Cenovus Energy Inc. (CVE)

The total Gamma Exposure (GEX) for CVE across all expirations is 136,437.94 shares per 1% move, with 222,043.21 from calls and 85,605.27 from puts. The put-call GEX ratio of 0.39 shows call-heavy positioning, potentially creating volatility as market makers hedge by selling into strength and buying weakness. The highest gamma concentration is at the Sep 19, 25 expiration with 55,480.72 net GEX, which may act as a magnet point for price action. Near-term exposure for Sep 19, 25 suggests potential support from positive gamma hedging flows.