USO Options History — May 2025

In May 2025, USO traded between $62.36 and $69.66. ATM implied volatility averaged 36.7%, placing in the 48.5% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded below realized volatility by 0.1% (HV 20d: 36.7%). Max pain ranged from $64.00 to $72.00. Net GEX was positive for 14 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 1.37.

Notable Days

  • 2025-05-12: Highest Volume — 91,859 contracts
  • 2025-05-05: Largest IV drop — 19.1% change
  • 2025-05-01: Highest IV Rank — 83.6%
  • 2025-05-02: Largest Expected Move — 15.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$66.77$62.36$69.66$64.53$67.13
Max Pain$66.05$64.00$72.00$72.00$67.00
ATM IV36.7%31.7%48.0%48.0%36.2%
Expected Move10.4%9.0%15.0%14.4%10.5%
HV 20d36.7%27.7%55.3%55.3%27.7%
HV 60d38.7%37.5%39.6%37.6%38.0%
IV Rank48.5%33.0%83.6%83.6%47.1%
IV Percentile79.7%65.1%97.6%97.6%79.8%
Term Structure-0.5%-2.2%0.7%-2.1%-0.1%
VWIV37.3%33.2%53.2%52.0%37.3%
Skew 25d5.8%3.7%12.4%12.4%4.8%
Skew 10d10.1%3.1%22.0%22.0%9.9%
Call IV 25d34.7%29.8%43.4%43.0%34.8%
Put IV 25d40.5%34.8%55.4%55.4%39.6%
Bid-Ask Spread %14.277.4427.9926.587.44
Gamma HHI0.090.060.230.070.12
Net GEX2.4M-18.6M16.7M-10.0M15.0M
Net DEX-30.6M-372.4M460.2M306.5M-99.7M
Net VEX-2.6M-2.9M-2.1M-2.3M-2.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.370.423.000.912.56
Total Volume46,177.38111,16891,85984,74848,423
Total OI417,663.81333,857506,335381,901390,863

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-05-01$64.53$72.0048.0%14.4%55.3%83.6%52.0%12.4%-2.1%-10.0M306.5M-2.3M0.9126.5844,33140,417193,533188,368
2025-05-02$63.91$71.0047.5%15.0%49.9%81.8%53.2%11.0%-1.8%-138.8K343.4M-2.5M1.1120.9932,36236,000229,930212,057
2025-05-05$62.36$64.0038.4%11.0%46.5%53.8%39.9%8.2%0.2%-18.6M460.2M-2.1M1.7017.5522,95738,988242,296219,073
2025-05-06$64.60$64.0038.0%10.6%47.4%52.5%36.3%5.5%0.5%-6.2M231.0M-2.3M0.9013.5432,04328,723254,118221,400
2025-05-07$63.53$64.0039.0%10.7%44.4%55.8%35.6%7.1%-1.0%-9.9M355.5M-2.2M1.7416.5825,15043,709256,755232,511
2025-05-08$65.57$64.0038.6%10.2%36.4%54.5%35.8%3.7%-1.1%4.8M92.8M-2.4M0.8527.9927,24423,284249,780245,755
2025-05-09$66.63$64.0035.9%9.9%33.6%46.0%34.8%5.4%-0.4%9.2M-69.7M-2.5M0.4214.8643,00117,854256,121250,214
2025-05-12$67.52$64.0034.9%9.4%33.0%43.1%34.0%5.9%-2.2%9.5M-105.7M-2.5M0.9416.2847,46744,392253,943184,047
2025-05-13$69.66$64.0033.7%9.3%34.7%39.2%33.2%5.1%-0.8%16.7M-372.4M-2.8M1.2117.4624,65629,774245,789198,040
2025-05-14$68.75$64.0033.8%9.4%35.1%39.5%33.9%4.8%-1.0%12.9M-246.5M-2.9M3.0014.827,05521,200255,165220,680
2025-05-15$67.48$64.0034.9%9.9%35.3%43.1%36.6%6.3%-0.3%2.8M-99.0M-2.8M2.8211.9611,06931,243250,042206,886
2025-05-16$68.18$65.0034.6%9.7%34.1%42.0%33.2%5.4%-1.0%-14.2M-227.7M-2.8M2.4712.577,68619,013250,560205,209
2025-05-19$68.32$67.0033.4%9.5%33.8%38.3%35.4%6.2%0.2%6.6M-179.1M-2.7M1.0810.828,0598,682190,070143,787
2025-05-20$68.63$67.0031.7%9.0%33.5%33.0%34.7%5.1%0.7%9.1M-208.0M-2.7M0.969.687,1426,838194,257147,937
2025-05-21$67.88$67.0033.3%9.5%32.9%37.9%35.3%4.6%0.4%4.9M-149.2M-2.7M0.6711.3211,2547,593198,663151,308
2025-05-22$67.25$67.0035.4%10.2%33.0%44.7%37.5%3.8%0.5%3.9M-102.6M-2.7M0.8110.6811,4129,257198,083148,750
2025-05-23$67.97$67.0036.2%10.4%33.1%47.1%35.6%4.4%-0.2%14.4M-157.8M-2.7M0.917.6325,77023,394203,073150,414
2025-05-27$67.23$67.0036.4%10.4%32.7%47.7%35.6%4.5%-0.1%8.7M-125.6M-2.6M1.2710.9921,77427,650212,988145,014
2025-05-28$67.84$67.0035.4%10.2%31.2%44.6%38.2%4.1%-0.7%-18.2M-171.8M-2.6M1.198.9519,07522,616215,998169,636
2025-05-29$67.25$67.0034.8%10.0%28.1%42.6%35.6%3.9%0.0%9.6M-117.7M-2.6M1.1611.045,1686,000216,596171,231
2025-05-30$67.13$67.0036.2%10.5%27.7%47.1%37.3%4.8%-0.1%15.0M-99.7M-2.6M2.567.4413,58934,834217,359173,504