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USO

United States Oil FundClose $144.30EOD only

Max Pain

$134.00

Next expiry May 13, 2026

Expected Move

±$3.71

2.6% from close

Price Gap

-10.30

Distance to max pain

IV Rank

Low premium

P/C OI

1.71

Slightly put-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: May 12, 2026 close

End-of-day snapshot

This page reflects USO options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 12, 2026 close

USO Flow Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.2% from MP; +1 VIX 18

Watch next session: $136 strike; $100 gamma flip; put/call volume ratio

Flow Summary

Net premium: +$75.4M bullish

P/C volume ratio: 1.47

P/C OI ratio: 1.72

USO sees heavy put buying concentrated in near-term 5/15/26 strikes at $136 and $143, with vol/OI ratios up to 40x. Overall net premium remains positive at +$75M, driven by large OTM call premiums. GEX is positive ($38.1M), indicating dealer gamma hedging that may pin price. Put/call OI ratio is elevated at 1.71, suggesting bearish positioning, but flow is mixed due to call side activity. VIX at 17.9 supports elevated volatility. Key level: $136 put wall.

Notable Prints

USO 2026-05-15 $136.00 Put

Vol: 12,878

OI: 322

Vol/OI: 40.0x

IV: 52.1%

Notional: ~$760K

Intent: Bearish

Dual read: Short covering

Read-through: Support test

USO 2026-05-15 $143.00 Put

Vol: 2,984

OI: 257

Vol/OI: 11.6x

IV: 55.2%

Notional: ~$895K

Intent: Hedge

Read-through: Resistance

USO 2026-05-20 $135.00 Put

Vol: 1,089

OI: 170

Vol/OI: 6.4x

IV: 61.2%

Notional: ~$244K

Intent: Protective

Read-through: Continued downside

USO 2026-05-13 $141.00 Put

Vol: 1,561

OI: 248

Vol/OI: 6.3x

IV: 11.1%

Notional: ~$2K

Intent: Cover

Dual read: Expiry

Read-through: Low value

USO 2026-05-15 $75.00 Call

Vol: 602

OI: 112

Vol/OI: 5.4x

IV: 367.6%

Notional: ~$4.0M

Intent: Hedge

Dual read: Vol play

Read-through: Deep ITM

Institutional Positioning

Call additions: Minimal; only $75 call (5.4x, closing).

Put additions: Aggressive at $136 (40x), $143 (11.6x), $135 (6.4x).

GEX/DEX consistency: Yes; GEX +$38.1M, DEX +42.1M consistent with put buying.

OI clusters: Put OI dense at $132, $136, $141, $143. Call OI light.

Hedging evidence: Put accumulation suggests hedging/bearish bets. No collars.

Max pain context: Spot above MP, MP likely lower. GEX positive supports pin.

Signal vs Noise

~Aggressive put buying signal.

~GEX/DEX consistent with flow.

~Deep ITM call likely noise.

~VIX moderate noise.

Key Conclusions

🐻Aggressive put buying signals bearish bias.

⚠️High put OI ratio & spot above MP risk reversal.

📊GEX positive may pin spot near current levels.

How to Use These Reports

This flow reflects the market close on May 13, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.