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US Oil Fund puts active as crude oil gives up earlier gains.

US Oil Fund puts active as crude oil gives up earlier gains. Crude has fallen into the red, to three-month lows, after a modest bounce attempt to start the trading week. USO, which is an ETF that tracks the commodity with futures, is off 10c to $11, down 3% from its best levels of the day. With USO now down 16.3% in the past two weeks, 38.1K Oct 12 - Dec 10.5 put spreads trade 55c Monday and the diagonal spread likely rolls long puts to December from October, down 1.5 strikes, in anticipation of further losses in shares over the next six months. Separately, 10K Jul 10.5 - 11 put spreads trade 19c and then another 10K for 19c - appears to close 20K long verticals. Jul 10.5 puts, Jul 11.5 calls, and Jan 10.5 calls are next most active in the product and total volume lopsided nearly 3:1 at 60K calls and 150K puts.

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Publication:The Fly
Date:Jun 3, 2019
Words:162
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