Pete Najarian Sees Unusual Options Activity In Phillips 66

On CNBC's "Fast Money Halftime Report", Pete Najarian spoke about unusually high options activity in Phillips 66 PSX.

Around 5,000 contracts of the September 82.50 puts were traded in the first half of the trading session on Wednesday. A trader paid around $1 for them, which sets the break even for the trade at $81.50 or 3.54 percent below the current market price. Najarian said that he isn't in the trade yet. He has tried to get in, but he's waiting for the right price.