Puts Sold on Western Refining (WNR)

Shares of Western Refining Inc. WNR are falling today by 1.63% to $5.11 as the overall market wanes and oil futures search for direction. The stock is struggling to hold the 50-day moving average as of late; it remains to be seen if the stock has enough support to maintain current levels. I am seeing huge put activity in the name, but it is not bearish. I am seeing over 23,000 of the January 2011 $2.50 puts sold for $0.30 today; open interest on the strike is over 31,000 contracts, which represents that a long put holder is exiting the position. This spins a bullish thesis for the stock. Western Refining, Inc. (WNR) an independent crude oil refiner and marketer of refined products and also operates service stations and convenience stores.