Shares of Encana Corp (ECA) are up .01 to 22.28 today. ECA is near the upper end of the 52 week range.

Today paper traded 22500 ECA Jan 2015 23 calls for 1.50 and sold 12500 Jul 22 calls and 10000 Jul 21 calls.? The ADV is 4457 contracts. The OI is 16453 on the Jul 21s, 32457 on the Jul 22s and 60 on the Jan 2015 23s.

The volume went up in three large blocks.? While the trades were not marked spread, they did go up at the same time on the same exchange.? If the trade was a rolling customer they went up for a .10 credit.? The trader wanted to maintain a long delta (buying Jan 2015s) and was most likely closing the short term options.

?30-day implied volatility is 28%.?? 10-day implied volatility is 21%.? 30 day implied volatility is trading above the 10 Day Historical volatility.

Encana Corporation (Encana) is a North American energy producer.?