BGC's Woodard: ​Investor Rolls Down Bearish BP Position As Oil Rallies

Energy stocks rebounded on Wednesday as WTI crude oil rose $2 to more than $58/barrel in morning trading. Options in the US-listed ADR for BP plc were especially active. At noon Eastern, more than twice the one-month average daily volume had traded: investors traded more than 58,000 contracts versus the 24,600 contract daily average. Volume was weighted toward the call side, with 1.5 calls trading for every put.