The previous section discussed one way a natural gas futures
trader can engage in a calendar spread trade using natural gas
futures contracts on the NYMEX. In addition to this, a trader
could use NYMEX natural gas options, which are options
whose value depends on the underlying natural gas futures
contract. There are both call and put options and they are
available for selling or purchasing.16 Thus, the trader could
also make a calendar spread trade using options.
In addition to straight call and put options, the NYMEX
also has calendar spread options available for trading. These
are options on the difference in price between two natural gas