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USO

United States Oil FundClose $112.69EOD only

Max Pain

$118.00

Next expiry Jun 24, 2026

Expected Move

±$3.85

3.4% from close

Price Gap

+5.31

Distance to max pain

IV Rank

Low premium

P/C OI

1.63

Slightly put-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: Jun 22, 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 22, 2026 close

USO Flow Report

Analysis based on market close June 23, 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; -0.5 spot 4.9% from MP; +0.5 VIX 19

Watch next session: Monitor USO at $100 support; Check put/call volume ratio

Flow Summary

Net premium: -$69.5M bearish

P/C volume ratio: 0.85

P/C OI ratio: 1.57

USO heavy put buying and negative GEX reflect bearish sentiment. Regime high vol, spot below MP. Break below $100 confirms downside; rally above $120 invalidates.

Notable Prints

USO 2026-07-02 $95.00 Put

Vol: 7,222

OI: 297

Vol/OI: 24.3x

IV: 58.8%

Notional: ~$116K

Intent: Bearish

Dual read: Tail hedge

Read-through: Cheap

USO 2026-07-02 $120.00 Call

Vol: 8,881

OI: 528

Vol/OI: 16.8x

IV: 47.9%

Notional: ~$639K

Intent: Bullish

Read-through: Bullish

USO 2026-06-24 $143.00 Put

Vol: 430

OI: 101

Vol/OI: 4.3x

IV: 178.5%

Notional: ~$1.4M

Intent: Protective

Read-through: ITM hedge

USO 2026-07-10 $160.00 Put

Vol: 300

OI: 125

Vol/OI: 2.4x

IV: 87.6%

Notional: ~$1.5M

Intent: Protective

Read-through: ITM hedge

USO 2026-06-24 $112.00 Call

Vol: 620

OI: 290

Vol/OI: 2.1x

IV: 35.9%

Notional: ~$48K

Intent: Speculative

Dual read: Short call

Read-through: Short-term

Institutional Positioning

Call additions: Large $120 call (8.9k vol), $112/$114 calls, long-dated $82/$40 calls (2027)

Put additions: Massive $95 put (7.2k vol), $143 put (430 vol, 178% IV), $160 put, $138 put (2027)

GEX/DEX consistency: GEX -$65.6M (short gamma) vs DEX +38.5M shares (long delta) – dealers hedged, mixed signal

OI clusters: Key put OI wall ~$100 (10% below spot, gamma flip level); OI ratio 1.57 puts/calls

Hedging evidence: Tail hedges via $143 put (high IV) and long-dated $138 put; long-dated calls structural

Max pain context: Spot below MP, upward pinning pressure expected toward MP ~$105-110

Signal vs Noise

~Signal: $95 put and $120 call vol spikes (24x/17x OI), $143 put tail hedge, long-dated call accumulation

~Noise: $112/$114 calls moderate vol, $160 put low relative OI, small prints in low IV options

Key Conclusions

📉Put wall building below spot suggests bearish sentiment, but heavy call buying caps downside

⚠️Negative GEX + high VIX implies sharp moves; tail hedges indicate institutional caution

How to Use These Reports

This flow reflects the market close on June 23, 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.