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USO

United States Oil FundClose $109.31EOD only

Max Pain

$115.00

Next expiry Jun 26, 2026

Expected Move

±$2.16

2.0% from close

Price Gap

+5.69

Distance to max pain

IV Rank

Low premium

P/C OI

1.49

Slightly put-heavy

Consensus

8.0/10

Bearish tilt

Published snapshot: Jun 25, 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 25, 2026 close

USO Flow Report

Analysis based on market close June 26, 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 5.8% from MP; +0.5 VIX 18

Watch next session: Monitor spot relative to gamma flip $100 and 105 strike for reversal.

Flow Summary

Net premium: -$92.3M bearish

P/C volume ratio: 1.24

P/C OI ratio: 1.46

Heavy put flow and negative GEX signal downside pressure. Call volume at 105 may act as resistance but spot below MP supports bearish bias.

Notable Prints

USO 2026-06-26 $107.00 Call

Vol: 4,474

OI: 320

Vol/OI: 14.0x

IV: 16.8%

Notional: ~$4K

Intent: Closing worthless

Dual read: Speculative opening

Read-through: Bearish omen

USO 2026-08-21 $125.00 Call

Vol: 3,867

OI: 342

Vol/OI: 11.3x

IV: 48.6%

Notional: ~$812K

Intent: Speculative long shot

Dual read: Dealer hedging

Read-through: Extreme bearish

USO 2026-06-26 $105.00 Call

Vol: 4,892

OI: 553

Vol/OI: 8.8x

IV: 23.4%

Notional: ~$259K

Intent: Closing OTM

Dual read: Rolling

Read-through: Neutral

USO 2026-07-01 $105.00 Call

Vol: 878

OI: 140

Vol/OI: 6.3x

IV: 37.2%

Notional: ~$187K

Intent: Opening bullish

Dual read: Gamma play

Read-through: Contrarian

USO 2026-07-31 $104.00 Put

Vol: 570

OI: 111

Vol/OI: 5.1x

IV: 44.3%

Notional: ~$279K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Aggressive OTM call buying: $107C (4474 vol, 14x OI), $105C (4892 vol, 8.8x OI), $125C Aug (3867 vol, 11.3x OI)

Put additions: Put buying at $104 across expirations (total OI ~30k) suggests downside hedging

GEX/DEX consistency: GEX -$77.9M (bearish flow) but DEX +38M (long gamma) indicates mixed dealer positioning

OI clusters: Put OI concentrated ~$104 (30k OI, 5.2% below spot); call OI clusters at $105 (3.6k OI July 17)

Hedging evidence: Large put OI at $104 suggests protective puts against oil decline

Max pain context: Spot below MP; max pain likely higher; pinning possible near $105

Signal vs Noise

~Signal: Heavy OTM call buying (vol/oi 14x, 11x, 8.8x) indicates speculative or hedging demand

~Signal: Put OI concentration at $104 with active put buying shows downside protection

~Signal: Net premium -$92M and put/call ratio >1 reflect bearish sentiment

~Noise: Low-volume prints (e.g., $70 put vol 526) may be negligible

Key Conclusions

🔥Aggressive OTM call buying suggests upside bets despite bearish flow

🛡️Large put OI at $104 indicates hedging, limiting downside risk

⚠️GEX negative with spot below MP could fuel gamma move if spot rises

How to Use These Reports

This flow reflects the market close on June 26, 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.