Dan Nathan Sees Unusual Options Activity In XOP

On CNBC's "Options Action," Dan Nathan spoke about unusually high options activity in SPDR S&P Oil & Gas Explore & Prod. (ETF) XOP.

When the stock was trading around $33, a trader sold to close 25,000 contracts of the June 32/26 put spread and bought to open 10,000 of the July 32 puts for $0.90. The trade breaks even at $31.10, or 5.70 percent lower than the current market price.