There’s been a lot of unusual action in United States Natural Gas (UNG) recently.
The natural gas ETF was down 6.5% one day last week, but has gained over 100% for the year due to global supply shortages.
On the big down day, 58% of the 46,000 options traded were calls, which suggests some traders are looking for a bounce back.
One interesting trade from the day was a block of covered calls, where the trader purchased the stock while simultaneously selling out-of-the-money calls that expire in February of 2022.
