Occidental Petroleum Options Jump on Oil Price Spike
Shares of $Occidental Petroleum (OXY.US)$ climbed Tuesday right alongside other energy and oil stocks following Iran's launch of its 'first wave' of attacks against Israel in retaliation for airstrikes and bombings in Beirut and Lebanon, according to the IDF and Iranian Media. The ongoing conflict ramped up Tuesday, and so far the IDF has said there are few injuries. On the news energy, oil, defense, and other "risk-off" stocks climbed alongside the VIX volatility index.
The stock jump pushed Occidental options to the top 18th place in the entire market ranked by options trading volume. According to moomoo data, traders swapped 293k contracts on Tuesday alone. One contract sstood out in the afternoon: the $55 call expiring Friday. Traders swapped 20k of the contracts Tuesday, sending the asking price up 250%.
OXY, is an international oil and gas producer based out of Houston TX, and engages in the production of chemical products from natural gas inputs, and the sale and transport of industrial products.
The contract gives holders the right to buy OXY at 55/share, at a price of 22C/share for 100 shares. It was a major day of turnover for the underlying. Traders moved about $1B, trading about 18M shares.
The strike on Israel comes after a similar missile Barrage in April, effectively deflected a joint effort by U.S. allies. In a White House press conference Tuesday, U.S. National Security Advisor Jake Sullivan said Iran shot about 200 missiles into Israel. U.S. destroyers and allies helped launch interceptors to stop the attack Tuesday.
He said the U.S. would consider the next steps to secure American Interests, keep service members safe, and promote stability in the area. He also said there was a terrorist attack in Tel Aviv, Israel with casualties.
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Moomoo News and Community Manager
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Jas mahay : I agree with Kavin, completely. OXY 55 calls huge volume up for Oct, Nov and Dec expiries, IV of 29% I am also buying Bull call spread on XOM Nov8/2024 120/121 lets see how future unfolds, finger cross.
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Adrianlim90 : good
MsJoy72150670 : interesting
Alice Lim choo :