Western Refining Bucking Higher with Bulls

Western Refining first started heating up late last year, and the activity returned ahead of a big conference today.

The options paper flowed quickly in the April 17 and April 18 calls, which both traded more than 5,000 contracts. The 17s traded in large institutional size for $0.80 to $1, and the 18s saw large blocks mostly pricing for $0.75 and $0.80. (Click here — more from OptionMonster.com)

WNR recovered from an early drop and ended the session up 4.39 percent to $16.66. The refining and marketing company saw action one session before a scheduled presentation at Barclays Capital 2011 High Yield Bond and Syndicated Loan Conference in Orlando today.

The name started appearing on our monitoring systems with upside activity in November when it was down around $8, and has been riding the wave since. It traded as high as $18 in mid-February and looks to have found some consolidation near $16.

All told, more than 28,000 contracts traded in WNR yesterday. Calls were about three-quarters of the total, so it was definitely a bullish session.

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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.

DISCLOSURE: Pete Najarian is long a call spread on WNR.