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A running series on the operational backbone of commodity trading: freight, demurrage, market structure, and the data discipline that separates good desks from great ones.

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The Trading Professional6 essays

A six-part series on building a durable career in commodity trading: future-proofing your skills in an AI-first market, moving from trader to desk head, navigating ETRM vendors, reading the room, and building the reputation and judgment that compound over decades.

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One Unit of Electricity. Two Countries. Two Completely Different Machines Behind the Price.

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One Unit of Electricity. Two Countries. Two Completely Different Machines Behind the Price.

A kilowatt-hour is identical physics in London and Mumbai. The price behind it is not. One system routes gas cargo risk through a quarterly cap. The other buries it in slabs, wheeling charges, and a fuel adjustment line most people never read. Who actually carries the commodity risk in each, and what a single delayed LNG cargo does to both.

Anish PujariSep 4, 2026 8 min read