Heavy trading in SPDR Oil Exploration and Production Fund as shares surge
Heavy trading in SPDR Oil Exploration and Production Fund as shares surge. The ETF is up $3.07 to $40.65 on increasing volume of 12.8M shares after crude oil prices jumped on reports of an OPEC agreement. One player sold 86.2K XOP Dec 35 puts at 12c and likely covering a position mostly opened 11/22 when 86.7K traded for a VWAP of 42c. Also today, a Dec 34 - 37 put spread is sold at 27c, 14.2K, likely closing, and, separately, an investor sells 16K Dec 2nd 38 puts at 13c and buys 8K Dec 40 puts for $1.21, which is probably rolling puts to Dec from Dec 2nd, up two strikes. Total volume in the product is lopsided nearly 12:1 at 176K puts and 15K calls.