NATGAS: TTF Oct26 Option Expiry on Sep 25

A total of 447k of open Oct26 ICE TTF options positions are currently due to expire on Sep 25. Open interest is 208k call contracts and 239k for puts. * Of the Oct26 volumes expiring this week, 113k of calls and 20k of puts are currently in the money after the front month futures price eased from the highs on Sep 14. * Aggregate option open interest has risen slightly compared to last month and currently at 1.35m contracts for calls and 1.4m for puts. * The largest open interest near the current market is 11.56k of calls and 8.2k of puts at the 75/MWh strike. A total of 10.9k of puts and 14.7k of calls are below the market at the 70/MWh strike and with 23.1k of calls up at 80/MWh. * The second month call-put skew has narrowed from a high of +25.4% on Sep 10 and back towards early Sep levels but still with a clear bias to the upside at just below +16% today, Bloomberg data shows. * Aggregate TTF options traded volumes averaged 151.3k over the last week, of which 87.9k was calls and 63.4k was puts. * The last trading day for TTF Oct26 futures is on Sep 29. * Below is a chart showing front month TTF open interest by strike (TTF 73.195/MWh) Source: MNI / Bloomberg Finance L.P.