Source: Barchart.com Natural gas options are no stranger to sharp weather-driven repricing and geopolitical shocks. In that environment, structured option trades—like butterflies—can offer targeted exposure to volatility at relatively low upfront cost. A recent March ’26 structure drew attention: long the $3.50 call, short the $3.75 call, and short the $2.75 put for a small net debit (around $0.006/MMBtu based on NYMEX block indications). At first glance, it resembles an asym

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