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A Closer Look at Phillips 66’s Options Market Dynamics

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High-rolling investors have positioned themselves bullish on Phillips 66 (NYSE:PSX), and it’s important for retail traders to take note.
This activity came to our attention today through Benzinga’s tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in PSX often signals that someone has privileged information.

Today, Benzinga’s options scanner spotted 10 options trades for Phillips 66. This is not a typical pattern.

The sentiment among these major traders is split, with 50% bullish and 40% bearish. Among all the options we identified, there was one put, amounting to $41,860, and 9 calls, totaling $471,137.

What’s The Price Target?

After evaluating the trading volumes and Open Interest, it’s evident that the major market movers are focusing on a price band between $70.0 and $165.0 for Phillips 66, spanning the last three months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Phillips 66 options trades today is 170.44 with a total volume of 246.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Phillips 66’s big money trades within a strike price range of $70.0 to $165.0 over the last 30 days.

Phillips 66 Option Activity Analysis: Last 30 Days

Significant Options Trades Detected:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
PSX CALL TRADE NEUTRAL 01/17/25 $78.5 $74.7 $76.45 $70.00 $91.7K 26 0
PSX CALL TRADE BULLISH 01/16/26 $36.5 $35.2 $36.5 $120.00 $73.0K 104 20
PSX CALL TRADE BULLISH 06/21/24 $17.2 $15.4 $16.7 $130.00 $66.8K 608 40
PSX CALL TRADE BEARISH 08/16/24 $11.4 $11.2 $11.2 $140.00 $63.8K 124 57
PSX CALL SWEEP BEARISH 01/16/26 $22.9 $22.4 $22.4 $145.00 $47.0K 173 46

About Phillips 66

Phillips 66 is an independent refiner with 12 refineries that have a total crude throughput capacity of 1.8 million barrels per day, or mmb/d. In 2023, the Rodeo, California, facility ceased operations and be converted to produce renewable diesel. The midstream segment comprises extensive transportation and NGL processing assets and includes DCP Midstream, which holds 600 mbd of NGL fractionation and 22,000 miles of pipeline. Its CPChem…

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