Traders are making some bearish bets on the energy space ahead of Wednesday's big OPEC meeting.
"There's been a lot of put buying in [the XLE and XOP] energy ETFs," Dan Nathan of RiskReversal.com said Monday on CNBC's "Fast Money." "It looked to be short-term hedging in front of this OPEC meeting on Nov. 30."
Oil closed Monday's session in the green, but doubts over OPEC's ability to agree on a production cut swiftly sent prices tumbling Tuesday.
According to Nathan, there's an oil stock in particular that one trader believes could continue to fall in the next few weeks: Halliburton.
In the eyebrow-raising wager, he noted that someone bought 5,000 of the December 49-puts for $1.45 per options contract. This is a bearish bet that Halliburton could fall to $47.55, down about 1.6 percent from current trading levels. The stock hit a low of $47.06 Tuesday before bouncing back to around $48.30.
"This thing is in a very nice uptrend, I expect this trader is waiting for a move kind of back to those recent lows," Nathan added.