Murphy Oil Corporation (MUR)

The total Delta Exposure (DEX) for MUR across all expirations shows -3,730.15 net shares that market makers must hedge, with 85,491.87 from calls and 89,222.02 from puts. The put-call delta ratio of 1.04 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Jan 16, 26 with 13,857.21 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.