British Petroleum (BP, news, chart, volatility) is seeing bullish order flow Monday morning. Total volume in the options market is running three times the usual. The top trade of the day is an order for 9,900 January 45 calls traded offerside for $3.50 a contract. That trade coincided with two blocks (4,950 ea.) of January 60 calls traded bidside for 48 and 47 cents.

With open interest of 1,739 in the 45s and 15,195 in the 60s, the action is possibly rolling down of a position in the 60s down to the 45 strike or a bullish spread, where the strategist bought the 45s and sold the 60s. If it is a bullish spread, this large call spread buyer appears to be looking for further rebound with a purchase of 13,000 Jan-09 45-60 call spreads for close to $3.00. Upside is 12 points, or a total $15.6million, in exchange for the premium at risk, $3.9million Either way, it appears to reflect bullish expectations for shares of the oil giant. BP is up $1.62 to $42.17 with help from rising crude oil. Crude was recently up $3.70 to $81.40 a barrel.