USO Options History — July 2025

In July 2025, USO traded between $73.90 and $80.87. ATM implied volatility averaged 30.4%, placing in the 21.2% IV rank vs the trailing year. The 30-day expected move averaged 8.8%. IV traded below realized volatility by 7.9% (HV 20d: 38.3%). Max pain ranged from $73.00 to $77.00. Net GEX was positive for 8 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 1.62.

Notable Days

  • 2025-07-14: Highest Volume — 75,919 contracts
  • 2025-07-29: Largest IV spike — 19.8% change
  • 2025-07-29: Highest IV Rank — 33.8%
  • 2025-07-30: Largest Expected Move — 10.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$76.40$73.90$80.87$73.90$79.57
Max Pain$76.05$73.00$77.00$73.00$77.00
ATM IV30.4%27.2%35.9%32.3%33.1%
Expected Move8.8%7.8%10.6%8.9%10.3%
HV 20d38.3%19.1%51.3%50.5%25.0%
HV 60d37.8%35.6%44.2%44.2%35.8%
IV Rank21.2%14.0%33.8%25.5%27.3%
IV Percentile44.4%20.6%75.8%58.3%60.3%
Term Structure-0.2%-8.7%3.3%0.8%-0.5%
VWIV32.2%27.7%38.0%32.7%37.7%
Skew 25d-0.6%-6.2%2.3%0.3%-1.7%
Skew 10d-1.0%-9.5%5.1%-0.5%-2.3%
Call IV 25d31.8%27.5%36.9%33.4%35.3%
Put IV 25d31.2%23.6%33.7%33.6%33.6%
Bid-Ask Spread %19.3613.3737.8817.9517.84
Gamma HHI0.140.070.560.090.12
Net GEX-17.2M-106.3M20.4M-17.4M5.8M
Net DEX-123.2M-511.5M154.0M99.3M-341.2M
Net VEX-3.1M-3.6M-2.9M-3.6M-3.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.620.395.490.911.99
Total Volume38,939.22715,88875,91932,35021,252
Total OI529,695.545360,142670,469629,138390,927

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-07-01$73.90$73.0032.3%8.9%50.5%25.5%32.7%0.3%0.8%-17.4M99.3M-3.6M0.9117.9516,89615,454293,316335,822
2025-07-02$75.63$73.0033.0%9.3%51.0%27.1%37.9%-3.4%0.6%11.0M-213.9M-3.5M0.7414.8528,66421,320300,875339,818
2025-07-03$75.13$76.0032.3%9.3%50.8%25.5%36.4%-1.0%0.4%-19.1M-86.3M-3.5M1.6414.3510,37717,001295,932334,004
2025-07-07$76.56$76.0031.1%9.4%51.1%23.0%35.3%-6.2%3.3%7.8M-265.3M-3.2M0.8733.9918,12615,780280,610319,536
2025-07-08$77.13$76.0031.1%8.9%50.8%22.9%32.4%-1.5%-0.4%10.9M-321.7M-3.1M0.3913.3724,3419,607279,909325,340
2025-07-09$76.85$76.0029.8%8.5%50.8%19.9%31.2%-1.1%-0.2%13.2M-282.1M-3.0M1.2813.5527,54535,269282,968329,185
2025-07-10$75.41$76.0029.8%8.5%51.3%20.0%31.6%0.9%-0.2%-7.7M-8.0M-3.0M1.1913.4625,53830,346279,466334,738
2025-07-11$77.23$76.0032.2%9.1%49.5%25.3%33.6%-2.8%-0.3%1.5M-306.8M-3.3M0.4114.5244,88318,600285,652340,920
2025-07-14$75.73$76.0030.4%8.7%50.1%21.2%31.4%1.1%0.4%-13.8M-52.6M-3.0M0.9915.0738,22237,697285,146339,225
2025-07-15$75.31$76.0029.8%8.5%42.9%19.8%30.2%1.2%0.1%-42.4M59.8M-3.0M5.4919.886,78037,188285,795361,628
2025-07-16$75.09$76.0029.4%8.4%42.3%19.0%30.9%1.9%-0.1%-91.8M154.0M-3.0M3.2124.939,92331,835287,366383,103
2025-07-17$76.22$76.0028.3%8.1%39.0%16.5%29.4%1.6%0.3%-42.0M-149.5M-2.9M1.0416.607,8078,081283,798373,029
2025-07-18$75.94$76.0027.2%7.8%39.0%14.0%27.7%1.5%0.2%-57.5M-103.7M-3.1M2.3720.239,57822,654286,208367,874
2025-07-21$75.59$77.0027.6%7.9%38.5%14.8%27.8%-4.9%0.1%-14.1M49.7M-3.0M1.2637.8810,62913,407154,778205,364
2025-07-22$75.40$77.0027.8%8.0%29.0%15.5%29.1%2.3%0.3%-14.1M84.0M-3.0M1.6822.4415,20625,486160,931213,612
2025-07-23$75.30$77.0027.7%7.9%19.1%15.2%28.8%2.1%-0.4%-26.9M59.6M-3.1M2.6717.736,09116,284169,843221,838
2025-07-24$76.19$77.0027.7%7.9%19.4%15.2%28.0%1.1%0.4%-11.8M-55.2M-3.1M1.8215.8810,04918,256165,695217,383
2025-07-25$75.00$77.0027.6%7.8%20.4%14.9%28.1%0.7%0.4%-106.3M54.4M-3.0M1.4926.5914,13521,037168,419212,547
2025-07-28$77.00$76.0030.0%8.9%22.1%20.4%33.0%0.3%-0.1%-2.1M-155.2M-3.0M0.9216.4512,93411,942168,753207,562
2025-07-29$79.72$76.0035.9%9.9%24.8%33.8%36.5%-2.4%-8.7%17.1M-418.1M-3.0M1.8117.7520,51237,029172,680212,644
2025-07-30$80.87$77.0034.2%10.6%25.0%29.8%38.0%-2.8%-0.9%20.4M-511.5M-3.0M1.5820.6612,76020,142179,022220,041
2025-07-31$79.57$77.0033.1%10.3%25.0%27.3%37.7%-1.7%-0.5%5.8M-341.2M-3.0M1.9917.847,11614,136177,356213,571