Delek Logistics Partners ... (DKL)

The total Delta Exposure (DEX) for DKL across all expirations shows -1,821.3 net shares that market makers must hedge, with 19,931.77 from calls and 21,753.07 from puts. The put-call delta ratio of 1.09 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Dec 19, 25 with -1,814.39 net DEX represents significant hedging pressure that could fuel downside acceleration. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.