Waiting for Clarity: Insights on Oil and the 70 Put Options

Let’s talk about WTI oil for a moment.
In the upcoming monthly expiration series set for January 15, there’s some interesting action happening with the 70 put options. Traders aren’t just dumping these puts; they’re actively reselling them, and there are definitely buyers stepping in. What’s even more intriguing is that the same 70 puts are being picked up in the next options series as well.

Now, if you look at the charts, it seems like prices have finally broken out of that range they’ve been stuck in for a while and are gearing up to move higher.

With this kind of sentiment in play, I’m going to hold off on making any buys for now and wait for some clearer signals before jumping in.