Natural gas prices have exploded upward recently as the chart below shows (from Barchart.com)… But yesterday’s option flow looks like a market (on a net basis) setting up for a decline… Total volume was heavy, with over 200,000 trading (compared with around 90,000 ytd), but twice as many put positions were opened as calls… Here is the CME’s QuikStrike tool:
And, from Barchart.com, here is a look at August natural gas futures:
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