If you look at USO or any equity in the XOP you will quickly find out that most of them are at the lower end of the range which makes me think we will stay flat or we will see some upside bias. Being bullish on oil is hard, but someones got to do it. And if I have to have a direction bias then I would rather sell puts and short volatility, so that is exactly what I did.
I sold a strangle on XOP, the 44/54 for $1.25. I’m keeping this trade small.