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USO

United States Oil FundClose $106.29EOD only

Max Pain

$120.00

Next expiry Jun 26, 2026

Expected Move

±$1.43

1.4% from close

Price Gap

+13.71

Distance to max pain

IV Rank

Low premium

P/C OI

1.54

Slightly put-heavy

Consensus

4.5/10

Downside lean

Published snapshot: Jun 24, 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 24, 2026 close

USO Flow Report

Analysis based on market close June 25, 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 $100 support; Track put activity

Flow Summary

Net premium: -$67.5M bearish

P/C volume ratio: 1.46

P/C OI ratio: 1.49

Dominant bearish flow: net premium -$67.5M, put/call ratios >1.46, heavy put buying at 105, 80 strikes. Spot below gamma flip $100. Unusual OTM puts signal downside hedging. Resistance at $115 from call activity.

Notable Prints

USO 2026-07-17 $122.00 Call

Vol: 2,025

OI: 346

Vol/OI: 5.8x

IV: 49.3%

Notional: ~$259K

Intent: Sell

Read-through: Bear

USO 2026-07-10 $105.00 Put

Vol: 2,563

OI: 481

Vol/OI: 5.3x

IV: 45.0%

Notional: ~$500K

Intent: Buy

Read-through: Bear

USO 2026-07-31 $80.00 Put

Vol: 948

OI: 194

Vol/OI: 4.9x

IV: 57.6%

Notional: ~$35K

Intent: Buy

Read-through: Hedge

USO 2026-06-26 $113.00 Call

Vol: 2,010

OI: 472

Vol/OI: 4.3x

IV: 39.1%

Notional: ~$40K

Intent: Sell

Read-through: Bear

USO 2026-06-26 $111.00 Call

Vol: 658

OI: 192

Vol/OI: 3.4x

IV: 38.7%

Notional: ~$33K

Intent: Sell

Read-through: Bear

Institutional Positioning

Call additions: Aggressive OTM calls: 122C, 113C, 111C (6/26 expiry), 300C (2027); deep ITM 80C likely hedging.

Put additions: Bearish puts: 105P (7/10), 80P (7/31), deep OTM 160P (7/10).

GEX/DEX consistency: Negative GEX (-$51.5M) consistent with bearish flow; positive DEX (+36.4M shares) suggests long delta hedging.

OI clusters: 110C OI 1158, 113C OI 472, 105P OI 481; likely pin near $110-115.

Hedging evidence: Deep ITM 80C and far OTM 300C indicate upside hedging; put buying confirms downside protection.

Max pain context: Spot below MP; expected pin near $113 (largest OI cluster).

Signal vs Noise

~Signal: 122C vol/oi 5.8, 105P vol/oi 5.3, 80P vol/oi 4.9, 113C vol/oi 4.3, 111C vol/oi 3.4 (6/26) – all high conviction.

~Noise: 300C vol/oi 3.2 (far OTM, low OI), 160P vol/oi 3.0 (deep OTM, likely noise).

Key Conclusions

⚠️Net premium negative $67.5M, put/call ratio >1.4, bearish regime – institutions hedging downside aggressively.

🔼Unusual 122C and 113C call buying suggests speculative upside bets despite overall bearish flow.

⚪Negative GEX implies dealer hedging could amplify moves; spot below MP increases pin risk near $110-115.

How to Use These Reports

This flow reflects the market close on June 25, 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.