Add to your info... USO Relative Volume has been VERY low even with this move from 71.09 to 79+ over the last few weeks... Many times below .60 --- and a few times lower... Where is the Inst'l Buying ? Is this a Distribution Rally... ?
since it is physical deliver, i have no interest on the price in either direction. i sell cl m-w-f expiration puts, mostly delta 10 or lower, and enter long or short 6 months out contracts if the macd is changing color, 70-72 or 80-82 ish. keep this instrument simple.
short clq24 last night at 81.61 and closed premarket this morning at 81, easy 610 bucks, just one contract though because i have few short 78 puts this week.
I recently began trading a handful of commodities, including crude oil, and have become comfortable enough with the measures I'm using to want to start putting them to the test. I got confirmation about five hours ago that oil had reversed the bullish journey it initiated yesterday, so the pullback about an hour ago would have been an ideal level from which to purchase the binary option put contract(s) I bought just shortly before. Thankfully, the fuel exited the maneuver in plenty of time for the contracts to still be in-the-money at expiry.