Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Priya Nigam

Traders Brace For Downside To Energy Stocks

Tony Zhang CNBC

On CNBC's "Options Action," Tony Zhang said that the some of the energy stocks are “becoming a way to play a leverage view on crude. SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP) traded 1.2 times its average daily volume on Wednesday, he added.

Check out other assets making big moves in the premarket.

There was a buyer of 1,508 of the August 120 puts at $3.40 per contract on average, Zhang mentioned. The trader sees SPDR S&P Oil & Gas Exploration & Production ETF falling at least 10% by August expiration. Such trades could be a hedge against a long equity position or an outright bearish position, he added.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
I tried the viral microwave makeup sponge cleaning hack and won't be doing it again – here's what works better instead
The method was inefficient, potentially dangerous, and my sponge looked the same as before
Homes & Gardens
Homes & Gardens
Rufus Wainwright: ‘I had a great party trick, but it once blew up in my face’
The singer-songwriter on his most memorable fan, his love of Chappell Roan, and his close friend and nemesis Jake Shears
The Guardian - AU
The Guardian - AU
Will there be an Arcane season 3? Here's what the creators have said about what's coming next
A look ahead to League of Legends' on-screen future
Total Film
Total Film
I Tried Lab-Grown Salmon. Here's What It Tasted Like.
Cultivated meat is getting better and better. That's why states keep trying to ban it.
Reason
Reason
Beatles songs "imprinted" on Paul Reiser
On "Everything Fab Four," he discusses his new comedy special, working with Michael McDonald and visiting Liverpool
Salon
Salon
Best tinted serums to get your skin glowing
The ultra-lightweight base product packed with skin-loving ingredients
Evening Standard
Evening Standard
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play