Refineries Stay Hot With Phillips 66

Phillips 66
Daniel Acker | Bloomberg | Getty Images

Phillips 66 has been lighting up our scanners for months, and the buyers came back for more yesterday.

OptionMonster's tracking systems showed heavy activity in the January 60 calls, with about 27,000 trading in volume well above the previous open interest of 3,841 contracts. The largest block priced for $0.70.

Calls lock in the price where traders can buy shares, so these options can provide significant leverage when the stock goes up. But if the shares don't move, the calls will expire worthless.

Phillips 66 shares closed at $53.58 yesterday,up 2.37 percent on the session and 67 percent in the last six months. As the refiners keep rolling, the beta trade has focused like a laser on a few specific names like this one.

Calls outnumbered puts by 46,000 to about 7,500, a reflection of yesterday's bullish sentiment.

—By CNBC Contributor Pete Najarian

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