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Call option volume on the United States Oil Fund (USO), the largest ETF tracking WTI crude oil futures, surged this week. The increase in activity follows recent escalations in the Middle East, which have contributed to heightened volatility in the oil market. USO options are now pricing just shy of a 4% move into Friday. The spike in call volumes is seen as a reaction to the geopolitical tensions and the potential impact on oil supply. The call resistance is noted as a big CTA trigger level.
Call volume spiked in USO (the largest ETF tracking WTI crude oil futures) yesterday following escalations in the Middle East. https://t.co/pXJBXc0xRu
Oil: as we noted yesterday, the call resistance is the next big reaction zone. It is also a big CTA trigger level. While we are still far, we can see that option activity has been growing around that level. Calls have been coming in since latest Middle East esclation $CL https://t.co/rnrBeZTd6C https://t.co/uxsEPHKFb8
Call option volume on the largest crude oil ETF ( $USO) surged this week. https://t.co/hwvX0w3UrB
