Looking at Tesoro (TSO)

Buyers of 5,000 June 26 (W) 83.5 puts paid $1.50 to $1.62 today. TSO is trading 1.4 times daily average put volume with stock acting pretty weak since oil inventory report out this morning showing larger than expected build in refined products. It could just be hedging against technical breakdown but we like to point out while the stock is still up 12% YTD, the refining margins have been gradually slipping and are down to lowest level since January, finishing at $1.46 per barrel as of June 15.