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USO

United States Oil FundClose $111.26EOD only

Max Pain

$117.00

Next expiry Jun 24, 2026

Expected Move

±$2.35

2.1% from close

Price Gap

+5.74

Distance to max pain

IV Rank

Low premium

P/C OI

1.57

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Jun 23, 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 23, 2026 close

USO Flow Report

Analysis based on market close June 24, 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 8.4% from MP; +0.5 VIX 19

Watch next session: $100 (gamma flip); $103 support

Flow Summary

Net premium: -$99.0M bearish

P/C volume ratio: 1.16

P/C OI ratio: 1.54

High vol regime with heavy put demand and negative GEX suggests bearish bias. Spot below max pain; dealer short gamma may accelerate downside.

Notable Prints

USO 2026-06-24 $106.00 Call

Vol: 1,040

OI: 116

Vol/OI: 9.0x

IV: 12.7%

Notional: ~$31K

Intent: Closing short calls

Read-through: High vol/oi, low IV, expiring today

USO 2026-06-26 $103.00 Put

Vol: 1,686

OI: 321

Vol/OI: 5.2x

IV: 45.7%

Notional: ~$94K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

USO 2026-06-24 $106.00 Put

Vol: 1,893

OI: 407

Vol/OI: 4.7x

IV: 6.9%

Notional: ~$6K

Intent: Closing long puts

Read-through: High vol/oi, very low IV, expiring

USO 2026-08-21 $105.00 Put

Vol: 401

OI: 102

Vol/OI: 3.9x

IV: 42.1%

Notional: ~$241K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

USO 2026-07-02 $110.00 Call

Vol: 2,668

OI: 777

Vol/OI: 3.4x

IV: 48.2%

Notional: ~$384K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: 106C, 110C, 120C

Put additions: 103P, 106P, 107P, 108P, 105P, 160P

GEX/DEX consistency: GEX -85.3M bearish, DEX +41.3M bullish - mixed

OI clusters: Largest put OI near 100-105, call OI at higher strikes

Hedging evidence: Put buying across strikes suggests hedging/downside protection

Max pain context: Spot below gamma flip (100) and likely MP, pinning potential

Signal vs Noise

~High put/call OI ratio (1.54) may reflect stale positions

~Unusual print volumes indicate fresh positioning in both directions

Key Conclusions

⚠️Mixed flow: net premium -99M, but large call buying at 110/120C signals bullish bets

📉Heavy put accumulation at 103-108P suggests downside hedging ahead of OPEC?

🔄GEX -85M vs DEX +41M shows dealer hedging conflict; gamma flip at 100 key

How to Use These Reports

This flow reflects the market close on June 24, 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.