Calumet Specialty Products Partners, L.P. (CLMT, Financial) is witnessing a surge in bearish options activity, with an unusual volume of 1,551 put options being traded. This figure is approximately three times the typical levels, indicating a heightened interest in taking a pessimistic stance on the stock.
The most active options include the June 2025 $15 puts and the January 2026 $8 puts. Combined, these strike prices have experienced nearly 1,500 contracts in volume, suggesting that traders are positioning for potential declines in Calumet's share price.
Investors should note that the Put/Call Ratio for CLMT currently stands at a substantial 11.57, reflecting a strong preference for puts over calls. Additionally, the at-the-money implied volatility (ATM IV) has risen by more than one point during the day, indicating increased expectations of future stock price fluctuations.
This spike in bearish sentiment comes as Calumet prepares to release its earnings report on May 12th, an event that could have significant implications for the company's stock performance.
