Bulls drill again in Whiting Petroleum

optionMONSTER

Whiting Petroleum drew bullish option activity for the second time in as many sessions on Friday.

optionMONSTER's Heat Seeker system showed that the August 48 calls continued to show a bullish bias, led by prints of 1,946 bought for $1.50 and 1,467 for $1.80. Nearly 5,800 contracts traded at the strike, above the previous open interest of 4,773. The same strike saw heavy call buying just a day earlier .

These long calls , which lock in the price where traders can buy shares, are betting that WLL will rally well above $48 by mid-August. But these contracts could expire worthless if the stock remains below that level. (See our Education section)

WLL rose 3.13 percent on Friday to close at $46.09, just below its 50-day moving average. The oil and natural-gas producer gapped down from above $48 on June 20 and continued to slide for the next five sessions.

Total option volume in the name topped 10,500 contracts on Friday, quadruple its daily average for the last month. Calls outnumbered puts by 19 to 1, a further indication of the session's bullish sentiment.

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