Puts Purchased on Nexen Inc. (NXY)

Shares of Nexen Inc. NXY are higher on the session by 2.44%, currently trading at $26.92. The stock has been moving largely higher over the past six months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the April 2011 $26.00 put was purchased 2,500 times, on the offer, on open interest of 998 contracts. Overall put volume is now running at 3.62x the daily average with 92% of all puts traded being purchases on the offer. Nexen Inc. is an independent, Canada-based global energy company. It operates in two segments: Oil and Gas, and Energy Marketing. Nexen's oil sands investments include interests in the Long Lake project and the Syncrude joint venture.