A large call sale is hitting Marathon Petroleum as the stock comes off its session highs.
More than 31,000 MPC options have traded so far today, compared to a daily average of 3,300 in the last month. optionMONSTER systems show that more than 20,000 July 77.50 calls have traded against previous open interest of just 24 contracts, led by a big print of 18,463 that was sold for $2.80.
These contracts could have been sold naked with an initial bearish bias, or they could have been traded against a long position in the stock in a covered call position. The latter would be bullish up to the strike price, but not beyond. (See our Education section)
MPC is down 0.68 percent to $71.48 after hitting an all-time high of $73.39 this morning. The oil-refining company has more than doubled from its 52-week low below $34 in early June.
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