Phillips 66 (PSX) Volatility Skew
Implied volatility skew shows how IV varies across strike prices for a given expiration. Steeper skews indicate higher demand for downside protection relative to upside speculation.
Phillips 66 (PSX) operates in the Energy sector, specifically the Oil & Gas Refining & Marketing industry, with a market capitalization near $68.89B, listed on NYSE, employing roughly 13,200 people, carrying a beta of 0.69 to the broader market. Phillips 66 operates as an energy manufacturing and logistics company. Led by Mark E. Lashier, public since 2012-04-12.
Snapshot as of May 15, 2026.
- Spot Price
- $175.70
- ATM IV
- 34.2%
- IV Skew 25Δ
- 0.006
- IV Rank
- 48.2%
- IV Percentile
- 78.6%
- Term Structure Slope
- 0.006
As of May 15, 2026, Phillips 66 (PSX) at-the-money implied volatility is 34.2%. IV rank is 48.2% (where 0% is the 52-week low and 100% is the 52-week high). IV percentile is 78.6%. The 25-delta skew is +0.006: skew is roughly flat across the 25-delta wings. High IV rank typically favors premium-selling strategies; low IV rank favors premium-buying.
PSX Strategy Selection at Current Volatility Levels
For Phillips 66 options at 34.2% ATM IV, mid-range IV rank (48.2%) is the regime where directional conviction matters more than vol-regime positioning; strategy choice should follow the event calendar and the dealer-positioning view rather than IV rank alone. Pair the vol-rank read with the dealer-gamma view and the upcoming-events calendar to confirm the strategy fits both the structural regime and the path-dependent risk. The variance risk premium - the persistent gap between implied and subsequently realized vol - is positive in equity markets on average; high IV rank typically reflects a stretch where the premium is wider than usual.
Learn how volatility skew is reported and how to read the data →
Frequently asked PSX volatility skew questions
- What is the current PSX ATM implied volatility?
- As of May 15, 2026, Phillips 66 (PSX) at-the-money implied volatility is 34.2%. IV rank is 48.2% on a 0-100% scale anchored to the 1-year IV range. ATM IV is the volatility input that makes a Black-Scholes-equivalent model reproduce the listed at-the-money option prices.
- Is PSX IV high or low historically?
- IV is near its 1-year median, a regime where strategy choice depends on directional conviction and event calendar rather than vol regime.
- What does PSX volatility skew tell options traders?
- Volatility skew is the pattern by which IV varies across strikes for a given expiration. Phillips 66 skew is roughly flat across the 25-delta wings. Skew matters for risk-defined strategy selection: when downside puts are rich, put-credit spreads capture more premium; when upside calls are rich, call-credit spreads or covered-call writes harvest more.