PetroChina (NYSE: PTR) closed at $132.04 Friday. WTI Crude Futures are recently up 1.03% to $116.39 according to Bloomberg. PTR over all option implied volatility of 40 is below its 26-week average of 46 according to Track Data, suggesting decreasing movement.

CNOOC Ltd (NYSE: CEO) closed at $133.78 Friday. CEO overall option implied volatility of 43 is near its 26-week average according to Track Data, suggesting non-directional risk.

Canadian Natural (NYSE: CNQ), an oil and natural gas production company, closed at $72.72 Friday. CNQ September option implied volatility of 54 is above its 26-week average of 45, suggesting larger price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com