Brent Surges 8% Past $80 Options Wall as 50,000 Lots Could Fuel Rally
Updated
Updated · Bloomberg · Jul 8
Brent Surges 8% Past $80 Options Wall as 50,000 Lots Could Fuel Rally
3 articles · Updated · Bloomberg · Jul 8
Summary
$80 Brent crude drew focus after Wednesday’s 8% jump pushed September futures through a heavy options strike with more than 50,000 call and put lots outstanding.
Those positions equal about 50 million barrels, creating a large open-interest zone that could amplify price moves as traders hedge around the strike.
$85 is the next major level, with roughly 75,000 lots sitting there, while October Brent carries another nearly as large position at $80.
October Brent traded about 75 cents below September, suggesting the rally is now testing multiple nearby options concentrations rather than a single contract.