XOM Stock: Unusual Call Activity Flags Deep In-the-Money Bet as Exxon Trades Near 52-Week Highs

March 18, 2026

By TrendSpider Editor

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XOM Stock: Unusual Call Activity Flags Deep In-the-Money Bet as Exxon Trades Near 52-Week Highs

A single unusual options contract on Exxon Mobil Corporation caught the market's attention on Wednesday, with a deep in-the-money call at the $100 strike generating $7,108,800 in premium and printing at 1,165% of open interest. XOM shares are nearly flat on the session, slipping just 0.05% to $158.74, putting the stock within striking distance of its 52-week high of $160.45. With the 52-week low sitting at $97.80, Exxon has staged a substantial run, and this options flow suggests at least one large participant is positioning with conviction near the top of that range.

Key Drivers of the XOM Stock Move

Main Catalyst: One unusual call contract was flagged on XOM today at the $100 strike expiring April 17, 2026, with a volume of 1,200 contracts and open interest of 1,165% above normal levels. The contract is deep in the money with the stock trading at $158.74, and the total premium exchanged was $7,108,800.
Bull Case: The sheer size of the premium at $7,108,800 on a single deep in-the-money call signals strong directional conviction to the upside. With XOM trading at $158.74 and just $1.71 below its 52-week high of $160.45, a breakout scenario could reward this position significantly before the April 17 expiration.
Bear Case: XOM has already gained considerably off its 52-week low of $97.80, leaving the stock technically extended near the top of its annual range. A reversal at resistance near the 52-week high of $160.45 could erode the intrinsic value of this in-the-money call quickly, particularly given the short time horizon before the April 17 expiration.

The near-term setup for Exxon is worth watching closely. The stock is hovering just below a potential 52-week high breakout, and this week's unusual call flow adds a layer of institutional interest to what is already a technically significant level. With the April 17 expiration only about four weeks away, whoever placed this trade is not looking for a long-term thesis but rather a short-window catalyst or continuation move. Investors should monitor whether price can clear and hold above the $160.45 high, which would mark a fresh breakout and validate the bullish posture implied by today's options activity.

XOM Unusual Options Activity

One unusual contract was flagged on XOM today. The full breakdown is as follows:

Type: Call | Strike: $100 | Expiry: April 17, 2026 | Volume: 1,200 | Open Interest: 1,165% of normal levels

The contract is deep in the money with XOM trading at $158.74, meaning the $100 strike is $58.74 below the current price. The elevated open interest percentage of 1,165% signals that today's volume is dramatically outsized relative to the existing position in this contract, which is the defining characteristic that triggered the unusual activity flag. Total premium on this single contract was $7,108,800.

XOM Seasonality

Mid-March through mid-April has historically represented a transitional period for energy stocks, as traders begin pricing in summer demand expectations for refined products and gasoline. Exxon's integrated business model means it can benefit from seasonal refining margin improvements during this window, which may add a tailwind to the bullish thesis embedded in today's April 17 call contract.

XOM Relative Performance

XOM is essentially unchanged on the session, down just 0.05% to $158.74, which reflects relative resilience if broader energy or equity markets are under any pressure today. Trading within $1.71 of its 52-week high of $160.45 while the 52-week low sits at $97.80 suggests XOM has been a strong outperformer on an absolute basis over the past year, and today's flat action near the highs indicates the stock is consolidating rather than distributing at this level.