WTI options volume was very heavy yesterday, with over 500,00 trading… The unofficial record is close to 700,000 on November 13th, 2018… Implied vol settled at 105.5 compared with the a record 135.4 on 1/14/91 (just before bombs were dropped in the Gulf War)… These numbers are my own series based on second nearby options… Front month April, which expires on the 17th, settled at 165… Puts traded more than calls by a little, call open interest increased double that of puts, a similar pattern we have seen as prices have dropped… Here is a look at what happened yesterday (and now I’m going to google articles discussing the end of volatility in oil):
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