USO Options History — June 2023

In June 2023, USO traded between $60.30 and $64.97. ATM implied volatility averaged 33.4%, placing in the 15.2% IV rank vs the trailing year. The 30-day expected move averaged 9.6%. IV traded below realized volatility by 0.7% (HV 20d: 34.1%). Max pain ranged from $65.00 to $65.00. Net GEX was positive for 17 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 0.86.

Notable Days

2023-06-12: Highest Volume — 100,289 contracts
2023-06-13: Largest IV drop — 14.2% change
2023-06-02: Highest IV Rank — 36.8%
2023-06-02: Largest Expected Move — 11.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$63.07	$60.30	$64.97	$62.53	$63.50
Max Pain	$65.00	$65.00	$65.00	$65.00	$65.00
ATM IV	33.4%	30.5%	38.3%	37.9%	31.0%
Expected Move	9.6%	8.7%	11.9%	11.5%	8.7%
HV 20d	34.1%	30.5%	37.8%	33.5%	32.3%
HV 60d	35.5%	33.4%	36.7%	36.4%	33.4%
IV Rank	15.2%	2.3%	36.8%	35.3%	4.6%
IV Percentile	11.6%	0.4%	32.1%	30.6%	1.2%
Term Structure	0.2%	-0.6%	1.6%	-0.2%	0.1%
VWIV	34.0%	29.9%	42.0%	40.1%	34.3%
Skew 25d	4.6%	3.8%	6.6%	5.0%	4.0%
Skew 10d	8.9%	4.4%	15.0%	9.6%	7.3%
Call IV 25d	31.8%	28.8%	38.0%	36.2%	28.8%
Put IV 25d	36.5%	32.8%	44.7%	41.2%	32.8%
Bid-Ask Spread %	43.06	24.76	60.76	24.76	43.75
Gamma HHI	0.12	0.07	0.22	0.22	0.14
Net GEX	12.9M	-10.0M	37.6M	-5.4M	24.2M
Net DEX	5.8M	-338.6M	437.2M	248.2M	-119.8M
Net VEX	-3.8M	-4.5M	-3.3M	-3.6M	-3.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.86	0.18	1.62	1.16	1.26
Total Volume	38,025.524	16,537	100,289	32,027	26,984
Total OI	562,915.238	516,791	618,630	583,602	570,639

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2023-06-01	$62.53	$65.00	37.9%	11.5%	33.5%	35.3%	40.1%	5.0%	-0.2%	-5.4M	248.2M	-3.6M	1.16	24.76	14,838	17,189	338,359	245,243
2023-06-02	$64.13	$65.00	38.3%	11.9%	34.5%	36.8%	42.0%	5.3%	-0.6%	37.6M	-82.9M	-3.7M	0.40	31.30	32,867	13,049	343,009	235,614
2023-06-05	$64.13	$65.00	35.2%	10.0%	31.2%	23.2%	33.3%	5.1%	1.1%	21.5M	-28.2M	-3.5M	0.34	46.12	35,148	12,118	327,414	213,673
2023-06-06	$63.81	$65.00	33.9%	9.6%	30.5%	17.7%	31.8%	4.8%	0.4%	16.0M	39.0M	-3.3M	0.26	54.41	27,184	7,109	322,220	211,621
2023-06-07	$64.66	$65.00	32.5%	9.1%	30.7%	11.2%	31.3%	5.5%	0.1%	24.5M	-84.4M	-3.4M	1.50	56.28	25,702	38,425	329,218	213,515
2023-06-08	$63.52	$65.00	32.6%	9.2%	31.2%	11.8%	30.5%	4.7%	-0.2%	8.6M	84.4M	-3.6M	0.63	60.76	30,657	19,164	339,502	235,327
2023-06-09	$62.89	$65.00	32.0%	9.1%	30.6%	9.1%	29.9%	5.0%	0.7%	-1.1M	186.9M	-3.7M	0.18	52.85	30,885	5,676	345,324	262,395
2023-06-12	$60.30	$65.00	35.5%	10.1%	33.5%	24.6%	33.6%	5.3%	-0.0%	-10.0M	437.2M	-3.3M	0.46	27.15	68,596	31,693	318,244	245,159
2023-06-13	$62.16	$65.00	30.5%	9.7%	35.1%	2.3%	33.2%	6.6%	1.6%	2.6M	119.1M	-3.7M	1.60	55.06	15,128	24,198	342,933	242,255
2023-06-14	$61.81	$65.00	33.0%	9.5%	35.1%	13.5%	33.6%	4.2%	0.2%	-1.1M	185.2M	-3.5M	0.28	39.21	54,411	15,340	342,674	237,150
2023-06-15	$63.47	$65.00	32.6%	9.4%	34.6%	11.9%	32.9%	4.5%	0.1%	15.0M	-167.6M	-4.4M	0.85	32.96	26,934	22,842	372,916	236,015
2023-06-16	$64.38	$65.00	31.6%	9.1%	34.9%	7.2%	31.3%	4.1%	0.1%	23.3M	-338.6M	-4.5M	0.42	32.67	14,237	6,021	377,637	240,993
2023-06-20	$63.92	$65.00	32.2%	9.2%	35.0%	10.0%	32.8%	3.8%	-0.3%	18.2M	-173.3M	-4.3M	1.24	43.14	7,367	9,170	309,667	207,124
2023-06-21	$64.97	$65.00	31.3%	9.0%	35.4%	6.1%	34.1%	4.0%	-0.0%	23.1M	-296.4M	-4.3M	1.43	46.62	8,677	12,427	312,249	212,465
2023-06-22	$62.42	$65.00	33.0%	9.4%	37.8%	13.5%	34.3%	4.5%	0.3%	9.4M	29.1M	-4.1M	1.23	46.50	13,810	17,031	314,969	218,436
2023-06-23	$62.47	$65.00	32.8%	9.4%	37.5%	12.7%	36.1%	4.1%	0.3%	12.0M	28.1M	-4.1M	0.84	47.83	15,850	13,378	320,745	226,044
2023-06-26	$62.69	$65.00	33.9%	9.7%	36.7%	17.3%	37.7%	4.4%	-0.1%	12.4M	-14.9M	-4.1M	1.62	45.38	7,817	12,693	313,445	225,593
2023-06-27	$61.28	$65.00	35.3%	10.0%	37.1%	23.6%	35.4%	4.1%	-0.4%	5.9M	139.0M	-3.9M	0.89	47.38	12,829	11,398	317,500	225,439
2023-06-28	$62.59	$65.00	33.7%	9.5%	35.1%	16.4%	34.1%	4.1%	-0.2%	15.5M	-20.6M	-4.0M	0.78	30.12	9,739	7,621	327,007	234,587
2023-06-29	$62.91	$65.00	32.2%	9.1%	33.8%	9.8%	31.8%	4.1%	0.4%	19.1M	-48.1M	-4.0M	0.58	39.91	14,106	8,228	329,015	237,886
2023-06-30	$63.50	$65.00	31.0%	8.7%	32.3%	4.6%	34.3%	4.0%	0.1%	24.2M	-119.8M	-3.9M	1.26	43.75	11,965	15,019	330,074	240,565