Despite another move up in crude oil prices, put open interest went up way more than calls… This is a pattern we have seen on and off since prices moved above $75… And, on Friday, the most active puts were in Dec21 (maybe some put spreads), which expire in November… Recent reports by the IEA and others (see our October podcast) are looking for crude to draw through the end of the year, so we’ll see how this unfolds…
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