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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 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.5% from MP; +1 VIX 17

Watch next session: $100 gamma flip; put/call OI ratio

Flow Summary

Net premium: -$73.4M bearish

P/C volume ratio: 1.25

P/C OI ratio: 1.63

USO flow bearish: negative gamma, high put OI, net premium -$73M. Notable deep OTM calls hint at speculative activity. Downside risk persists with spot below MP.

Notable Prints

USO 2027-03-19 $200.00 Call

Vol: 3,581

OI: 408

Vol/OI: 8.8x

IV: 47.0%

Notional: ~$662K

Intent: Bullish speculation

Read-through: Expects long-term oil surge

USO 2026-06-26 $121.00 Call

Vol: 1,643

OI: 216

Vol/OI: 7.6x

IV: 54.0%

Notional: ~$76K

Intent: Short-term bullish bet

Read-through: Anticipates near-term rally

USO 2026-06-26 $116.00 Call

Vol: 1,651

OI: 302

Vol/OI: 5.5x

IV: 51.9%

Notional: ~$229K

Intent: Same expiration bullish

Read-through: Reinforces near-term bullishness

USO 2026-12-18 $106.00 Put

Vol: 1,903

OI: 473

Vol/OI: 4.0x

IV: 39.5%

Notional: ~$1.7M

Intent: Bearish hedge or speculation

Dual read: Possible put spread

Read-through: Expects decline by Dec

USO 2026-07-01 $130.00 Call

Vol: 518

OI: 134

Vol/OI: 3.9x

IV: 58.8%

Notional: ~$15K

Intent: Speculative bullish

Read-through: Hopeful for July rally

Institutional Positioning

Call additions: Long-dated calls at $200; near-dated at $116-132.

Put additions: Put adds at $106 (Dec26) and $101 (Sep26).

GEX/DEX consistency: GEX negative, DEX positive – mixed, short gamma with long delta.

OI clusters: Call OI: $200, $130. Put OI: $106, $101.

Hedging evidence: Puts at $106, $101 for downside; ITM call $85 as synthetic.

Max pain context: Spot below MP; pinning expected near $112-115.

Signal vs Noise

~Long-dated $200 calls are real bullish signal.

~Short-dated call flow at $116-132 may be noise.

~Put buying at $106 reflects institutional hedging.

Key Conclusions

🛢️Long-dated call buying at $200 bullish; near-term put protection dominates.

⚠️Spot below MP and negative GEX favor downside pinning near $112.

How to Use These Reports

This flow reflects the market close on June 22, 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.