USO Options History — June 2025

In June 2025, USO traded between $69.31 and $83.27. ATM implied volatility averaged 40.5%, placing in the 51.2% IV rank vs the trailing year. The 30-day expected move averaged 11.6%. IV traded above realized volatility by 5.1% (HV 20d: 35.4%). Max pain ranged from $67.00 to $75.00. Net GEX was positive for 15 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 1.22.

Notable Days

  • 2025-06-13: Highest Volume — 279,381 contracts
  • 2025-06-17: Largest IV spike — 26.1% change
  • 2025-06-13: Highest IV Rank — 100.0%
  • 2025-06-17: Largest Expected Move — 18.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$74.67$69.31$83.27$69.40$73.09
Max Pain$70.60$67.00$75.00$67.00$74.00
ATM IV40.5%29.2%65.2%33.9%32.5%
Expected Move11.6%8.5%18.5%9.8%9.2%
HV 20d35.4%22.9%52.0%29.5%51.6%
HV 60d42.1%38.4%47.3%38.6%46.7%
IV Rank51.2%25.4%100.0%39.9%25.9%
IV Percentile76.0%48.4%100.0%71.4%59.1%
Term Structure-0.6%-3.5%1.3%-0.5%0.3%
VWIV42.7%31.0%66.7%37.2%33.4%
Skew 25d-5.5%-21.4%2.6%1.7%-0.7%
Skew 10d-10.6%-38.9%4.5%3.0%0.2%
Call IV 25d45.4%29.3%77.9%34.1%34.5%
Put IV 25d39.9%29.7%57.9%35.8%33.7%
Bid-Ask Spread %23.3911.6135.7914.6021.96
Gamma HHI0.080.040.320.090.08
Net GEX14.8M-19.8M72.4M16.8M-19.8M
Net DEX-513.7M-1.54B368.7M-332.8M226.4M
Net VEX-3.2M-4.3M-2.3M-2.6M-3.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.220.282.871.532.87
Total Volume102,032.3522,572279,38136,94444,496
Total OI529,174.35366,656736,816366,656627,039

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-06-02$69.40$67.0033.9%9.8%29.5%39.9%37.2%1.7%-0.5%16.8M-332.8M-2.6M1.5314.6014,60922,335214,510152,146
2025-06-03$70.01$67.0032.7%9.3%27.5%36.2%33.9%2.6%0.7%21.6M-395.2M-2.6M1.9311.618,93417,242218,752156,617
2025-06-04$69.31$67.0031.6%8.8%25.7%32.7%32.8%2.2%1.3%23.5M-301.8M-2.5M2.6720.358,84523,594223,548159,042
2025-06-05$69.95$68.0030.6%8.8%24.6%29.8%31.9%1.9%1.1%18.2M-368.4M-2.4M1.9424.647,66914,903220,598157,226
2025-06-06$71.37$68.0029.2%8.6%23.2%25.4%31.0%2.1%1.2%26.4M-524.7M-2.4M1.2829.1317,92622,886224,340166,166
2025-06-09$72.02$68.0030.0%8.5%22.9%27.7%31.1%0.1%-0.4%22.1M-542.9M-2.4M0.2828.6530,4708,514220,304152,835
2025-06-10$71.44$68.0029.5%8.5%23.0%26.3%31.1%-1.0%0.3%22.7M-512.2M-2.3M0.9330.7130,10728,022242,643153,206
2025-06-11$74.70$68.0035.8%10.3%25.5%45.6%38.2%-7.4%0.2%29.1M-818.9M-2.4M0.7919.4968,56053,875240,798157,072
2025-06-12$74.95$68.0043.2%11.2%24.8%68.6%43.5%-7.9%-0.0%27.1M-808.4M-2.7M0.4318.4461,96526,372253,048173,460
2025-06-13$80.36$68.0053.3%14.9%32.5%100.0%54.4%-18.3%-2.8%31.3M-1.26B-2.9M0.9524.62143,525135,856274,819183,555
2025-06-16$78.56$71.0051.7%14.7%34.4%94.9%55.3%-15.5%-3.5%16.4M-882.7M-3.6M0.6126.0275,06245,629300,949264,668
2025-06-17$82.19$71.0065.2%18.5%36.9%100.0%66.7%-19.9%-2.5%23.3M-1.32B-4.0M0.4535.79133,52360,245330,722297,109
2025-06-18$82.32$73.0062.2%17.8%36.9%93.4%62.9%-21.4%-1.9%72.4M-1.54B-4.3M0.7128.14122,02686,944397,913338,903
2025-06-20$83.27$74.0059.8%17.3%36.2%87.8%63.6%-18.3%-1.9%26.0M-1.50B-4.1M0.7627.6267,07550,799370,238349,070
2025-06-23$77.43$75.0047.5%14.1%46.3%59.9%53.8%-7.1%-1.0%1.2M-316.2M-4.1M0.7316.30135,67699,336301,880302,741
2025-06-24$72.93$75.0037.2%11.6%52.0%36.6%41.9%-0.7%-3.0%-19.8M368.7M-4.0M1.4918.7578,725117,064347,673340,224
2025-06-25$73.31$74.0035.6%10.1%51.7%33.2%38.1%-1.8%-0.2%-16.3M193.8M-3.9M1.5520.1236,86057,304363,543345,315
2025-06-26$73.53$74.0034.2%9.7%51.7%29.8%37.1%-0.7%0.3%-15.7M130.9M-4.0M1.2125.9116,60220,152332,506340,425
2025-06-27$73.19$74.0033.9%9.6%51.6%29.2%36.1%0.4%0.6%-9.6M224.6M-3.9M1.2524.8620,81026,110335,408352,476
2025-06-30$73.09$74.0032.5%9.2%51.6%25.9%33.4%-0.7%0.3%-19.8M226.4M-3.7M2.8721.9611,49333,003291,605335,434