-structure mean-reversion, seasonal patterns, and physical delivery economics. •Experience trading on MCX and/or NYMEX/ICE. Familiarity with both domestic and international energy derivative microstructure is strongly preferred. •Ability to articulate a structured view on curve shape backed by fundamental and flow analysis — not purely technical/chart-based. •Comfort with risk management frameworks: position sizing, drawdown management, tail-risk awareness. •Proficiency with spread analytics tools, forward curve visualisation, and Excel-based modelling at minimum. What We Are NOT Looking For
• Pure hedging experience (e.g., corporate treasury hedging refinery margins or procurement costs). •Scalping or high-frequency trading on outright energy contracts. •Outright directional traders who occasionally put on a spread but have no systematic curve-trading track record. •Purely technical/chart-pattern traders with no fundamental understanding of energy supply-demand dynamics. Preferred (Not Mandatory) •Experience trading inter-commodity spreads (e.g., Crude-NG, Brent-WTI, crack spreads) alongside calendar spreads. •Familiarity with options on energy futures for tail-risk hedging of spread positions. •Python or programmatic data analysis skills for building curve models or spread scanners.
• CFA, FRM, or NISM certifications.

📌 Spread Trader (Mumbai)
🏢 Alpha Alternatives
📍 Mumbai