Natural gas: CME option levels

CME data as of 28.09.2026 · Contract NOV26, expiration 27.10.2026
Natural gas: CME option levels

Price 3.1500 is 3.1% below the Max Pain of the main monthly contract NOV26 (3.2500). 29 days to expiration; options price an expected move of ±0.4015 (±12.7%).

Price3.1500
Max Pain3.2500
Call wall (resistance)3.5000
Put wall (support)2.5000
Expected move to expiration±0.4015 (±12.7%) · 29 d
Put/Call ratio (OI)1.21
Open interest: calls / puts313 023 / 379 456
Implied volatility (ATM)57%
The pull of an expired Max Pain

The previous monthly series expired on 25.09.2026 with Max Pain at 3.0000 — now 4.8% below price. When a series expires far from Max Pain, price often gravitates toward that level the following month; we track it until the 27.10.2026 expiration.

How to read

What Max Pain, option walls and PCR are — in the knowledge base:

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Not investment advice.