For most of last year we pointed out how Dec22 $100 calls in WTI dominated open interest numbers by a wide margin… These are still by far the most, with 70,574 open, but a couple of new strikes are challenging the top spot… Dec22 $125 and $126 calls in Brent are now at 55,996 and 48,900, with 18 to 19,000 of each trading yesterday… It’s not a fair comparison… As far as we can tell, most all of the WTI $125 calls were executed outright, while the $125/126 was done as a spread (and currently very active.. see ICE’s summary below)… This strategy is showing up in other strikes, too… Has dollar wide deep out of the money call spread buying taken the place of outright teeny buying? Perhaps it is one hedge fund?… By the way, the number 1 open interest put is the Brent $65 at 46,671… Another BTW, why is it so much easier to navigate the CME’s data than ICE’s?
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