Whiting Petroleum options with notable spread trading as shares spike
Whiting Petroleum options with notable spread trading as shares spike. The stock up $2.12 to $51.76 and 8.4K May 25th 45 - 47 calls trade (in small lots) at $1.83 and 4.5K May 49 - 51.5 call spreads (also small lots) at VWAP of $1.90. The activity in both spreads likely rolls long calls to the higher strikes after the spike in shares today: trade history shows the May 25th 45 calls opened Tuesday for VWAP of $4.23 Tuesday and being covered today at $6.28 and the May 49 calls also opened two days ago, for VWAP of 78c and being covered today at $3.43. Therefore, the spreads monetize profits on one leg and open new bullish positions at higher strikes in anticipation of short-term gains - the May contract expires tomorrow and the May 25th options next Friday.