Notable Put Options Activity in Western Refining

Shares of Western Refining

are lower on the session by 6.75%, currently trading at $15.75. The stock has been moving largely lower over the past three months and is currently trading below the 50-day moving average. Options traders are focusing on puts today. A short while ago the September 2011 $17.00 put traded 4,400 times on open interest of 2,311 contracts. The October 2011 $15.00 put also traded 3,600 times on 268 contracts. Put volume is outpacing call volume by 9 to 1. Western Refining, Inc. is an independent crude oil refiner and marketer of refined products and also operates service stations and convenience stores.