Canadian Natural Resources (CNQ) Options Chain

NYSE: CNQEnergyOil & Gas ProductionUSD

49.65+0.60 (+1.22%)

At close: Oct 9, 4:00 PM ET · Delayed 15 min

Expiration date

Expiration: Jan 21, 2028
Days to expiration: 468
Share price: $49.65
Put/call ratio (OI): 1.33
Put/call ratio (volume): 1.77
ATM implied volatility: 33.5%
Expected move: ±$18.85
Open interest (C / P): 6.08K / 8.07K

CNQ options summary

The CNQ options chain for the January 21, 2028 expiration lists 22 call and 22 put contracts, with 468 days until expiration. Open interest stands at 6,076 calls and 8,074 puts, a put/call ratio of 1.33, which is more bearish, with puts outnumbering calls. At-the-money implied volatility near the $50.00 strike is 33.5%, which implies the market expects a move of about ±$18.85 (38.0%) in Canadian Natural Resources stock by expiration.

The most open interest sits at the $42.50 call (1.71K contracts) and the $30.00 put (3.16K contracts).

Summary generated from market data by MetaCap's automated system. Methodology

CNQ options chain · January 21, 2028

CNQ calls and puts by strike price. Shaded cells are in the money.
Calls							Puts
OI	Vol	IV	Last	Bid	Ask	Strike	Bid	Ask	Last	IV	Vol	OI
0	2	104.4%	36.10	32.00	37.00	15.00	0.00	0.10	0.05	50.6%	2	178
1	2	—	24.20	27.00	32.00	17.50	0.00	0.10	0.10	44.3%	4	229
57	50	59.7%	27.50	28.00	33.00	20.00	0.00	0.10	0.05	39.1%	1	208
11	7	—	25.50	21.00	25.50	22.50	0.00	1.25	0.33	59.1%	40	84
39	15	70.0%	22.80	22.50	27.50	25.00	0.10	0.50	0.35	41.1%	500	537
0	2	—	18.64	0.00	0.00	27.50	0.00	2.75	0.35	61.6%	30	129
639	10	45.1%	18.00	18.20	21.30	30.00	0.45	0.55	0.50	32.5%	1	3,157
0	1	—	18.05	0.00	0.00	32.50	0.70	1.95	0.85	42.3%	2	1,127
203	3	42.2%	15.74	14.40	17.30	35.00	0.95	1.60	1.30	34.3%	1	1,241
78	1	39.4%	12.50	12.10	15.20	37.50	1.25	2.45	2.00	35.5%	8	64
323	1	34.6%	12.45	12.00	12.80	40.00	2.00	2.40	2.15	30.1%	1	195
1,707	5	37.3%	9.99	8.50	11.80	42.50	2.75	3.90	3.58	33.4%	578	619
308	6	36.5%	8.71	7.60	10.30	45.00	3.60	4.80	4.50	32.4%	2	42
272	1	35.2%	7.30	6.40	8.80	47.50	4.70	5.70	5.80	30.8%	26	62
CNQ $49.65
187	1	36.6%	5.96	5.00	8.00	50.00	5.90	7.00	7.04	30.5%	26	58
57	5	36.0%	6.00	5.40	6.90	52.50	0.00	0.00	10.51	—	1	0
943	578	34.5%	4.13	4.50	5.70	55.00	12.70	16.20	14.30	57.6%	8	30
320	6	33.8%	3.80	3.80	4.80	57.50	12.00	17.00	14.64	53.4%	—	1
250	1	32.7%	3.58	3.10	3.90	60.00	15.00	19.00	15.02	54.3%	18	50
244	10	34.5%	1.95	2.00	3.20	65.00	15.30	19.00	15.79	36.8%	2	61
343	1	32.3%	1.45	1.30	2.00	70.00	18.90	22.10	27.85	30.9%	4	2
94	1	32.4%	1.05	0.80	1.45	75.00	23.70	27.20	25.00	35.1%	2	0

In-the-money callsIn-the-money puts. IV = implied volatility, OI = open interest (contracts). Each contract covers 100 shares. Quotes delayed at least 15 minutes.

Frequently asked questions

What is the CNQ put/call ratio?

For the January 21, 2028 expiration, the CNQ put/call ratio based on open interest is 1.33 (8,074 puts vs 6,076 calls), and 1.77 based on today's volume. A ratio above 1 means more puts than calls.

What is CNQ's implied volatility?

At-the-money implied volatility for CNQ options expiring January 21, 2028 is about 33.5%, an annualized estimate of how much the market expects Canadian Natural Resources stock to move.

How many CNQ option expiration dates are there?

CNQ has 11 listed expiration dates, from Oct 16, 2026 to Jan 19, 2029.

What does "in the money" mean?

A call is in the money when the strike price is below the current share price; a put is in the money when the strike is above it. In-the-money contracts have intrinsic value and are shaded in the table.