Energy ETF ProShares Ultra Bloomberg Natural Gas (BOIL) is on the rise today, up 5.4% at $54.27 at last glance. Though oil prices are falling as talks continue regarding a price cap for Russian oil, natural-gas prices are on the rise as investors bet on increased demand amid December’s colder weather.
After solidifying support at the $30 level, BOIL has been climbing on the charts, now on track for its seventh day of gains in the last eight. The $60 level appears to be keeping a lid on today’s rally, however. Year-to-date, the security is up 106.8%.
Despite calls outnumbering puts on an absolute basis, the stock’s 50-day put/call volume ratio of 0.73 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is in the elevated 83rd percentile of its annual range. In other words, this suggests a very healthy appetite for long puts of late.
Furthermore, the security’s Schaeffer’s Volatility Scorecard (SVS) ranks at the highest possible reading of 100, meaning BOIL has exceeded option traders’ volatility expectations during the past year.