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Traders piled into several energy producers as the price of oil continued to rebound yesterday.
optionMONSTER's Heat Seeker system first detected heavy buying in Cabot Oil & Gas , which ended the day with more than 3,200 October 27 calls traded for $0.35 to $0.58. These are new positions, as open interest in the strike was just 282 contracts before the session began.
Shorter-term bulls then turned to calls that expire at the end of this week in three other names cited last night by optionMONSTER co-founder Pete Najarian on CNBC's " Fast Money " program:
- Marathon Oil had some 5,700 Weekly 18 calls purchased for $0.22 to $0.36 in volume that dwarfed open interest of only 169 contracts.
- Schlumberger saw more than 6,000 Weekly 77.50 calls bought for $1.60 to $1.86 against open interest of 102 contracts.
- Whiting Petroleum had nearly 5,000 Weekly 22 calls snapped up for $0.35 to $0.64 with open interest of 216 contracts. That was the fourth straight session of call buying in the name, which has turned substantial profits for subscribers our InsideOptions Pro premium service.
Long calls lock in the price where investors can buy a stock, letting them position for a rally at limited cost with the potential for significant leverage. They carry less risk than owning shares because the most that can be lost is the price of the options no matter how far the stock might fall. (See our Education section) COG rose 1.59 percent to $23.67, SLB gained 2.4 percent to $77.37, MRO rallied 3.84 percent to $17.29, and WLL surged 9.83 percent to $19.33. Total option volume in Cabot was double its daily average for the last month, with calls outpacing puts by more than 8 to 1. Marathon saw twice its usual volume, with calls outstripping puts by nearly 4 to 1. Schlumberger's turnover was 2.5 times its average amount, with calls outnumbering puts by 3 to 1. Whiting had quadruple its session average, with calls eclipsing puts also by 3 to 1. Traders were also bullish on refiner Holly Frontier , purchasing the October 50 calls in that name. More From optionMONSTER
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Whiting Petroleum Corporation
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CODE : WLL |
ISIN : US9663871021 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Whiting Petroleum is a oil producing company based in United states of america. Whiting Petroleum is listed in Germany and in United States of America. Its market capitalisation is US$ 6.2 billions as of today (€ 5.4 billions). Its stock quote reached its highest recent level on August 22, 2008 at US$ 99.26, and its lowest recent point on April 03, 2020 at US$ 0.25. Whiting Petroleum has 90 927 193 shares outstanding. |