NuStar (NS) was trading at 60.26 earlier today. A customer executed a close dollar neutral ratio spread buying 8250 of the Sep 55 calls for 5.20,? then the customer sold 15,000 of the Dec 60 calls at 2.65.? The customer appears to want to take delivery on the stock and additionally does not appear to think the stock is going to be going anywhere in the back half of the year.

This trade should be viewed as neutral the underlying and aggressively bearish volatility in the name.? Traders looking to piggy back could look at the September 55/60/65 butterfly as a way to trade the stock somewhat neutral.