ExxonMobil Sees Bullish Options Activity as $1.76M Call Bet Targets $140 Strike Into December

By TrendSpider Editor

A large bullish options position in ExxonMobil Corporation (XOM) is drawing attention Wednesday, with a single call contract carrying a $1,764,000 premium dominating the tape and pointing to expectations of a meaningful rally in the months ahead. XOM shares are essentially flat on the session, up ju

ExxonMobil Sees Bullish Options Activity as $1.76M Call Bet Targets $140 Strike Into December

A large bullish options position in ExxonMobil Corporation (XOM) is drawing attention Wednesday, with a single call contract carrying a $1,764,000 premium dominating the tape and pointing to expectations of a meaningful rally in the months ahead. XOM shares are essentially flat on the session, up just 0.04% to $136.54, leaving the stock well within the lower half of its 52-week range of $105.525 to $176.395. The options flow, totaling $1,875,672 in combined premium across two contracts, signals that at least one large player is positioning for a significant move higher before year-end.

Key Drivers of the XOM Stock Move

• Main Catalyst: Two unusual options contracts were flagged on XOM today, including a 2,000-contract call position at the $140 strike expiring December 18, 2026, carrying $1,764,000 in premium, and a 517-contract put position at the $135 strike expiring July 17, 2026, carrying $111,672 in premium. Combined, the two contracts represent $1,875,672 in total unusual options premium.
• Bull Case: The dominant flow is decidedly bullish. The $140 call, struck just above the current price of $136.54, carries an open interest utilization of 39%, suggesting meaningful new positioning rather than a close-out of existing trades. With nearly six months until expiration on December 18, 2026, the buyer has ample runway for XOM to recover toward the upper portion of its 52-week range at $176.395.
• Bear Case: The $135 put expiring July 17, 2026 introduces a near-term hedging signal. At only 6% of open interest and $111,672 in premium, it is a smaller position, but the strike sits just below the current price of $136.54, suggesting a near-term trader is guarding against downside over the next two weeks. With the stock sitting closer to its 52-week low of $105.525 than its high of $176.395, the bearish hedge cannot be entirely dismissed.

The forward setup for XOM is a study in contrasts. The dominant call position at $140 through December 2026 implies confidence that energy markets will remain supportive and that ExxonMobil's fundamentals will improve over the second half of the year. However, the near-term put hedge at $135 through July 17 suggests some caution heading into what could be a volatile summer period for oil prices. Energy stocks broadly have faced pressure from uncertain demand outlooks and shifting global supply dynamics, and XOM's position in the lower half of its 52-week range reflects that backdrop. Traders will be watching crude price trends and any macro data releases over the coming weeks as the short-dated put approaches its expiry.

XOM Unusual Options Activity

Two contracts were flagged as unusual on Wednesday, July 1, 2026:

• Put: Strike $135 | Expiry July 17, 2026 | Volume: 517 contracts | Open Interest Utilization: 6% | Out of the Money | Premium: $111,672
• Call: Strike $140 | Expiry December 18, 2026 | Volume: 2,000 contracts | Open Interest Utilization: 39% | Out of the Money | Premium: $1,764,000

The call position accounts for approximately 94% of the total $1,875,672 in unusual options premium flagged today, making the bullish thesis the clear directional lean of today's flow.

XOM Seasonality

The second half of the calendar year has historically been a mixed period for energy stocks, with the late summer months often influenced by hurricane season disruptions to Gulf Coast production and refining capacity. A December expiration on the dominant call position suggests the buyer may be anticipating a seasonal tailwind in energy demand heading into the winter months.

XOM Relative Performance

XOM is trading at $136.54 today, up just 0.04% on the session, reflecting a largely directionless day for the stock. The current price sits roughly 23% above the 52-week low of $105.525 but remains approximately 23% below the 52-week high of $176.395, placing ExxonMobil in the middle of a wide annual range and highlighting the significant ground bulls would need to recover for the $140 call position to move into profitable territory at expiration in December.