The Traders Brief©
Options Snapshot©
as of 13:08 ET · live · ● live-ready
Light Sweet Crude Oil
CL · CLASS LO · EXP 2026-07-16
Spot
$69.32
▲ +0.00 (+0.00%)
ATM Implied Vol
42.9%
—
OI Control
Puts 1.8×
puts control the chain
Realized vs Normal
—
within IV expectations
Summary Pivots
Max Pain
$70.00
destroys most premium
All-OI Equilibrium
$70.48
OI-weighted center
Today's Equilibrium
$70.06
volume-weighted center
What Matters Most
Bulls
Strong put skew at 65.00 (net -11,943) and 60.00 (net -15,158) offers downside protection
Call OI of 8,736 at 70.00 strike suggests dealers positioned for rebound
Spot holding above 69.00 support zone with modest put OI of 2,958
Bears
Heavy gamma concentration at 75.00 (net -5,443) and 70.00 (net -6,225) caps upside
Resistance layers from 76.50 to 83.00 show net call dominance totaling +2,804 contracts
Recent 30-day collapse of 25.31% signals momentum remains negative despite today's range
Watch — The 70.00 strike (net -6,225) is critical gamma, with 14,961 put OI defending the round number just above spot at 69.32.
Key Levels
$72.50MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here1,242
$72.00MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here2,844
$71.00MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here3,100
$70.50RESISTCall OI wall above price — resistance391
$70.00MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here14,961
$69.50MAGNETNet-OI magnet — gamma pivot · dealer hedging accelerates here1,018
All Open Interest
Puts Control the Chain 1.8 : 1
Total Open Interest Calls 13,403 | Puts 24,215
Average Strike Calls 70.41 | Puts 70.52
Avg Strike — All 70.48
Heavy Call Strikes
8,736 @ 701,940 @ 71858 @ 72
Heavy Put Strikes
14,961 @ 703,100 @ 712,844 @ 72
Heavy Combined Strikes
23,697 @ 705,040 @ 713,702 @ 72
Traded Today
Calls Control Today's Flow 1.0 : 1
Total Volume Calls 21,507 | Puts 20,979
Average Strike Calls 73.00 | Puts 67.04
Avg Strike — All 70.06
Heavy Call Strikes (today)
7,463 @ 754,532 @ 701,949 @ 73
Heavy Put Strikes (today)
4,675 @ 653,387 @ 691,737 @ 63
Heavy Combined Strikes (today)
7,568 @ 755,775 @ 704,755 @ 65
OI Magnets
LO 20260716 · 18 DTE · spot $69.32 · bar = open interest
$70.00call wall
OI 23,697 · +0.68 to spot
OI MAGNET
PutStrikeCall
1,242
72.5
560
2,844
72
858
679
71.5
376
3,100
71
1,940
371
70.5
391
14,961
70
8,736
1,018
69.5
542
Volatility & Market Expectations
ATM Implied Volatility42.9%
IV vs 20-day average—
Expected move (to expiry, ±1σ)±$6.60 ($62.72 – $75.92)
Implied Volatility Curve
Today Yesterday 1 Week Ago
40%50%60%70%80%90%100% 3535.53636.53737.53838.53939.54040.54141.542.54343.54444.54545.54646.547.54848.54949.55050.55151.55252.55353.55454.5555656.55757.55858.55959.56060.56161.56262.56363.56464.56565.56666.56767.56868.56969.57070.57171.57272.57373.57474.57575.57676.57777.57878.57979.58080.58181.58282.58383.58484.58585.58686.58787.58888.58989.5909191.59292.59393.59494.59595.59696.59797.59898.59999.5100100.5101101.5102102.5103103.5 SPOT VOLATILITY (ANNUAL %) STRIKE
Realized-vs-normal range populates once the engine stores daily price ranges.
What the Vol Is Telling Us

The options structure reveals elevated put premiums at 75.00 ($4.97) and 70.00 ($2.10) relative to spot at 69.32, indicating rich implied volatility following the recent 25% collapse. Heavy gamma concentration at 70.00 and 67.00 suggests dealers will hedge aggressively near these strikes, amplifying spot moves. With today's wide range of 68.56-71.86, realized volatility is catching up to the elevated IV embedded in near-the-money puts.

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