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S&P 500 Stock Market Gamma Trading Levels Based on Options Open Interest

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OVX

Sep 20 2026

Quiet Oil Options Mask Tail Risk

Dual line charts of rolling 20-day return correlations for SPY vs USO and USO vs VIX from 2019 to 2026.

Oil prices drove headlines this past week amidst flare-ups in the ongoing Iran conflict. WTI crude broke above $100 on September 15, and diesel fuel hit an all-time high of $6.31 per gallon. The mystery is that despite the price spike, the options market for oil remains unusually subdued. The CBOE Crude Oil Volatility Index […]

Written by Sherry An · Categorized: Market Analysis, SpotGamma Weekly · Tagged: COP options, CVX options, dealer gamma, Gamma Exposure, implied volatility, oil options, oil refiners, oil shorts, Options Calculator, options positioning, options skew, OVX, spotgamma weekly, USO puts, XOM options

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