UNL · United States 12 Month Natural Gas Fund, LP

Track UNL — free

$5.86 -0.07 (-1.18%)

Rebalance outlook locked

Market Cap

$15.87M

2.70M

Options Chain

Underlying $5.86 · today Options Calculator

Positioning

Sep 18, 2026 · 16 days to expiry · 26 contracts · mixed daily-bar sessions · Jan 23, 2026–Aug 31, 2026; 12 unknown

Put / call OI

0.04

Call-heavy positioning

Open interest

4,938

as of Aug 31, 2026

Volume

—

dated and unknown daily-bar sessions

Max pain

$6.00

$0.14 above spot

ATM implied vol

76.7%

market's expected move

Open interest by strike

Calls Puts

Chain

Click any strike for greeks, breakeven and the calculator

Expiry

Sep 18 16d Oct 16 44d Dec 18 107d Mar 19 198d

Calls								Puts
OI	Vol	IV	Δ	Bid	Ask	Last	Strike	Last	Bid	Ask	Δ	IV	Vol	OI
2	2	—	—	$2.20	$3.40	$4.70		—	$0.00	$0.75	—	—	—	—
Call · $3 In the money Daily-bar session Jan 23, 2026 Last $4.70 Breakeven $7.70 Implied vol — Delta — Gamma — Theta — Vega — Open interest 2 OI effective date Aug 31, 2026 Model this call Put · $3 Daily-bar session Unknown Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
1	1	—	—	$1.45	$2.00	$1.95		—	$0.00	$0.75	—	—	—	—
Call · $4 In the money Daily-bar session Aug 26, 2026 Last $1.95 Breakeven $5.95 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Aug 31, 2026 Model this call Put · $4 Daily-bar session Unknown Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
47	2	76.7%	0.869	$0.40	$1.55	$0.90		—	$0.00	$0.50	—	—	—	—
Call · $5 In the money Daily-bar session Aug 26, 2026 Last $0.90 Breakeven $5.90 Implied vol 76.7% Delta 0.869 ≈87% ITM Gamma 0.225 Theta -0.007 Vega 0.003 Open interest 47 OI effective date Aug 31, 2026 Model this call Put · $5 Daily-bar session Unknown Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
Underlying $5.86
899	20	—	—	$0.00	$0.75	$0.10		—	$0.00	$0.40	—	—	—	—
Call · $6 Daily-bar session Aug 31, 2026 Last $0.10 Breakeven $6.10 Implied vol — Delta — Gamma — Theta — Vega — Open interest 899 OI effective date Aug 31, 2026 Model this call Put · $6 In the money Daily-bar session Unknown Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
341	5	—	—	$0.00	$0.30	$0.08		$1.15	$0.70	$1.90	-0.725	113.2%	7	187
Call · $7 Daily-bar session Aug 25, 2026 Last $0.08 Breakeven $7.08 Implied vol — Delta — Gamma — Theta — Vega — Open interest 341 OI effective date Aug 31, 2026 Model this call Put · $7 In the money Daily-bar session Aug 24, 2026 Last $1.15 Breakeven $5.85 Implied vol 113.2% Delta -0.725 ≈72% ITM Gamma 0.239 Theta -0.014 Vega 0.004 Open interest 187 OI effective date Aug 31, 2026 Model this put
907	5	—	—	$0.00	$0.05	$0.05		—	$1.70	$2.45	—	—	—	—
Call · $8 Daily-bar session Aug 25, 2026 Last $0.05 Breakeven $8.05 Implied vol — Delta — Gamma — Theta — Vega — Open interest 907 OI effective date Aug 31, 2026 Model this call Put · $8 In the money Daily-bar session Unknown Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
94	70	—	—	$0.00	$0.30	$0.35		$2.12	$2.50	$3.70	—	—	1	1
Call · $9 Daily-bar session Mar 23, 2026 Last $0.35 Breakeven $9.35 Implied vol — Delta — Gamma — Theta — Vega — Open interest 94 OI effective date Aug 31, 2026 Model this call Put · $9 In the money Daily-bar session Feb 9, 2026 Last $2.12 Breakeven $6.88 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Aug 31, 2026 Model this put
102	10	—	—	$0.00	$0.20	$0.02		$2.80	$3.50	$4.70	—	—	2	—
Call · $10 Daily-bar session May 27, 2026 Last $0.02 Breakeven $10.02 Implied vol — Delta — Gamma — Theta — Vega — Open interest 102 OI effective date Aug 31, 2026 Model this call Put · $10 In the money Daily-bar session Feb 9, 2026 Last $2.80 Breakeven $7.20 Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
56	50	—	—	$0.00	$0.75	$0.10		—	$4.50	$5.70	—	—	—	—
Call · $11 Daily-bar session Apr 10, 2026 Last $0.10 Breakeven $11.10 Implied vol — Delta — Gamma — Theta — Vega — Open interest 56 OI effective date Aug 31, 2026 Model this call Put · $11 In the money Daily-bar session Unknown Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
—	—	—	—	$0.00	$0.75	—		—	$5.30	$6.80	—	—	—	—
Call · $12 Daily-bar session Unknown Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $12 In the money Daily-bar session Unknown Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
2.2k	100	—	—	$0.00	$0.05	$0.01		—	$6.30	$7.80	—	—	—	—
Call · $13 Daily-bar session Jun 16, 2026 Last $0.01 Breakeven $13.01 Implied vol — Delta — Gamma — Theta — Vega — Open interest 2.2k OI effective date Aug 31, 2026 Model this call Put · $13 In the money Daily-bar session Unknown Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
100	100	—	—	$0.00	$0.75	$0.11		—	$7.00	$9.20	—	—	—	—
Call · $14 Daily-bar session Mar 30, 2026 Last $0.11 Breakeven $14.11 Implied vol — Delta — Gamma — Theta — Vega — Open interest 100 OI effective date Aug 31, 2026 Model this call Put · $14 In the money Daily-bar session Unknown Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
—	—	—	—	$0.00	$0.75	—		—	$8.00	$10.20	—	—	—	—
Call · $15 Daily-bar session Unknown Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $15 In the money Daily-bar session Unknown Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put

About this data

Each contract's last price, day range and volume belong to the daily-bar session shown in its details; unknown means the source omitted that timestamp. Open interest has its own effective date shown separately; implied volatility and greeks are model values computed when fetched. This chain has mixed daily-bar sessions · Jan 23, 2026–Aug 31, 2026; 12 unknown. Positioning totals are shown only when every returned open-interest value has the same known effective date. Bid and ask are real-time consolidated OPRA readings.

In-the-money strikes are tinted, deepening toward the money, and the bar beside each open-interest figure scales to the heaviest strike shown. Max pain is the listed strike where the most open interest would expire worthless — a positioning reference, not a forecast.

Key facts CIK 1405513 CUSIP 91288X109 13F (30d) 13 filings 13 filers Visit website