The Traders Brief©
Options Snapshot©
as of 13:08 ET · live · ● live-ready
Henry Hub Natural Gas
· CLASS LNE · EXP 2026-07-28
Spot
$3.39
▲ +0.00 (+0.00%)
ATM Implied Vol
48.9%
▲ rising from 47.3%
OI Control
Calls 1.8×
calls control the chain
Realized vs Normal
—
within IV expectations
Summary Pivots
Max Pain
$3.25
destroys most premium
All-OI Equilibrium
$3.38
OI-weighted center
Today's Equilibrium
$3.43
volume-weighted center
What Matters Most
Bulls
Strong 3.00 put wall (-37,085 net) and 2.75 support (-25,208) cushion downside
Price rallied 9.9% over 30 days, now above key moving averages
Elevated implied vol at 48.9% amid forecasted extreme heat through early July
Bears
Storage 5.7% above 5-year average with recent +76 Bcf injection signals ample supply
Heavy call OI at 4.00 (+36,914) and 3.75 (+26,686) caps upside rallies
Net positive skew above spot creates resistance cluster from 3.40 through 4.00
Watch — Monitor 3.25 strike (net +15,159 calls) as pivot; break above targets 3.40-3.60 resistance zone, failure tests 3.00 put support.
Key Levels
$4.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here39,457
$3.75RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here30,925
$3.60RESISTCall OI wall above price — resistance4,909
$3.50RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here36,393
$3.40RESISTCall OI wall above price — resistance4,851
$3.10SUPPORTPut OI wall below price — support5,900
$3.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here41,563
$2.90SUPPORTPut OI wall below price — support7,063
$2.85SUPPORTPut OI wall below price — support5,003
$2.75SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here25,584
All Open Interest
Calls Control the Chain 1.8 : 1
Total Open Interest Calls 80,201 | Puts 45,695
Average Strike Calls 3.43 | Puts 3.29
Avg Strike — All 3.38
Heavy Call Strikes
36,393 @ 3.515,159 @ 3.254,909 @ 3.6
Heavy Put Strikes
16,514 @ 3.259,603 @ 3.55,900 @ 3.1
Heavy Combined Strikes
45,996 @ 3.531,673 @ 3.257,049 @ 3.1
Traded Today
Calls Control Today's Flow 2.8 : 1
Total Volume Calls 5,212 | Puts 1,851
Average Strike Calls 3.51 | Puts 3.21
Avg Strike — All 3.43
Heavy Call Strikes (today)
1,335 @ 3.651,011 @ 3.45867 @ 3.5
Heavy Put Strikes (today)
530 @ 3.25496 @ 3.1260 @ 3.2
Heavy Combined Strikes (today)
1,337 @ 3.651,079 @ 3.45884 @ 3.5
OI Magnets
LNE 20260728 · 30 DTE · spot $3.39 · bar = open interest
$3.50call wall
OI 45,996 · +0.11 to spot
OI MAGNET
PutStrikeCall
412
3.7
2,522
452
3.65
2,049
961
3.6
4,909
68
3.55
2,925
9,603
3.5
36,393
317
3.45
959
1,181
3.4
4,851
830
3.35
1,391
1,252
3.3
3,840
16,514
3.25
15,159
4,083
3.2
2,722
4,122
3.15
1,332
5,900
3.1
1,149
Volatility & Market Expectations
ATM Implied Volatility48.9%
IV vs 20-day average▲ rising (was 47.3%)
Expected move (to expiry, ±1σ)±$0.48 ($2.92 – $3.87)
Implied Volatility Curve
Today Yesterday 1 Week Ago
45%50%55%60%65%70% 1.71.751.81.851.91.9522.052.12.152.22.252.262.32.352.42.452.52.552.62.652.72.752.82.852.92.9533.053.13.153.23.253.33.353.43.453.53.553.63.653.73.753.83.853.93.933.9544.054.14.154.24.254.34.354.44.424.434.454.484.54.534.554.64.654.74.754.84.854.894.94.9555.05 SPOT VOLATILITY (ANNUAL %) STRIKE
Realized-vs-normal range populates once the engine stores daily price ranges.
What the Vol Is Telling Us

Implied volatility stands at 48.9%, reflecting heightened summer demand uncertainty and weather-driven price swings. The recent intraday range of 3.2830-3.4410 suggests realized volatility is catching up to elevated option premiums. With significant gamma concentrations at 3.00 and 4.00 strikes, dealers may amplify moves near these levels. Current premium levels favor option sellers unless weather extremes or storage surprises materialize.

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