On CNBC's "Fast Money Halftime Report," Pete Najarian spoke about unusual options activity in the energy space. He said a lot of activity is moving towards the sector as 8 of 16 stocks with unusual options activity are coming from the energy sector.
Around 9,000 contracts of the April $39 calls were traded in BP plc (NYSE:BP) in the first half of the trading session. Najarian decided to follow the trade.
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Marathon Petroleum Corp (NYSE:MPC) has also caught the attention of Najarian. Around 6,000 contracts of the April $62.50 calls were traded in the first half. Traders were also selling upside calls as a hedge, Najarian said.