USO Options History — December 2025

In December 2025, USO traded between $66.20 and $71.95. ATM implied volatility averaged 28.7%, placing in the 17.3% IV rank vs the trailing year. The 30-day expected move averaged 8.3%. IV traded above realized volatility by 4.2% (HV 20d: 24.4%). Max pain ranged from $65.00 to $73.00. Net GEX was positive for 8 of 22 trading days. Term structure was in contango for 21 of 22 days. Put/call ratio averaged 0.98.

Notable Days

  • 2025-12-10: Highest Volume — 92,357 contracts
  • 2025-12-15: Largest IV spike — 9.9% change
  • 2025-12-16: Highest IV Rank — 22.5%
  • 2025-12-02: Largest Expected Move — 9.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$69.49$66.20$71.95$71.20$69.16
Max Pain$66.09$65.00$73.00$73.00$65.00
ATM IV28.7%25.8%30.9%29.7%28.1%
Expected Move8.3%7.5%9.0%8.9%7.8%
HV 20d24.4%21.2%26.3%24.7%25.3%
HV 60d26.2%25.7%27.0%26.1%26.3%
IV Rank17.3%10.9%22.5%19.6%16.0%
IV Percentile35.3%7.1%62.3%46.4%25.4%
Term Structure0.8%-0.0%1.7%1.1%0.6%
VWIV30.3%27.1%32.8%31.4%28.7%
Skew 25d1.3%-0.1%2.8%1.6%0.4%
Skew 10d3.6%0.4%6.6%5.6%1.4%
Call IV 25d29.1%25.3%31.4%29.8%29.1%
Put IV 25d30.5%27.4%33.5%31.4%29.5%
Bid-Ask Spread %17.2311.9625.5916.1414.97
Gamma HHI0.100.070.190.120.08
Net GEX-8.9M-40.0M11.6M-7.6M7.6M
Net DEX176.7M-225.3M713.6M-10.9M-62.5M
Net VEX-2.2M-2.4M-1.9M-2.4M-1.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.980.253.380.942.09
Total Volume41,916.68215,44492,35717,78740,563
Total OI414,072.545326,413538,567376,595335,339

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-12-01$71.20$73.0029.7%8.9%24.7%19.6%31.4%1.6%1.1%-7.6M-10.9M-2.4M0.9416.149,1528,635194,579182,016
2025-12-02$70.16$73.0030.1%9.0%25.1%20.5%32.8%2.2%1.0%-15.8M104.6M-2.3M1.0517.8411,25011,818198,522187,805
2025-12-03$70.63$73.0028.1%8.2%25.1%16.0%30.3%2.0%1.0%-20.6M63.3M-2.3M1.3320.4718,14124,056201,204192,228
2025-12-04$71.32$65.0027.5%8.4%24.9%14.7%30.4%1.0%1.7%-16.9M-13.7M-2.2M0.8920.1711,1139,938195,692189,279
2025-12-05$71.95$65.0026.8%8.2%25.1%13.0%29.0%0.8%1.4%-11.7M-86.9M-2.3M3.3817.0819,50665,941197,257192,915
2025-12-08$70.41$65.0028.2%8.4%26.3%16.3%30.2%1.7%1.0%-37.0M318.8M-2.3M1.0115.6415,08415,230193,504228,120
2025-12-09$69.91$65.0027.5%8.0%26.3%14.7%29.3%2.0%0.2%-38.4M395.9M-2.2M0.8317.3128,40223,544197,107235,526
2025-12-10$70.59$65.0027.6%7.9%25.9%14.8%28.0%1.4%-0.0%-40.0M293.7M-2.3M0.2515.0973,76018,597199,530236,509
2025-12-11$69.23$65.0027.0%7.9%22.3%13.7%28.2%2.6%0.8%-20.0M429.8M-2.2M0.6517.5923,37515,088240,714234,818
2025-12-12$68.84$65.0025.8%7.5%22.3%10.9%27.1%2.7%0.3%-12.2M490.7M-2.2M0.6620.4425,75416,962247,125239,044
2025-12-15$67.93$65.0028.4%8.2%21.2%16.7%30.5%2.6%1.0%-11.7M572.2M-2.0M0.6320.0126,45516,585244,664234,042
2025-12-16$66.20$65.0030.9%8.9%22.7%22.5%32.6%2.8%0.5%-11.1M713.6M-2.1M1.2119.2231,56138,259259,992243,031
2025-12-17$67.94$65.0030.3%8.7%24.1%21.2%32.1%1.9%0.1%-8.8M484.0M-2.3M0.3320.1644,35814,715270,077246,460
2025-12-18$67.19$65.0028.7%8.2%23.1%17.5%30.4%0.4%0.7%-2.6M590.7M-2.2M0.3616.7028,97810,557286,225245,401
2025-12-19$68.06$65.0029.1%8.3%23.6%18.5%30.4%0.7%0.9%8.7M502.3M-2.2M1.4517.5417,09524,768288,733249,834
2025-12-22$69.78$65.0029.2%8.2%25.0%18.7%30.8%0.3%1.0%8.6M-193.1M-2.2M0.8818.3526,60023,313187,464144,999
2025-12-23$70.28$65.0029.6%8.6%24.4%19.4%31.5%0.6%1.7%11.6M-225.3M-2.1M0.9725.5916,14815,635190,703149,780
2025-12-24$70.25$65.0029.3%8.4%23.8%18.7%29.9%-0.1%0.7%7.9M-209.7M-2.2M0.5112.1020,51210,521193,280151,745
2025-12-26$68.41$65.0029.9%8.5%25.3%20.1%32.4%0.9%0.7%2.6M-20.7M-2.1M0.8512.1617,46614,821198,023148,344
2025-12-29$69.69$65.0029.9%8.4%25.7%20.2%31.1%0.4%1.1%6.3M-122.7M-2.0M0.6311.9613,7468,721183,800142,613
2025-12-30$69.75$65.0029.0%8.0%25.7%18.1%29.7%0.4%0.5%6.2M-127.7M-1.9M0.7212.608,9756,469186,776144,777
2025-12-31$69.16$65.0028.1%7.8%25.3%16.0%28.7%0.4%0.6%7.6M-62.5M-1.9M2.0914.9713,12727,436189,258146,081