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USO

United States Oil FundClose $114.87EOD only

Max Pain

$119.00

Next expiry Jun 24, 2026

Expected Move

±$5.88

5.1% from close

Price Gap

+4.13

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.57

Slightly put-heavy

Consensus

8.0/10

Bearish tilt

Published snapshot: Jun 18, 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 18, 2026 close

USO Flow Report

Analysis based on market close June 18, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.1% from MP; +1 VIX 16

Flow Summary

Net premium: -$103.7M bearish

P/C volume ratio: 2.29

P/C OI ratio: 1.57

Heavy put volume with negative net premium signals strong bearish positioning. Unusual $96 put volume (49k vs 685 OI) and elevated put/call ratios indicate downside bets. Spot near max pain, but flow remains bearish.

Notable Prints

USO 2026-06-18 $96.00 Put

Vol: 49,367

OI: 685

Vol/OI: 72.1x

IV: 121.9%

Notional: ~$49K

Intent: Close/write deep OTM

Dual read: Or open? Low premium

Read-through: High vol, bearish

USO 2026-06-24 $110.00 Call

Vol: 746

OI: 146

Vol/OI: 5.1x

IV: 58.0%

Notional: ~$431K

Intent: Short bull call

Read-through: Bullish

USO 2027-06-17 $110.00 Call

Vol: 822

OI: 165

Vol/OI: 5.0x

IV: 42.7%

Notional: ~$1.5M

Intent: Long bull LEAPS

Read-through: Bullish crude

USO 2026-06-18 $112.00 Put

Vol: 4,568

OI: 967

Vol/OI: 4.7x

IV: 32.8%

Notional: ~$5K

Intent: Exp close

Dual read: Closing

Read-through: Noise

USO 2026-06-18 $114.00 Put

Vol: 3,551

OI: 819

Vol/OI: 4.3x

IV: 11.1%

Notional: ~$4K

Intent: Exp close

Dual read: Closing

Read-through: Noise

Institutional Positioning

Call additions: Modest call adds at 110 (6/24), 115, 117, 110C 2027

Put additions: Heavy put adds at 96 (noise), 112, 114; downside hedging

GEX/DEX consistency: Consistent: neg GEX from put selling hedged via long delta (pos DEX)

OI clusters: 96P (large vol/OI), 112P, 114P, 114C

Hedging evidence: Aggressive put buying suggests protective hedging; no collars

Max pain context: Spot at MP, pinning expected; downside flow likely protective

Signal vs Noise

~Signal: Put accumulation at 112/114 reflects real hedging

~Signal: DEX positive confirms dealer hedging, not bullish conviction

~Noise: 96P volume spike (72x OI) is OTM lottery, not institutional

~Noise: Small call positions may be speculative rather than smart money

Key Conclusions

🛡️Heavy put buying at 112/114 signals hedging; spot near MP caps downside

📊GEX negative but DEX positive; structure fluid but not bearish breakdown

⚠️96P lottery volume is noise; ignore for directional view

How to Use These Reports

This flow reflects the market close on June 18, 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.