CRInvestor

USO weekly options expiry - small net short for institutions

AMEX:USO   UNITED STATES OIL FUND LP UNITS
This week's options expiry suggests institutions will end the week net short about 600 contracts or about 60,000 shares. They had a vested interest (net 1500 contracts) in ensuring price did not move below $36 and I see they have basically done exactly that. Considering seasonality issues, one shouldn't be surprise to see their net short exposure. The question really is, what is their actual cost on that net short exposure (ie. strike - avg . premium collected)? Because of the significance of the $36 level, long ideas worked well today. I was fortunate to play a BoT long but there really wasn't a long Euro close into Options expiry setup to take. Regardless, that bias off the $36 level may evaporate once the expiry event occurs.

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