LNG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $265.63.

Put/Call (OI)

0.44

28k P / 63k C

Put/Call (Volume)

0.29

263 P / 914 C today

30d ATM IV

31%

annualized implied move

Call wall

$280

11k contracts

Put wall

$230

3k contracts

Tail hedging

0.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.44 puts per call outstanding.
●Call wall at $280 (11k contracts), 5% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $230 (3k contracts), 13% below spot — the hedge floor; often acts as support.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	16k	2k	0.14	633
2026-08-28	2k	477	0.30	163
2026-09-04	396	201	0.51	61
2026-09-11	198	26	0.13	39
2026-09-18	12k	6k	0.46	161
2026-09-25	125	42	0.34	4
2026-10-02	20	24	1.20	3
2026-11-20	3k	2k	0.94	25
2026-12-18	3k	973	0.32	54
2027-01-15	20k	11k	0.54	14
2027-03-19	358	229	0.64	6
2027-06-17	4k	3k	0.81	10
2028-01-21	2k	2k	0.85	4

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.