Option Movers | Tesla's Put Options Surge 700%; U.S. Oil Fund's Volume Jumps 3.7 Times

U.S. stocks ended ​slightly mixed on Thursday (Apr 2) after paring deeper losses, as diplomatic signals from the Middle East helped calm markets rattled ‌earlier by U.S. President Donald Trump's threats of tougher action against Iran ahead of a long holiday weekend.

Regarding the options market, a total volume of 58,172,979 contracts was traded on Thursday.

Top 10 Option Volumes

Top 10: $Tesla Motors(TSLA)$, $NVIDIA(NVDA)$, $Intel(INTC)$, $Micron(MU)$, $Apple(AAPL)$, $AMD(AMD)$, $VIX(VIX)$, $Microsoft(MSFT)$, $Meta(META)$, $Strategy(MSTR)$

Source: Tiger Trade App

Shares of $Tesla(TSLA)$ fell more than 5% after the company reported first-quarter global deliveries of 358,000 vehicles, missing the Bloomberg-compiled analyst consensus of 372,000 and marking one of its weakest quarters in recent years.

Total vehicle production came in at 408,000 units, up 13% year-over-year and above expectations of 388,000. The widening gap between production and deliveries suggests a build-up in inventory, potentially pointing to softening end-market demand.

In the options market, $Tesla(TSLA)$ saw total volume reach 3.385 million contracts on the day. Among the most actively traded contracts were puts with a $360 strike expiring on April 2, which recorded close to 200,000 contracts in volume.

Meanwhile, the options chain showed sharp gains in several put contracts, with some surging as much as 700%, underscoring a spike in demand for downside protection and short-term bearish positioning.

Unusual Options Activity

$U.S. Oil Fund(USO)$ surged over 11% on Thursday. International oil prices surged sharply, with U.S. crude futures settling above $110 per barrel for the first time since 2022.

The rally was driven by fresh comments from U.S. President Donald Trump regarding the situation in Iran. He warned that the conflict could persist for weeks and pledged to undertake extremely forceful military action in the near term.

Markets have since grown increasingly concerned about prolonged disruptions to global oil supply, particularly given the lack of clarity around the reopening of the Strait of Hormuz or any signs of diplomatic de-escalation.

In the options market, $U.S. Oil Fund(USO)$ saw total volume reach 586,600 contracts, nearly four times its 90-day average. Calls accounted for 46.1% of trading activity. Among the most actively traded contracts were $140 strike calls expiring on April 2, which recorded more than 15,000 contracts in volume, pointing to heightened bullish positioning amid the spike in oil prices.

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