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Options Hate This Oil & Gas Driller

With less than three days to go before expiration, the puts are exploding in February options for Nabors Industries.

More than 5,000 of the NBR February 10 puts changed hands in three quick trades Wednesday, as buyers paid $0.40 on three exchanges, according to OptionMonster's real-time tracking systems.

As the stock fell below its 52-week low this morning it pushed the price of puts to $0.60 to $0.70, as concerns appear to be high for this oil and gas driller.

Oil-related stocks in general have suffered, as the price of crude reaches its lowest level in five years and demand weakens. NBR has climbed above its lows of the day but is still down 2.86 percent to $9.86 and more than 80 percent below its 52-week high.

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Rival Oil & Gas Drillers:

Ensco International

Patterson-UTI Energy

Precision Drilling Trust

Helmerich & Payne

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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.

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