The Russian invasion of Ukraine has roiled the financial markets, but none more so than energy markets. The price of crude oil has skyrocketed.  Natural gas prices are have also risen over 30% year-to-date.  One way to trade oil and gas is by using the SPDR S&P Oil & Gas Exploration and Production ETF (XOP).  XOP is an alternative to to using energy ETFs that hold oil or gas futures, but tracks energy prices pretty closely.  One strategist appears to have purchased a very bullish call spread in XOP that expires in April.