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USO

United States Oil FundClose $105.48EOD only

Max Pain

$109.00

Next expiry Jul 1, 2026

Expected Move

±$3.72

3.5% from close

Price Gap

+3.52

Distance to max pain

IV Rank

Low premium

P/C OI

1.46

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Jun 26, 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 26, 2026 close

USO Flow Report

Analysis based on market close June 29, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.1% from MP; +1 VIX 18

Watch next session: Monitor put activity on USO for sustained bearish pressure

Flow Summary

Net premium: -$63.3M bearish

P/C volume ratio: 1.38

P/C OI ratio: 1.48

Bearish options flow with net seller premium, put/call ratios elevated, and large put prints (e.g., 95 put, 70 put). Negative GEX and spot at MP suggest downside risk. Unusual call volume on 120 call appears speculative. Bias remains bearish.

Notable Prints

USO 2026-07-10 $120.00 Call

Vol: 10,084

OI: 779

Vol/OI: 12.9x

IV: 48.3%

Notional: ~$353K

Intent: Bearish

Read-through: Spec

USO 2026-07-24 $70.00 Call

Vol: 769

OI: 101

Vol/OI: 7.6x

IV: 122.3%

Notional: ~$2.9M

Intent: Bullish

Read-through: Spec

USO 2026-07-10 $95.00 Put

Vol: 7,678

OI: 1,080

Vol/OI: 7.1x

IV: 52.2%

Notional: ~$192K

Intent: Bearish

Read-through: Hedge

USO 2026-07-24 $70.00 Put

Vol: 1,162

OI: 163

Vol/OI: 7.1x

IV: 83.0%

Notional: ~$13K

Intent: Bearish

Read-through: Spec

USO 2026-07-10 $104.00 Put

Vol: 868

OI: 163

Vol/OI: 5.3x

IV: 43.8%

Notional: ~$141K

Intent: Bearish

Read-through: Hedge

Institutional Positioning

Call additions: July10 $120C (10k vol), July24 $70C (769 vol)

Put additions: Heavy: July10 $95P (7.7k), $104P, $106P; July31 $70P, $75P

GEX/DEX consistency: GEX -$56.7M bearish, DEX +37.8M bullish – mixed; flow favors puts

OI clusters: Large put OI ~30k near $100-106; calls sparse

Hedging evidence: Put buying suggests downside hedging; OTM calls may be collars

Max pain context: Spot near MP ($106.6); pinning likely; GEX flip at $100

Signal vs Noise

~Unusual put volume on $95 and $120 strikes is real signal

~Negative net premium (-$63M) confirms bearish flow

~Put/call OI ratio 1.48 indicates institutional hedging

~GEX negative but DEX positive is conflicting signal to watch

~High VIX (17.65) supports elevated options activity

~Regime: high vol, trending, bearish flow, spot at MP

Key Conclusions

🐻Institutions piling into puts; heavy downside protection at $95-$106

⚠️GEX negative with spot at MP may trigger gamma squeeze if break above MP

📊Dealer long delta (DEX +37.8M) offers support, but flows bearish

How to Use These Reports

This flow reflects the market close on June 29, 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.