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Fundamental research is extremely important in oil and gas trading, especially if you are involved in physical trading. BB or private companies that trades O&G tend to also own physical assets, so they may conduct fair amount of business around the assets they own. For example, a BB that owns gas storage may do Park & Loan deals, these would require attention and energy from traders. Hedge funds on the other hand, may own less physical assets and trade based on speculation. meaning they mostly take positions in financial derivatives. For example, instead of taking ownership of X mmcf of gas and transport it to point B for sale, like what BB/ commodity house may do, HF traders who doesn't own assets may just take on basis positions, calendar trades on the NYMEX, thereby simply betting price fluctuations between different points in time or price differential between different places (AECO Vs Henry Hub)