Phillips 66 (PSX)
NYSE: PSX
· Real-Time Price · USD
123.71
0.98 (0.80%)
At close: Aug 15, 2025, 3:59 PM
125.00
1.04%
After-hours: Aug 15, 2025, 07:51 PM EDT
PSX Delta Exposure By Expiry
The total Delta Exposure (DEX) for PSX across all expirations shows 520,613.62 net shares that market makers must hedge, with 1,663,785.29 from calls and 1,143,171.67 from puts. The put-call delta ratio of 0.69 suggests neutral market maker positioning. The largest delta concentration at Nov 21, 25 with 185,644.61 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Aug 22, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.
PSX DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 22, 25 | 26,631.02 | -18,614.56 | 8,016.46 | 0.70 |
| Aug 29, 25 | 12,833.04 | -14,265.07 | -1,432.03 | 1.11 |
| Sep 5, 25 | 11,702.71 | -9,005.18 | 2,697.53 | 0.77 |
| Sep 12, 25 | 2,489.82 | -2,183.11 | 306.71 | 0.88 |
| Sep 19, 25 | 382,739.36 | -366,201.73 | 16,537.63 | 0.96 |
| Sep 26, 25 | 3,307.74 | -125.2 | 3,182.54 | 0.04 |
| Oct 17, 25 | 31,326.8 | -20,867 | 10,459.8 | 0.67 |
| Nov 21, 25 | 287,119.54 | -101,474.93 | 185,644.61 | 0.35 |
| Jan 16, 26 | 490,878.5 | -405,091.04 | 85,787.46 | 0.83 |
| Feb 20, 26 | 14,038.28 | -4,486.01 | 9,552.27 | 0.32 |
| Mar 20, 26 | 106,690.57 | -39,312.47 | 67,378.1 | 0.37 |
| Jun 18, 26 | 102,822.96 | -58,087.7 | 44,735.26 | 0.56 |
| Sep 18, 26 | 6,683.59 | -10,986.95 | -4,303.36 | 1.64 |
| Jan 15, 27 | 184,521.36 | -92,470.72 | 92,050.64 | 0.50 |