I am closing the EURN puts to lock in about half of the credit collected by selling and rolling these puts during the past couple of months. I am still bullish on tankers and have plenty of exposure remaining. Since the volatility of tanker options has been dropping, it makes sense to me to buy back the puts. I will consider buying calls if tanker stock prices find more weakness and volatility remains depressed.
Bought EURN Aug 10 Puts for 1.10 debit.