Williams Companies (WMB) is flat at $23.61 and one strategist pays 38.5 cents for Oct 26 calls, 14000X and sells 20,000 Nov 24 calls at $2.04. Similar action surfaced in the natural gas producer yesterday and open interest updates indicate rolling out from Oct 26 calls to the Nov 24s. If so, it probably exits positions opened last month when Oct 26 calls on WMB were being sold-to-open — including 15500 at $2.25 per contract (see 9/7 color). Shares are down 10.9 percent since that time and today’s call writer is possibly looking for the stock to hold below $24 through the November expiration. Natural gas prices have been in a bearish trend in recent months — down 26 percent since May (from $4.89 to $3.61).