Home Options USOReports

USO

United States Oil FundClose $125.43EOD only

Max Pain

$134.00

Next expiry Jun 17, 2026

Expected Move

±$5.96

4.8% from close

Price Gap

+8.57

Distance to max pain

IV Rank

Low premium

P/C OI

1.65

Slightly put-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: Jun 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

Jun 12, 2026 close

USO Flow Report

Analysis based on market close June 12, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 5.7% from MP; +1 VIX 18

Watch next session: Sustained put volume; Call volume spike; Spot relative to gamma flip

Flow Summary

Net premium: -$58.2M bearish

P/C volume ratio: 1.30

P/C OI ratio: 1.65

Heavy put activity with net $-58M premium and 1.30 put/call volume ratio indicates bearish positioning. Regime bearish with spot below gamma flip. Notable put buying across strikes $110-$126 suggests downside hedging.

Notable Prints

USO 2026-06-17 $118.00 Put

Vol: 4,384

OI: 162

Vol/OI: 27.1x

IV: 51.5%

Notional: ~$285K

Intent: Bearish speculation

Read-through: Volume 27x OI

USO 2026-06-12 $124.00 Put

Vol: 9,504

OI: 533

Vol/OI: 17.8x

IV: 26.1%

Notional: ~$10K

Intent: Closing/rolling

Read-through: 0DTE massive volume

USO 2026-10-16 $148.00 Call

Vol: 1,537

OI: 192

Vol/OI: 8.0x

IV: 53.5%

Notional: ~$1.2M

Intent: Long-term bullish

Read-through: Leap call open

USO 2026-06-18 $133.00 Call

Vol: 1,987

OI: 324

Vol/OI: 6.1x

IV: 50.2%

Notional: ~$197K

Intent: Bullish near-term

Read-through: Weekly call buying

USO 2026-06-17 $110.00 Put

Vol: 636

OI: 106

Vol/OI: 6.0x

IV: 64.1%

Notional: ~$18K

Intent: Hedge

Read-through: Deep OTM put

Institutional Positioning

Call additions: Moderate calls at 148C (Oct, 1537 vol), 133C (Jun18, 1987), 129C (Jun12, 2372), 126C (Jun17, 484).

Put additions: Heavy puts: 118P (4384 vol), 124P (9504), 110P (636), 120P (4310), 126P (4417).

GEX/DEX consistency: Consistent: GEX -$105.1M (short gamma), DEX +37.4M shares (long delta hedge).

OI clusters: Largest OI: 126P (1015), 120P (811), 124P (533), 118P (162); calls: 129C (471), 133C (324), 148C (192).

Hedging evidence: Heavy put buying suggests hedging; DEX positive indicates dealer long stock hedge.

Max pain context: Spot ~$124.4, MP likely ~$126. Heavy put OI below spot suggests pinning risk upward toward MP.

Signal vs Noise

~Signal: net premium -$58.1M, put/call vol 1.30, heavy put flow, negative GEX.

~Noise: 124P (9504 vol, $0.01, expiring today) likely noise; 129C (2372 vol, $0.05, today) noise.

Key Conclusions

🐻Bearish flow dominates; net premium -$58.1M with put/call vol 1.30 and OI ratio 1.65.

⚠️Short gamma at $100 gamma flip; negative GEX -$105.1M amplifies spot moves.

📉Heavy put additions at 126P (4417 vol, OI 1015) and 120P (4310 vol).

How to Use These Reports

This flow reflects the market close on June 12, 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.