- September Brent crude futures surged to approximately $80 a barrel, a level marked by substantial open interest with over 50,000 lots of calls and puts.
- Further resistance and potential volatility catalysts exist at the $85 strike level, which holds approximately 75,000 lots.
- October Brent contracts are currently trading approximately 75 cents lower than the September front-month contract, despite also having a large options position at the $80 strike.
Quotes
“Brent crude oil’s 8% gain on Wednesday has futures moving through levels of large open interest that could potentially add fuel to the rally.”