Jun. 16 at 8:00 PM
Options trading activity in Northern Oil & Gas surged on Tuesday, with total volume reaching 3,687 contracts by 8:31 p.m. ET, according to Bloomberg market data. Bullish positioning dominated the session, as call options accounted for 3,320 contracts compared with just 367 put contracts. The most actively traded contract was the December 17, 2027,
$20 call option, which generated 1,511 contracts in volume despite having open interest of only 187 contracts, suggesting fresh activity from traders.
A notable diagonal spread strategy also emerged, involving the September 18, 2026,
$23 call and the June 18, 2026,
$24 call. The strategy totaled 1,066 contracts, with each leg representing 533 contracts traded. The June 2026
$24 calls carried open interest of 2,830 contracts, while the September 2026
$23 calls had open interest of 274 contracts.
$NOG