A monster trade… 25,000 Dec22 WTI $114/$115 what we hear were call spreads traded yesterday, settling at $.06… What is interesting is that without this trade, open interest in calls increased by only 5,000 while puts were +27,000… Brent saw a similar pattern: Calls traded 53,562x, open interest +6,390; puts, 63,675, open interest +20,656…. So, despite a sharp up move (and analysts seemingly getting more bullish), the pattern looks a bit negative… We’ll see what happens… I try not to read to much into this (the tail wagging the dog), but it is an unexpected pattern…
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