Canadian Natural Resource... (CNQ)
NYSE: CNQ
· Real-Time Price · USD
30.16
0.54 (1.81%)
At close: Aug 21, 2025, 3:59 PM
30.16
0.00%
After-hours: Aug 21, 2025, 07:58 PM EDT
CNQ Delta Exposure By Expiry
The total Delta Exposure (DEX) for CNQ across all expirations shows -72,717.3 net shares that market makers must hedge, with 828,438.15 from calls and 901,155.45 from puts. The put-call delta ratio of 1.09 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Jan 16, 26 with -289,586.33 net DEX represents significant hedging pressure that could fuel downside acceleration. The nearest expiration on Aug 29, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.
CNQ DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 29, 25 | 7,556.16 | -4,242.04 | 3,314.12 | 0.56 |
| Sep 5, 25 | 6,767.96 | -1,133.45 | 5,634.51 | 0.17 |
| Sep 12, 25 | 806.93 | -405.14 | 401.79 | 0.50 |
| Sep 19, 25 | 177,204.64 | -35,521.57 | 141,683.07 | 0.20 |
| Sep 26, 25 | 1,786.11 | -518.93 | 1,267.18 | 0.29 |
| Oct 17, 25 | 1,931.91 | -1,065.01 | 866.9 | 0.55 |
| Nov 21, 25 | 64,112.06 | -51,768.2 | 12,343.86 | 0.81 |
| Dec 19, 25 | 11,763.16 | -8,818.18 | 2,944.98 | 0.75 |
| Jan 16, 26 | 323,496.99 | -613,083.32 | -289,586.33 | 1.90 |
| Mar 20, 26 | 49,666.62 | -2,099.36 | 47,567.26 | 0.04 |
| Jun 18, 26 | 37,011.74 | -27,136.05 | 9,875.69 | 0.73 |
| Jan 15, 27 | 146,333.87 | -155,364.2 | -9,030.33 | 1.06 |