Option Greeks measure how an option's price responds to changes in the stock price (delta and gamma), time (theta), implied volatility (vega), and interest rates (rho).

Gamma, theta, and vega are largest for strikes near the National Fuel Gas stock price and shrink for strikes far above or below it. Theta grows as expiration gets closer, while vega is larger for expirations further out. Call delta runs from 0 to 1 and put delta from -1 to 0, near 0.50 and -0.50 at the money, and roughly estimates the chance that an option finishes in the money.

National Fuel Gas IV rank is 14, so implied volatility is near the bottom of its one-year range. Higher implied volatility raises option premiums and daily time decay (theta), and spreads delta and gamma across a wider range of strikes. Over the past year, 30-day implied volatility ranged from 15.3% to 144.3%. See the NFG implied volatility history for a longer view.

Across all open National Fuel Gas options on Nov 4, 2026, net gamma exposure was $1.29M and net delta exposure was $8.8M per 1% move in the stock. The NFG gamma exposure chart shows where that gamma sits by strike.

National Fuel Gas Co is a diversified energy company involved in natural gas production, gathering, transportation, distribution, and marketing.