There’s been a lot of unusual action in United States Natural Gas (UNG) recently, says Jay Soloff of Investors Alley.

The natural gas ETF was down 6.5% one day last week but has gained over 100% for the year due to global supply shortages. On the big down day, 58% of the 46,000 options traded were calls, which suggests some traders are looking for a bounce back.

One interesting trade from the day was a block of covered calls, where the trader purchased the stock while simultaneously selling out-of-the-money calls that expire in February of 2022.

Learn more about Jay Soloff at Investors Alley.