Gas prices here in Illinois are usually high. Yesterday I drove down Route 34 & found gas prizes @ $3.25 per gallon. Pretty amazing in Illinois were we get bombed with Federal, State & County Taxes.
But one trader yesterday bought over 5000 September calls for .90 a piece. The company one of the biggest in the oil services industry, Baker Hughes BHI.
While this trader is putting up “only” $450,000 in premium for this trade, it’s the time horizon that’s really interesting. With September rapidly approaching, this customer has just a hair over 3 weeks for this trade to pay off. At a break-even price of $70.90, BHI needs to rally 2.2% or this gamble gets chalked up as a loser. Good Luck buddy boy!
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