United States 12 Month Oil Fund (USL) Options Greeks
Options Greeks measure sensitivity to various factors: Delta (price), Gamma (delta change), Theta (time decay), and Vega (volatility). They are essential for risk management and position sizing.
United States 12 Month Oil Fund (USL) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $49.2M, listed on AMEX, carrying a beta of 1.38 to the broader market. The United States 12 Month Oil Fund, LP (USL) is an exchange-traded security that is designed to track the daily price movements of West Texas Intermediate ("WTI") light, sweet crude oil. public since 2007-12-06.
Snapshot as of May 15, 2026.
- Spot Price
- $55.30
- Net Gamma
- $64.4K
- Net Delta
- -$2.9M
- Net Vega
- -$6.9K
- ATM IV
- 50.1%
- Gamma Concentration
- 0.21
As of May 15, 2026, United States 12 Month Oil Fund (USL) aggregate Greeks are net delta -$2.9M, net gamma $64.4K, net vega -$6.9K, ATM IV 50.1%. Gamma concentration is 0.21: gamma is more dispersed, reducing any single-strike pinning force. Delta measures directional exposure, gamma measures the rate of delta change, and vega measures sensitivity to implied volatility. Net aggregate Greeks summarize the total dealer book across all strikes and expirations.
How USL options greeks Data Feeds Strategy Selection
Strategy selection on United States 12 Month Oil Fund options does not derive from any single metric in isolation. The options greeks view above sits inside a broader read: ATM IV currently sits at 50.1% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the options greeks data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
Learn how options Greeks is reported and how to read the data →
Frequently asked USL options greeks questions
- What are the USL aggregate Greek exposures?
- As of May 15, 2026, United States 12 Month Oil Fund (USL) snapshot Greeks are net delta -$2.9M, net gamma $64.4K, net vega -$6.9K. These aggregate the dealer book across all listed strikes and expirations under the standard customer-versus-dealer sign convention.
- What does the USL net dealer delta tell us?
- Net dealer delta of -$2.9M represents the directional exposure dealers carry from their option inventory. Dealers continuously hedge this exposure with stock, futures, or correlated instruments, so the size of net delta is also the size of hedge flow that will execute as spot moves.
- How do USL Greeks inform hedging?
- Delta tracks first-order directional exposure; gamma tracks how quickly delta changes; vega tracks IV sensitivity. Aggregated dealer Greeks let traders read the dealer-positioning regime: long-gamma regimes mean-revert moves; short-gamma regimes amplify them. Vega exposure indicates how dealer P&L responds to vol shocks and hence the direction of vol-shock hedging flows.