Natural Gas, Utilities and Your Shop's Energy Bill: What GTA Terminal Data Shows Big Money Doing in Gas and Utility Funds (November 2026)

4 days ago

3 min read

Heating a shop, running a paint booth, keeping a wash bay from freezing: for many contractors and fleet yards, natural gas and electricity are a real line item, and both get more expensive when gas prices climb. On Monday, November 9, 2026, big money in the options market leaned hard toward higher natural gas prices. Here is what GTA Terminal data from Global Traders Academy showed, and what it means for your winter budget.

Why natural gas reaches your utility bill

Natural gas trades as a futures contract, a promise to buy or sell gas at a set price on a future date. Those prices feed straight into what gas utilities charge, and because many power plants burn gas, they move electricity rates too. GTA has a clear walkthrough of the mechanics behind gas futures contracts.

You can watch gas through funds. The United States Natural Gas Fund (UNG) tracks gas futures, and the Utilities Select fund (XLU) holds the power and gas companies that send you a bill.

UNG on November 9: calls dominate, the chart disagrees

According to GTA Terminal data:

Before the open (7:20 AM ET): UNG was up 1.39% at $9.48 in premarket trading. In the prior session, $2.1M of options premium had traded, 87% of it in calls.
11:30 AM ET: UNG was up 6.4% at $9.95. Of $2.5M in premium, $2.4M was in calls and $92K in puts, so 96% of the money sat in calls, with a put/call volume ratio of 0.1. The largest unusual trade was 446 call contracts expiring December 24, about $51K in premium against just 20 contracts of open interest, a sign of a new position. Details are in GTA's November 9 report on UNG's call-heavy session.

There is a second side to the story. The GTA Proprietary Pattern Model found a bearish double top on UNG's daily chart, with the break at $10.14, at Level 2 of 5 confidence. GTA said plainly that the chart and the flow disagree. The fund was also still below its 50-day average of $10.32 in Monday's premarket levels. So the options money is betting on higher gas prices, while the price chart has not confirmed it.

Leveraged gas funds pointed the same way

The two leveraged gas funds, BOIL (bets on gas rising) and KOLD (bets on gas falling), tell a similar story. By 2:10 PM ET on November 9, GTA Terminal data showed $2.1M in premium on the bullish side (calls on BOIL, puts on KOLD) against $683K on the bearish side, so 76% leaned bullish. The biggest unusual BOIL trade was about $96K in calls expiring November 13. See the afternoon bull-versus-bear gas fund comparison. These funds reset daily, so their options are mostly short-term bets on the next few sessions, not a winter forecast.

Utilities: calls led, but the trend is mixed

Utility companies are the middlemen between gas prices and your bill. On Friday, November 6, XLU closed down 0.39% at $43.13. Of $6.2M in options premium, $5.3M was in calls and $838K in puts (86% calls), with a put/call volume ratio of 0.29, per GTA's utilities fund closing report for November 6. GTA described the trend as mixed: above the 50-day average, below the 200-day, and 10% below the 52-week high. For background, GTA explains what the utilities sector fund owns and why it moves.

What this means for contractors and fleet yards

Budget for a higher winter bill. When options money leans this hard toward rising gas prices, it is reasonable to plan for higher heating costs, even if the chart says the move is not settled.
Ask about fixed-rate energy plans. Many suppliers offer locked rates for business accounts. Compare them before cold weather arrives, not after.
Efficiency equipment pays back faster when energy is dear. Newer compressors, heaters, LED shop lighting and generators can cut running costs, and they can be financed like any other equipment.
Do not overreact to one day. One session of call-heavy flow is a lean, not a trend. Watch whether it repeats over the coming weeks.

A signal, not a guarantee

Options premium shows where money went, not whether each trade was a forecast or a hedge, and gas prices can swing sharply with the weather. Treat these numbers as a signal, not a guarantee. This article is for business planning and is not investment advice.

Keep reading

For the fuel side of your costs, read how fleets can read crude oil futures for diesel costs. For a broader read on market mood, see our guide to the put/call ratio for business owners.

If rising energy costs make an efficiency upgrade worth doing now, BFC Equipment Loans works with multiple funding sources to find financing that fits your business. Apply for equipment financing and see what you qualify for.