The Traders Brief©
Options Snapshot©
as of 07:55 ET · live · ● live-ready
Natural Gas Options
· CLASS LNE · EXP 2026-08-26
Spot
$2.85
H 2.85L 2.79
▲ +0.08 (+2.74%)
as of 07:31 EST
2.79
2.85 Day Range
ATM Implied Vol
99.7%
▲ rising from 45.8%
OI Control
Puts 1.2×
puts control the chain
Realized vs Normal
21%
within IV expectations
Summary Pivots
Max Pain
$2.90
destroys most premium
All-OI Equilibrium
$2.86
OI-weighted center
Today's Equilibrium
$2.79
volume-weighted center
What Matters Most
Bulls
Massive support wall at 2.50 with net -44,861 put-heavy positioning
Stacked support from 2.50-2.75 totals -76,556 net short gamma
Price holding above 2.783 monthly volume control despite energy sell-off
Bears
Heavy call resistance layered 2.85-3.25 totals +27,837 net positive delta
Record production pace toward 123 Bcf/d creates structural ceiling
Persistent storage surplus limits upside through shoulder season transition
Watch — The 2.75 strike with -11,579 net gamma marks critical near-term support above the major 2.50 put wall.
Key Levels
$3.30RESISTCall OI wall above price — resistance4,255
$3.25RESISTCall OI wall above price — resistance18,971
$3.10RESISTCall OI wall above price — resistance7,749
$3.05RESISTCall OI wall above price — resistance3,993
$2.95RESISTCall OI wall above price — resistance4,004
$2.75SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here24,361
$2.70SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here14,456
$2.60SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here12,924
$2.50SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here45,562
$2.30SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here8,536
All Open Interest
Puts Control the Chain 1.2 : 1
Total Open Interest Calls 93,762 | Puts 115,808
Average Strike Calls 2.91 | Puts 2.82
Avg Strike — All 2.86
In-the-MoneyCalls 32.3% | Puts 41.8%
Strike Control7 Call-Led | 4 Put-Led of 11
Heavy Call Strikes
33,565 @ 312,782 @ 2.757,966 @ 2.8
Heavy Put Strikes
32,873 @ 324,361 @ 2.7514,456 @ 2.7
Heavy Combined Strikes
66,438 @ 337,143 @ 2.7520,080 @ 2.7
Traded Today
Puts Control Today's Flow 1.7 : 1
Total Volume Calls 467 | Puts 790
Average Strike Calls 2.90 | Puts 2.73
Avg Strike — All 2.79
Heavy Call Strikes (today)
141 @ 2.9136 @ 2.8577 @ 3
Heavy Put Strikes (today)
410 @ 2.75350 @ 2.720 @ 2.8
Heavy Combined Strikes (today)
415 @ 2.75354 @ 2.7143 @ 2.9
OI Magnets
LNE 20260826 · 0 DTE · spot $2.85 · bar = open interest
OI MAGNET
$3.00
OI 66,438 · +0.15 to spot
PutStrikeCall
2,914
3.1
7,749
1,074
3.05
3,993
32,873
3
33,565
842
2.95
4,004
5,370
2.9
7,590
5,279
2.85
6,612
6,533
2.8
7,966
24,361
2.75
12,782
14,456
2.7
5,624
9,182
2.65
2,237
12,924
2.6
1,640
Volatility & Market Expectations
ATM Implied Volatility99.7%
IV vs 20-day average▲ rising (was 45.8%)
Expected move (to expiry, ±1σ)±$0.15 ($2.70 – $2.99)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ −11,579 50%60%70%80%90%100% 2.402.602.803.003.203.40 ATM 2.846 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$0.15
Normal 3-Day±$0.26
1-Day Realized$0.06
3-Day Realized$0.15
Realized vs Normal (1D)21%
Realized vs Normal (3D)30%
What the Vol Is Telling Us

Option structure shows pronounced vertical skew with heavy put accumulation below spot and call resistance stacked above, suggesting range-bound expectations. The 2.50 strike's outsized -44,861 positioning anchors downside while layered calls cap rallies. Tight today's range (2.7850-2.8480) versus established support/resistance zones implies current realized volatility running below what this delta distribution would typically generate, indicating potential for breakout moves if fundamental catalysts emerge.

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