Here is an updated implied volatility chart through Friday’s settlement prices:
Note that the recent high made on Feb 12 was 79.2 (based on second nearby at the money options)… Option volume has been heavy but not all one sided to puts, which may indicate more bottom picking activity… Put activity is concentrated in a few strikes such as the April 25 and 20 puts with 23,885 and 29,547 contracts open, while call volume is a bit more spread out.. For April calls, the first upside strike with significant open interest is the 35c with 17,499… Options on the April/May spread are interesting in that -$3.00 and -$5.00 puts are trading, settling at $.15 and $.07 on Friday… Put buyers are attaching a positive probability on the April/May spread weakening below -$3 and -$5, perhaps expecting upcoming refinery maintenance to put additional pressure on this spread…
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