XOP Options History — December 2025

In December 2025, XOP traded between $124.74 and $137.27. ATM implied volatility averaged 25.1%, placing in the 7.3% IV rank vs the trailing year. The 30-day expected move averaged 7.3%. IV traded above realized volatility by 0.3% (HV 20d: 24.8%). Max pain ranged from $130.00 to $135.00. Net GEX was positive for 1 of 22 trading days. Term structure was in contango for 15 of 22 days. Put/call ratio averaged 1.70.

Notable Days

  • 2025-12-16: Highest Volume — 75,583 contracts
  • 2025-12-08: Largest IV spike — 6.4% change
  • 2025-12-29: Highest IV Rank — 10.7%
  • 2025-12-01: Largest Expected Move — 7.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$130.16$124.74$137.27$135.10$126.13
Max Pain$132.70$130.00$135.00$133.00$130.00
ATM IV25.1%23.4%26.7%26.2%25.0%
Expected Move7.3%6.9%7.9%7.9%7.0%
HV 20d24.8%22.1%27.5%22.1%26.1%
HV 60d26.5%25.8%27.4%25.9%26.3%
IV Rank7.3%4.0%10.7%9.6%7.2%
IV Percentile16.1%2.8%35.3%29.0%15.1%
Term Structure0.3%-3.0%1.9%-3.0%1.0%
VWIV25.9%23.1%28.6%28.6%24.7%
Skew 25d3.5%2.1%5.0%3.3%2.5%
Skew 10d7.5%3.8%11.1%11.1%6.5%
Call IV 25d23.8%22.1%25.4%24.1%24.7%
Put IV 25d27.3%25.6%29.3%27.4%27.2%
Bid-Ask Spread %57.0539.3371.6967.9447.71
Gamma HHI0.130.100.210.110.13
Net GEX-42.2M-87.6M1.1M-6.3M-59.8M
Net DEX463.9M-94.8M1.02B68.2M602.0M
Net VEX-5.7M-6.0M-5.3M-5.7M-5.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.700.315.151.645.15
Total Volume13,457.5453,59575,58341,6277,876
Total OI367,352.909334,920432,380334,920360,917

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-12-01$135.10$133.0026.2%7.9%22.1%9.6%28.6%3.3%-3.0%-6.3M68.2M-5.7M1.6467.9415,79825,82996,746238,174
2025-12-02$133.35$134.0025.0%7.7%22.8%7.1%28.3%4.2%0.4%-16.7M227.4M-6.0M0.9465.478,7548,187104,709250,167
2025-12-03$136.50$133.5025.1%7.6%23.5%7.3%27.1%4.3%-0.0%-7.0M10.4M-5.8M2.8068.502,8117,880103,939251,253
2025-12-04$136.24$135.0024.7%7.3%23.3%6.5%26.1%2.9%0.3%-2.3M-9.3M-5.8M1.7148.531,8803,218104,955251,705
2025-12-05$137.27$135.0024.2%7.1%22.9%5.5%24.8%3.5%1.9%1.1M-94.8M-5.8M0.7360.447,8935,799105,798253,429
2025-12-08$134.17$135.0025.7%7.5%24.5%8.6%26.8%2.1%-0.4%-16.2M202.1M-5.8M0.3944.777,1702,766104,575253,343
2025-12-09$134.69$135.0024.8%7.3%23.7%6.7%25.9%3.6%1.6%-15.4M164.1M-5.8M0.6249.523,6772,279106,754254,051
2025-12-10$135.38$135.0024.1%7.1%22.7%5.4%26.8%3.5%0.5%-10.0M79.6M-5.6M3.4767.701,9906,900108,612255,440
2025-12-11$132.61$135.0023.9%7.1%23.3%4.9%25.4%3.0%0.4%-33.7M342.5M-5.7M2.4752.631,8144,485109,736259,645
2025-12-12$132.12$135.0023.4%7.0%23.3%4.0%25.0%2.3%1.2%-87.6M390.8M-5.7M1.6949.352,8484,805110,073261,963
2025-12-15$129.50$135.0024.7%7.1%23.4%6.5%25.1%3.6%-0.1%-55.7M615.8M-5.4M0.6466.035,8513,765107,446256,329
2025-12-16$124.83$135.0025.7%7.4%25.7%8.6%24.8%4.0%-0.4%-53.3M991.4M-5.3M5.0257.1812,55463,029110,689258,634
2025-12-17$128.11$134.0026.0%7.5%26.7%9.3%26.2%4.9%-1.4%-73.1M780.0M-5.8M0.6865.8011,5067,826117,498297,394
2025-12-18$125.23$130.0025.8%7.4%27.5%8.8%25.5%2.3%-0.3%-78.0M1.02B-5.8M1.8757.314,4888,389126,222302,551
2025-12-19$125.38$130.0025.4%7.3%26.5%8.0%25.1%2.5%0.1%-73.1M980.6M-5.9M1.5670.572,4393,816128,770303,610
2025-12-22$125.31$130.0025.4%7.3%26.3%8.1%27.0%4.5%1.1%-57.7M737.1M-5.8M1.3255.234,1425,47897,415251,157
2025-12-23$126.72$130.0024.5%7.0%26.5%6.2%23.1%3.5%0.0%-55.2M634.3M-5.8M0.6971.695,0853,52499,871251,701
2025-12-24$126.15$130.0024.6%6.9%26.5%6.3%24.4%4.6%1.1%-57.3M651.6M-5.8M0.7652.813,0552,329101,666253,676
2025-12-26$124.74$130.0025.2%7.1%25.9%7.7%25.9%4.1%0.7%-73.4M762.4M-5.8M1.5549.421,8642,894103,612253,746
2025-12-29$126.31$130.0026.7%7.4%25.9%10.7%25.4%5.0%1.6%-57.1M587.7M-5.6M0.3147.274,4171,361101,111253,926
2025-12-30$127.78$130.0025.7%7.1%26.1%8.5%28.5%3.5%0.1%-40.5M461.2M-5.5M1.3939.331,5042,091104,350254,406
2025-12-31$126.13$130.0025.0%7.0%26.1%7.2%24.7%2.5%1.0%-59.8M602.0M-5.5M5.1547.711,2806,596105,037255,880