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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 15, 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 8.2% from MP; +1 VIX 16

Watch next session: $100 level; put OI concentration

Flow Summary

Net premium: -$64.7M bearish

P/C volume ratio: 1.00

P/C OI ratio: 1.68

Net premium -$12.5M; put/call OI ratio 2.3:1. Sustained below $100 gamma flip; break above $130 invalidates bearish flow.

Notable Prints

USO 2026-06-17 $117.00 Put

Vol: 1,206

OI: 100

Vol/OI: 12.1x

IV: 45.4%

Notional: ~$46K

Intent: Bearish hedging

Dual read: Opening new position

Read-through: Expects drop below 117

USO 2026-06-18 $117.00 Put

Vol: 3,218

OI: 348

Vol/OI: 9.2x

IV: 44.9%

Notional: ~$196K

Intent: Aggressive bearish bet

Read-through: Further downside expected

USO 2026-07-24 $90.00 Put

Vol: 1,053

OI: 117

Vol/OI: 9.0x

IV: 50.5%

Notional: ~$51K

Intent: Tail hedge on crash

Dual read: Speculative

Read-through: Significant downside fear

USO 2026-07-10 $100.00 Call

Vol: 766

OI: 105

Vol/OI: 7.3x

IV: 66.6%

Notional: ~$1.6M

Intent: Bullish directional

Dual read: Synthetic long

Read-through: Near-term rally expected

USO 2026-06-24 $130.00 Call

Vol: 886

OI: 132

Vol/OI: 6.7x

IV: 47.2%

Notional: ~$87K

Intent: Bullish speculation

Dual read: Covering short call

Read-through: Expects sharp spike

Institutional Positioning

Call additions: Long-dated OTM calls: Sep $135C (3,186 vol), Jul $100C (766), Jun $130C (886)

Put additions: Heavy puts at $117 (4,424 vol combined), $90P (1,053 vol), $115P (571 vol)

GEX/DEX consistency: GEX -$51M (short gamma) vs DEX +37.7M (long delta) - mixed, instability risk

OI clusters: Put OI cluster 31.8k at ~17.5% below spot; call OI thin

Hedging evidence: Put flow suggests downside hedging; call flow speculative upside bets

Max pain context: Spot below MP; potential pin up but bearish flow counters

Signal vs Noise

~High vol/OI puts at $117 and $90 are real hedging flow

~Long-dated OTM calls ($135C, $100C) signal upside speculation

~Low-volume, low-OI puts like $95P and $107P are noise

Key Conclusions

🛡️Heavy put flow at $117 signals institutional hedging

⚡Negative gamma amplifies moves; risk of sharp volatility

🎯Spot below max pain; potential pin up to MP but mixed positioning

How to Use These Reports

This flow reflects the market close on June 15, 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.