LyondellBasell is hitting all-time highs today, and one large trader is betting that the chemical company will hold current levels for another month.
optionMONSTER systems detected the sale of 8,000 October 72.50 puts for the bid price of $1.15 today. This is clearly a new position, as open interest was just 317 contracts before the trade appeared.
The put selling is a bet that LYB will remain above $72.50 over the coming weeks. If shares fall below this strike price, the trader will face the obligation to buy shares at that level. (See our Education section)
LYB is up 1.17 percent to $73.72 in midday trading after surging to $74.56 this morning, a new all-time high. The stock has climbed from below $45 last November.
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