Paper sold 6171 UNG Oct 9 calls and bought 7262 Nov 9 calls to open.
United States Natural Gas Fund (UNG), trading at 8.34 unchanged on the day, with an IV30 of 39.44 and an HV10 of 28.45, is seeing a call roll today.? A customer who was long the Oct 9 calls sold 6171 at .06. He or she likely sold these to close as OI on the strike over 14,000.? Against this, the customer bought 7262 of the November 9 calls for .23 in an opening trade.? UNG has an ADV of just over 12,000 contracts and has open interest of 265,000.
This appears to be a customer who was long the Oct 9 calls salvaging some premium on them, then rolling back a month to play a potential winter rally in natural gas.? The customer will make a profit on these if UNG rallies above 9.17, not counting the likely loss on the October 9 calls.
This trade is aggressively bullish both volatility and directional of the underlying.