⚠ STALE DATA — spot data is 136h old (prior session or a stalled pipeline)
The Traders Brief©
Options Snapshot©
as of 07:55 ET · live · ● live-ready
WTI Crude Options
CL · CLASS LO · EXP 2026-09-17
Spot
$88.15
H 89.00L 85.60
▲ +2.32 (+2.70%)
as of 15:48 EST
85.60
89.00 Day Range
ATM Implied Vol
45.6%
▲ rising from 44.1%
OI Control
Calls 2.8×
calls control the chain
Realized vs Normal
81%
within IV expectations
Summary Pivots
Max Pain
$82.00
destroys most premium
All-OI Equilibrium
$86.33
OI-weighted center
Today's Equilibrium
$85.80
volume-weighted center
What Matters Most
Bulls
Short-term momentum up with Brent heading toward 5% weekly gain
WTI rallied 23.11% in 30 days on Iran-Hormuz geopolitical risk premium
Disruptions in Strait of Hormuz sustaining supply concerns into August 2026
Bears
US crude inventories rose 4.405 million barrels, third consecutive weekly increase
Distillate fuel inventories 13% below five-year average signals demand weakness
Spot at 3.0000 well above only visible strike at 2.50
Watch — Monitor 2.50 strike gamma positioning as only visible level below current spot price.
Key Levels
$105.00RESISTCall OI wall above price — resistance4,672
$100.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here20,794
$95.00RESISTCall OI wall above price — resistance10,224
$93.00RESISTCall OI wall above price — resistance2,308
$90.00RESIST·GAMMACall OI wall above price — resistance · dealer hedging accelerates here27,029
$85.00MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here3,797
$80.00SUPPORTPut OI wall below price — support15,795
$75.00SUPPORTPut OI wall below price — support12,610
$74.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here30,242
$72.00SUPPORTPut OI wall below price — support7,636
$71.00SUP·GAMMAPut OI wall below price — support · dealer hedging accelerates here30,583
All Open Interest
Calls Control the Chain 2.8 : 1
Total Open Interest Calls 106,995 | Puts 38,096
Average Strike Calls 87.67 | Puts 82.59
Avg Strike — All 86.33
In-the-MoneyCalls 51.4% | Puts 7.0%
Strike Control28 Call-Led | 7 Put-Led of 35
Heavy Call Strikes
27,029 @ 9021,454 @ 8510,360 @ 80
Heavy Put Strikes
15,795 @ 803,797 @ 852,860 @ 84
Heavy Combined Strikes
28,347 @ 9026,155 @ 8025,251 @ 85
Traded Today
Calls Control Today's Flow 2.8 : 1
Total Volume Calls 5,819 | Puts 2,115
Average Strike Calls 87.42 | Puts 81.34
Avg Strike — All 85.80
Heavy Call Strikes (today)
1,189 @ 90578 @ 85425 @ 89
Heavy Put Strikes (today)
1,163 @ 80166 @ 83.5117 @ 84.5
Heavy Combined Strikes (today)
1,415 @ 801,193 @ 90640 @ 85
OI Magnets
LO 20260917 · 22 DTE · spot $88.15 · bar = open interest
OI MAGNET
$90.00
OI 28,347 · +1.85 to spot
PutStrikeCall
0
96.5
115
8
96
1,472
15
95.5
469
495
95
10,224
18
94.5
1,250
17
94
2,131
9
93.5
0
9
93
2,308
21
92.5
1,552
84
92
1,826
98
91.5
1,025
99
91
515
130
90.5
491
1,318
90
27,029
186
89.5
0
41
89
1,047
121
88.5
585
335
88
3,912
228
87.5
0
855
87
1,236
361
86.5
1,493
396
86
1,430
697
85.5
1,725
3,797
85
21,454
1,050
84.5
1,202
2,860
84
912
810
83.5
1,071
877
83
2,026
1,542
82.5
1,758
1,786
82
3,043
437
81.5
643
1,369
81
2,252
1,127
80.5
276
15,795
80
10,360
1,105
79.5
163
Volatility & Market Expectations
ATM Implied Volatility45.6%
IV vs 20-day average▲ rising (was 44.1%)
Expected move (to expiry, ±1σ)±$9.86 ($78.29 – $98.01)
Implied Volatility Curve
Today Yesterday 1 Week Ago
NET OI (contracts) · calls ▲ / puts ▼ +25,711 40%45%50%55%60% 707580859095100105 ATM 88.15 VOLATILITY (ANNUAL %) STRIKE
Realized vs Normal Range
Normal 1-Day (±1σ)±$2.10
Normal 3-Day±$3.64
1-Day Realized$3.40
3-Day Realized$4.68
Realized vs Normal (1D)81%
Realized vs Normal (3D)64%
What the Vol Is Telling Us

Limited options structure visibility with only one strike disclosed at 2.50, well below spot at 3.0000. Geopolitical volatility from Iran-Hormuz disruptions likely keeping implied vol elevated relative to recent realized levels. Third week of inventory builds may start pressuring premium despite ongoing supply risks. Sparse strike data limits full assessment of skew or volatility surface dynamics.

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