XOM Stock: Unusual Call Activity Signals Bullish Bets as Exxon Trades Near 52-Week Highs

By TrendSpider Editor

Options traders are making notable bullish wagers on Exxon Mobil Corporation, with two unusual call contracts totaling $503,512 in combined premium surfacing as the stock trades at $149.93. That price sits toward the upper end of its 52-week range of $97.80 to $159.35, suggesting the market is alrea

XOM Stock: Unusual Call Activity Signals Bullish Bets as Exxon Trades Near 52-Week Highs

Options traders are making notable bullish wagers on Exxon Mobil Corporation, with two unusual call contracts totaling $503,512 in combined premium surfacing as the stock trades at $149.93. That price sits toward the upper end of its 52-week range of $97.80 to $159.35, suggesting the market is already pricing in considerable optimism for the energy giant. Despite a modest pullback of 1.24% in the current session, the options flow tells a different story about where some traders think XOM is headed.

Key Drivers of the XOM Stock Move

• Main Catalyst: Two unusual call contracts hit the tape on XOM, one targeting a $160 strike expiring March 27, 2026, and another at a $210 strike expiring January 15, 2027. Together they represent $503,512 in total premium with a combined size of 2,784 contracts across both positions.
• Bull Case: The $210 call expiring in January 2027 carried an open interest ratio of 115%, meaning volume exceeded existing open interest, a sign of fresh positioning rather than hedging. The $160 near-term call also showed strong conviction with an OI ratio of 68% on 1,934 contracts, suggesting traders are targeting a move above current resistance near the 52-week high of $159.35 within weeks.
• Bear Case: Both contracts are out of the money, meaning XOM would need to break through its 52-week high of $159.35 just to reach the first strike at $160. The $210 target on the longer-dated contract implies a move of roughly 40 points from current levels, a tall order in the current energy environment. The session's 1.24% decline adds short-term pressure to an already extended chart.

The forward setup for XOM is interesting given the proximity to its 52-week high. The near-term $160 call expiring March 27, 2026 gives traders just over three weeks for that breakout to materialize. With energy markets sensitive to macro shifts, geopolitical developments, and production decisions from major producers, any catalyst that lifts crude prices could rapidly close the gap between the current price of $149.93 and the $160 strike. The longer-dated $210 call expiring in January 2027 reflects a more patient thesis, one that may be banking on a sustained commodity cycle or company-specific catalysts playing out over the next several quarters.

XOM Unusual Options Activity

• Contract 1: Call | Strike: $160 | Expiry: March 27, 2026 | Volume: 1,934 | Open Interest: 68%
• Contract 2: Call | Strike: $210 | Expiry: January 15, 2027 | Volume: 850 | Open Interest: 115%

Both contracts are out of the money and skewed to the call side, with zero put contracts flagged as unusual. The total premium across both positions is $503,512, reflecting meaningful conviction behind these directional bets. The 115% OI ratio on the January 2027 contract is particularly notable, as it signals that today's volume created new open interest rather than closing existing positions.

XOM Seasonality

Early March has historically been a transitional period for energy stocks, as the market begins pricing in spring and summer demand expectations for refined products. Exxon Mobil, as one of the largest integrated energy companies in the world, often benefits from rising seasonal demand tailwinds as the year progresses from Q1 into Q2.

XOM Relative Performance

XOM's current price of $149.93 represents a significant recovery from its 52-week low of $97.80, reflecting a gain of more than 53% from that trough. Trading within roughly 6% of its 52-week high of $159.35, XOM has demonstrated strong relative strength within the energy sector over the past year. The modest 1.24% pullback in today's session appears to be consolidation near a key technical level rather than any fundamental deterioration.