Option traders have been focused on the energy sector for weeks, and yesterday they turned their attention to BP.
The March 46 calls stood out in particular, seeing more than 5,800 contracts trade for $0.38 and $0.39. That volume was slightly above the open interest in the strike before yesterday's trading began, indicating that new money was being put to work.
Calls lock in the price where investors can buy shares, so they can produce significant leverage in the event of a rally. But if the stock doesn't move, these options will expire worthless.