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USO

United States Oil FundClose $115.47EOD only

Max Pain

$129.00

Next expiry Jun 17, 2026

Expected Move

±$2.68

2.3% from close

Price Gap

+13.53

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 16, 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 16, 2026 close

USO Flow Report

Analysis based on market close June 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 8.6% from MP; +0.5 VIX 18

Watch next session: USO 115 Put; USO 114 Put; USO 100 Put (weekly)

Flow Summary

Net premium: -$67.6M bearish

P/C volume ratio: 1.27

P/C OI ratio: 1.56

Large net negative premium and elevated put/call ratios indicate aggressive hedging. Unusual prints show concentrated short-dated put buying, especially at 114-115 strikes, with a notable weekly 100P. GEX of -$79.7M confirms dealers short gamma, amplifying downside. Bias is bearish.

Notable Prints

USO 2026-06-17 $117.00 Call

Vol: 1,591

OI: 173

Vol/OI: 9.2x

IV: 22.3%

Notional: ~$2K

Intent: Speculative long call

Read-through: Low conviction bearish hedge

USO 2026-06-17 $119.00 Call

Vol: 1,575

OI: 188

Vol/OI: 8.4x

IV: 35.2%

Notional: ~$2K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

USO 2026-06-17 $113.00 Put

Vol: 2,717

OI: 362

Vol/OI: 7.5x

IV: 11.7%

Notional: ~$3K

Intent: Speculative put buying

Dual read: Protective put

Read-through: Bearish sentiment

USO 2026-06-17 $118.00 Call

Vol: 876

OI: 141

Vol/OI: 6.2x

IV: 32.0%

Notional: ~$876

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

USO 2026-06-17 $116.00 Put

Vol: 591

OI: 134

Vol/OI: 4.4x

IV: 40.2%

Notional: ~$98K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: OTM calls 117-119C vol high but OI low; speculative

Put additions: ITM/ATM puts 115P (4699 vol), 114P (3192 vol); hedging flow

GEX/DEX consistency: GEX -79.7M, DEX +44.8M shares; bearish alignment

OI clusters: Put OI heavy at 115 (1402), 114 (874), 100 (1754); call OI thin

Hedging evidence: Concentrated put buying ITM 115P and ATM 114P; likely hedges

Max pain context: Spot ~114.3 below MP; put/call OI ratio 1.56; max pain lower

Signal vs Noise

~OTM call high vol/OI (117C 9.2x, 119C 8.4x) is noise; retail speculation

~Put vol spikes on 115P and 114P are real hedging signals

~Net premium -$67.6M and put/call ratio >1 confirm bearish flow

~VIX 18.44 elevated; spot below gamma flip 100 signals downside risk

Key Conclusions

🐻Institutions accumulating puts; dealers short gamma, bias bearish

⚠️OTM call prints noise; ignore high vol/OI

📉Gamma flip at $100; spot break below could accelerate

How to Use These Reports

This flow reflects the market close on June 17, 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.