Murphy Oil Corporation (MUR)

The total Delta Exposure (DEX) for MUR across all expirations shows -24,458.89 net shares that market makers must hedge, with 81,106.15 from calls and 105,565.04 from puts. The put-call delta ratio of 1.30 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Oct 17, 25 with -21,896.43 net DEX represents significant hedging pressure that could fuel downside acceleration. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.