Trading activity in options tied to Northern Oil & Gas Inc. reached 3,687 contracts at 2:31 p.m. New York time on Tuesday, based on exchange data compiled by Bloomberg.
Of the total options traded, call contracts accounted for 3,320 contracts while put trades totaled 367 contracts. The session was marked by two concentrated groupings of activity across multiple expirations.
Prominent among the individual strikes was the December 17, 2027 $20 call, which represented 1,511 contracts during the reported period. That series showed open interest of 187 contracts.
Another large component of the volume was a diagonal spread that combined the September 18, 2026 $23 call with the June 18, 2026 $24 call. That paired activity amounted to 1,066 contracts in total. Within that pairing, the June 18, 2026 $24 calls numbered 533 contracts and displayed open interest of 2,830 contracts. The September 18, 2026 $23 calls also amounted to 533 contracts and showed open interest of 274 contracts.
The breakdown of call and put volumes highlights a session driven predominantly by bullish-biased option flow in terms of directional contract type, given the higher call count relative to puts. The concentrated positions in both a long-dated December 17, 2027 $20 call and a structured diagonal spread linking June and September 2026 calls indicate traders executed trades across multi-month horizons within the same session.
Details provided here are limited to the exchange data reported for the specific time and contracts noted. The information outlines trade size and open interest for the identified series but does not include the identities of the counterparties, the exact premium paid, or the motives behind the orders.
Clear summary
Options volume in Northern Oil & Gas rose to 3,687 contracts at 2:31 p.m. New York time on Tuesday, with 3,320 calls and 367 puts. The December 17, 2027 $20 call accounted for 1,511 contracts (open interest 187). A diagonal spread pairing the September 18, 2026 $23 call and June 18, 2026 $24 call totaled 1,066 contracts, composed of 533 contracts in each leg; the June 18, 2026 $24 calls had open interest of 2,830 and the September 18, 2026 $23 calls had open interest of 274.