Puts Purchased in Calumet Specialty Products

Shares of Calumet Specialty Products CLMT are trading higher by 1.26% on the session, currently at $18.54. The stock, which dropped sharply last week before rebounding, is currently trading at the 200-day moving average from the downside. It appears that traders believe the stock is still in trouble and are buying puts on the name, pushing the put/call ratio to 37x the norm. The August $17.50 put was purchased over 2,000 times today, vastly outpacing open interest. Calumet Specialty Products is a producer of specialty hydrocarbon products in North America.