BNO
United States Brent Oil Fund LP
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Who's still holding their BNO/USO calls? US begins major strikes on Iranian infrastructure, triggering Iran's threat to close another strait.
Very different spreads on USO and BNO calls
Iran War: U.S. and Iran Agree in Principle to Reopen Strait of Hormuz, U.S. Official Says
Cerebras's $5.55B IPO opens the floodgates. SpaceX, OpenAI, and Anthropic could all go public this year.
The physical oil market is screaming there is a supply shock yet equities still seem calm?
U.S. And Iran Fail to Agree on Peace Deal After 21 Hours of Talks, Vance Says
Futures Trade - Long Brent (BNO / BZ) Short WTI (USO / MCL)
Oil Yolo - Closed out USO and BNO Calls and Went Into $107,340 Brent Futures Contract
Oil Yolo: Rolled USO Weeklies & Added BNO Calls. Bought the Dip on CVNA & LUV Puts
Iran War Live: Trump Says U.S. Campaign to Wind Down and Plans National Address
Oil in Middle Eastern Floating Storage Increased By 38 Million Barrels (USO BNO)
Analysis: A new oil shock is building. The next few weeks of war will be decisive for the economy.
Rolled USO, Trimmed BNO, Puts on LUV. Oil Yolo.
What are you buying to hedge against a long term war in Iran?
World Oil Inventories have fallen by ~ 462 M Barrels
I’ve Been Accused of Manipulating the $7.2 Trillion Dollar a Year Oil Market (USO BNO)
The Hormuz Straight is closed
The Hormuz Straight is closed
What is the best way to bet on oil prices continuing to rise?
Oil Traders are So Focused on the Headlines They've Lost Track of Asian Inventory Numbers
Straits of Hormuz are Closed, Despite Trickle of Ships
$USO $BNO YOLO. Rolled strikes another week. Oil $150+ in April.
Surely the Jones Act will bring oil prices down! BNO for the win
USO & BNO YOLO - Rolled Again. Increased USO. Trimmed BNO
Rolled USO and BNO Calls To Lower Strike, Mr Margin Called
USO Yolo: Rolled Dates and Added Brent (BNO)
$BNOX - Imminent Phase 3 Trials To Treat PTSD And SAD Send Bionomics Ltd. Stock Higher By Over 60% Since August
BNOX - Bionomics Shares Soar 65% Since August Ahead Of Commencing Planned Phase III Trial To Treat PTSD And SAD ($BNOX)
BNOX - Bionomics Shares In Rally Mode As Investors Take Interest Ahead Of Planned Phase III Trial To Treat PTSD And SAD ($BNOX)
Original Monkeypox DD - Part 2 - Update and Outlook $EBS $BAVA
Original Monkeypox DD - Part 2 $EBS $BVNRY - Update and Outlook
Mentions
i have IWM NOV 20 $280 put and a BNO Oct 16 $60 call. which one hits? both?
My fucking BNO calls better finally print.
BNO Jan 75/80 call spread
My three month old BNO 51 Call is almost in the money. You know what that means? Oil's gonna dump,
Definitely the play. BNO & CRAK will print
BNO and CRAK calls, adding gold and silver. equities are 🚽 now
Good write up, thanks for being so thorough. I was just curious because I already have BNO and OXY calls myself but considering USO/XOM (although they are higher priced options bc share price) but yeah. I think that the market is still underestimating how long this conflict is going to drag out and how tenacious and willing to suffer economically Iran is.
If you're trading USO you're fucking up. If oil ever became real tight in the US, we'd cut off exports crashing crude oil but Brent would rocket. You're better off trading BNO or Brent futures if you want to bet on oil going up.
I think those are all reasonable. I actually kind of wish I had gone for XOM because it gets exposure to distilled products which is why it's performing so well. They should print money as long as the crack spreads are up imo. I chose uso because I think it is specifically where the spr is pushing prices down. I think should the spr program halt wti would go back to being controlled only by the market and no longer even have the possibility of an intervention. Nature would take it's course That said I think UGA is a very interesting idea if you want to stay on the products side, but it's kind of illiquid. Using BNO to go after a Brent I think could be better than uso. But here's what I think is interesting. Did you know that Brent/uso as a chart have a pretty steady relationship? For pretty much all of their history Brent takes bigger moves and is worth more. There was a few days during the peak war where that relationship reversed. It was very brief and they started the spr releases not long after. What happens if it happens again and sticks? I have no idea. But it's interesting to me. USO BNO and XOM are the 3 I considered. Uso I chose because of that idea above and it's strong liquidity. A lot of energy financial products are illiquid and I don't want to get skewered with poor market conditions.
Could you explain more why you chose long dated OTM calls on USO instead of another options strategy such as rolling weekly ITM high delta calls, and on BNO or UCO or specific companies like MPC, OXY, XOM, etc?
**BanBet Lost** — /u/WSB_Dre (2W - 2L, 50%) | Ticker | Entry → Target | Move | Time | Result | |:---:|:---:|:---:|:---:|:---:| | **BNO** ▲ | $49.94 → $55.00 | +10.1% | 1w | Lost |
Tbh I've made my best calls stoned. On the first day Trump was threatening nuclear Holocaust back in like March I called the bluff and bought $30k in BNO/USO, got like 100% return in a day.
it’s going to make my BNO CRAK call spreads print
As someone who has played oil futures (and lost), IMO dont go with direct oil exposure like USO, BNO or futures. Go with oil companies, they are the way safer play if you think oil prices will be higher for longer. You won't need that spike to 150 to make you profitable, and if you are wrong you can collect some juicy dividends, at least. CVX and FANG are the two I keep on wheeling, XOM and COP seemed to underperform, so I've gotten rid of those.
Then why are you gambling $100 on it? Genuinely what is your thought process here if you have no clue what you’re doing? Maybe learn about options trading a bit before trying to gamble your money, just a suggestion. But to answer your question, you’re buying 1 BNO $50.50 put expiring tomorrow for $100 total, meaning you’re betting BNO will fall by market close tomorrow.. Your breakeven is $49.50 at expiration: BNO falls below $49.50, you profit; BNO goes above $49.50, you lose money, with your maximum loss limited to your $100 premium. Since BNO is currently around $50.10, you need roughly a 1.2% drop just to break even by expiration. So you’re likely losing $100.
BNO still negative for the day lol
I don’t think so. I’ve been following this closely since it first started. All the oil bulls have been saying we are at operational minimums and couldn’t go any lower months ago. Clearly our SPR can drop another 100 million barrels so I don’t think any crisis is coming. The main reason oil has stayed low is because China stopped buying oil and no one knows why. There are too many things going on that we don’t understand for there to be a play here. I January dated BNO calls but I’m not confident they will pay out bc this can keep going for another year
**BanBet Created** ▲ | **Record:** 2W - 1L | Ticker | Target | Entry | Move | Expires | |:---:|:---:|:---:|:---:|:---:| | **BNO** | $55.00 (above) | $49.94 | +10.1% | Aug 18, 1:27 PM |
hear me out, BNO calls for next week and SPY calls for CPI tomorrow cause this market is regarded and Oil is going back to $110+ and SPY apparently is just gonna keep going to new ATHs with it
What ticker do you trade BNO or USO looking to get into oil options but I don’t know a whole lot about them. Been trading SPY tech and semis.
I wanted to buy BNO calls yesterday but ran out of cash =(
Just sold everything today, cant be mad, I started with 20k march 23th 2025, right before getting fucked. Dumped my BYND regarded bags at 6.5ish for a total of 250k then cashed 50ish then back to 140k by buying BNO at the top. I'm extremely happy I can steal from the poor without leaving my room.
Sold BNO today so that tracks.
yo what's up with BNO ah, this shit gonna make me get exercised
Cashed out my BNO calls this morning and I think I'm done for the day. Best of luck, regards
Ah, I got burned on XOM and BNO calls last time I was late to the party.p
got some BNO calls for 9/18, will get more if it drops over the weekend surely i'm gonna lose right
SPY and BNO up the exact same amount in PM, wtf?
Which is the better oil bet XOM USO or BNO sept calls?
BNO (ETF of Brent futures) went up 9% today. I can see profits ahead! The US has drawn down 100 million barrels of its strategic reserves; that and other nations' reserves have been able to keep the oil price down below $100. Cushing storage is getting perilously close to levels where you can't pump because the pumps will bring up too much crap at the bottom of the tanks. China also has dramatically reduced imports and drawn on its reserves. I don't know whether it is one month, two months, three or four, but if the spice doesn't start flowing things will crack in a big way. I was down 20% after news broke of the MOU but I was pretty sure the MOU wouldn't hold, although I didn't think it would blow apart quite that quickly. I didn't know about BNO until late March or I would have bought as soon as our "US adventure" began, but alas. This was mostly a hedge to make me feel better if oil prices broke the economy and the stock market. Not a big enough position to do anything better than therapy. But 200 is very much in play, assuming things continue in the "US adventure" as it has gone so far. Obviously you can't call it a war, so adventure or vacation seems appropriate.
Couldn't happen till October or November at the earliest. Just look at the [wet bulb temps](https://zoom.earth/maps/temperature-wet-bulb/#view=25.5199,55.9145,7z/model=icon/date=2026-06-27,05:00,-5). Bandar Abbas is presently 35 C dry bulb, 30 wet bulb. Soldiers moving in combat gear would get heatstroke within a couple hours June-September, regardless of hydration status. Poses same difficulties for an active defense, but defense can stay in caves. Compare to Baghdad, presently 43 dry bulb but a tolerable 22 wet bulb. Moreover, look at the current US ground force structure (smaller than in 1991 or 2003), munitions status (drained both by the Russian invasion of Ukraine and Bibi's war), and alliance network. Turkey denied US use of bases and airspace since the outset, Saudi Arabia and Qatar denied these when Abqaiq and Ras Laffan were struck, and Iraq and Oman are friendly with the Iranians. Bibi was already stuck in two wars of his own making before starting a third, so won't provide support. Its just UAE and Kuwait on the US side, this time, and their militaries are mainly for internal security. Still, I wouldn't put it past this POTUS and SecDef, who have been purging anyone willing to object to bad ideas from the brass. It may be worthwhile to hold oily E&Ps (I like EGY & AMPY here), nitrogenous fertilizers (CF), and aluminum (KALU & CSTM). The commodity ETFs (USO, BNO, UCO) will get a boost especially when backwardation returns to the curve, roll yields have meant all are up 42% YTD. BNO may be of particular interest, as POTUS is permitted by law to curtail or halt US exports.
short SPY + long BNO = bread
Most of my portfolio is in ETFs, with most of that tracking the S&P and the remainder largely in semis. They've done well this year so far. Overall I'm still beating the S&P, but not by much. But in my primary trading account I sold much of my holdings to buy BNO, O&G equities, and green energy equities with the thesis that the biggest energy crisis in history would benefit them, then I was planning to rotate out and repurchase my old holdings and anything else that looked solid (with an expected discount). My strategy worked, for a short time. Then the ceasefire caused me to lose most of those gains. I held and bought the dip on a lot of my holdings because I knew the Strait wouldn't reopen for months to come. And that worked too, I kept bouncing back to ATHs for 2 months right before another barrage of "peace deal imminent" bs sent my holdings spinning again and again. With the MOU signed (for the 3rd time somehow) I ate my losses on about half my energy holdings and went looking for good buys. Bought across multiple sectors looking for defensive holdings, good dividends, solid earnings, and growth (semis, mining, shipping, foreign markets, utilities, TLT, etc). Only for most of those to promptly fall off a cliff in the last week, I'm probably down another ~8% on those collectively already, all while my energy holdings drop ~2% daily. Tl;dr I missed out on the semis/memory/market rally from April to early June, just to get buttfucked by the recent pullback across the board anyway. Apparently nothing is more bearish for energy than the largest supply interruption in history, which is *still* draining inventories at a historic pace. Silly me.
MSFT down more than USO or BNO
im never touching MSFT again. never chasing another shitstock like SPCX. leaerned my lesson. Might as well just throw everything i have left in BNO at these levels.
Tbh I haven't sold my energy equities or BNO holdings, this crisis isn't over yet and I'm not convinced prices reflect the reality whatsoever. But I was *sure* that the Strait being closed for more than 3 months would send Brent to ~$150 and send my equities soaring and neither has happened so I'm owning up to that. Being early is no different than being wrong, my ytd performance would be *way* better if I had made no changes to my portfolio at all
Long BNO. Calls on Israeli sabotage,
Hope it’s true. Buying BNO mid morning Monday cuz the havoc of disruption has already happened
Oil still hasn’t realized the reality not too late to jump in USO, XOM, BNO
How are you not buying USO, XOM, BNO
Opec oil production - # Lowest since 2000 I posted about the potential BNO july squeeze a bit ago - but jesus christ this may be the play of the century. Tomorrow i’m selling half my USO and buying BNO 60/70/80 calls for the end of july.
Honestly doesn’t sound impossible, not sure I’d chuck 10k into just BNO July as Trump can manipulate it pretty easily. Maybe August. Do you have a position?
Late july 60c on BNO. This is a brent lotto play that could help you retire if it hits. 10k could turn to half a mil if BNO squeezes. We’re setting up for a 2008 oil situation with a parabolic rise and eventual crash to oil sub 40.
Dude, I predicted the Iran war start to the hour, but instead of loading up on BNO and USO calls then I just loaded up on US exploratory oil companies like SM and Oxy and APA in mid February. Sure they did decent, but the others would have been 10x easy
Lots, but the big ones are USO ETF and BNO ETF.
I'm so excited for my 30% portfolio on USO and BNO to go down 2% tomorrow.
I bought some BNO, I need oil to go up. Let’s hope Netanyahu does his thing.
>*I went with Chevron* I went with BNO.
Hi, interesting port! Im very long oil myself, but I chose to go with futures (MCL & BNO shares), and the biggest companies in the space, mostly focused on upstream (XOM, CVX, COP). Whats your reasoning for going with the smaller companies?
The pure play is to buy calls on BNO. You can do that from EU, there's no restriction on that.
And just 200km away you have zero capital gains tax in a business and can do anything you want without paying a cent (until you decide to cash out). That said, why not full port BNO calls? Pretty much the same thing. I am disappointed you don't have any BNOR shares though. Nordic and all.
Why is the spread on USO calls so much greater than on BNO calls?
what's the best way to play potentially increasing oil prices in the short/medium term? Currently looking at USO, BNO, XOM
what's a good play for oil over the next 6 months? USO? BNO? XOM?
I've read the price increases have been lower than expected in part due to reserves being tapped into absorbing some of the impact. Once reserves are depleted we could see higher prices. Even if the straight reopened tomorrow it takes months for those tankers to reach their destination. Oct 26 calls on BNO.
yessssir tons of BNO calls here
I’ve got June 18th $65 calls on BNO so hoping it goes up soon
Honestly fuck SPCE I’m going all in on XLE XOM USO BNO Monday. Oil chads we will eat good when the SPRs get drained this summer.
whats your SU position? I'm gonna port SU after BNO plays out
I should be doing both of these things but I'm sucked into this enough and still have a day job. Blah. BNO calls gonna print but it's going to be bad.
buy BNO calls 60 OCT if you want to play it safe buy BNO calls 75 JULY if your a degen for the rigorous math that points to tank bottoms at the end of this month
BNO. Also INFL for a bit more diversity, while still related to oil prices.
On SPY? AI bulltrain is super strong, no idea if this is gonna work. Personally Im long BNO (long common, short cash secured puts), and MCL contracts, if you want to trade futures. You might get better risk/reward buying XOM or CVX. Oil is ripping violently up and down, but every analyst forcasts at least $90 until EOY, so those should have limited downside, considering they are profitable at $60ish a barrel. This is either the most obvious trade the market does not seem to see, or Im just a regarded permabear. Size carefully.
I just keep smashing UCO and BNO and hope I don’t get a TACO up my ass
BNO calls in the morning, depending on if it stays low by then. Month out.
Unfortunately nothing is changing with the strait or Iran war. OP’s BNO calls are fucked but yes there will be no deal without further military escalation or Trump hard folding (I.e., remove blockade, let Iran control the strait, unfreeze Iranian assets, and in return maybe get the uranium?) that’s the only deal I can see happening that wouldn’t require further military action. Iran keeps saying their uranium is important but it’s not. Uranium doesn’t make them money in facts it’s an expensive asset to store. So it would make sense to me. But that deal would still be sooooo shitty for the world
Honestly the market is full of opportunities right now. Im super bullish on oil, BNO for easy exposure. AAL puts are super cheap if you want a proxy, bought 60DTE 15puts for 1.75, with the stock trading at 13.90ish. Lots of software is beaten down to the point of being excellent value picks. ADBE, WDAY are two of my favourites. Accenture is also beaten down, but I have not yet decided if its a good pick. Might be worth a look, though. Some safe things Im liking right now are: RSG, WM, VIE (french), EOAN (german). They are all providing services to municipalties, etc. RSG and WM and waste management, VIE is more water focused, EON is energy. Good dividends, solid growth. Boring but good value picks. I dont mid SGOV either, with rate hikes on the horizon and inflation rising steeply.
/BZN6 is a Brent futures contract for 1,000 barrels of oil on CME. Would be hilarious, but yes I bought the right thing. You can also trade BNO which is an etf for Brent
USO / BNO calls, SCO puts (for the culture), easy.
Have small position in software decent position in oil BNO CVX SU. Added a few SPY puts yesterday took a small trim after hours on them.
Wanted to sell my oil (BNO) calls before market close today... Then I slept off past 4PM. Now, I'm scared of the weekend..
Let’s go Bflo! You got BNO on my watchlist and it’s one of my profitable symbols too. I happened to also find CVNA chart with that beautiful bearish top, retrace, and rejection pattern. Made a tidy profit buying ATM put spreads and some OTM puts. May have sold out a little too early (today at ~68) it appears but I’m definitely looking to reenter. It appears oversold technically, but I also firmly believe the equity is very overvalued. I’m already so deep in puts on overvalued growth and TLT its performance is probably very correlated to my portfolio anyways.
Why is oil moving downwards? Nothing's changed in the strait. Should I sell my BNO calls? I bought when Brent was at 103...............
Why is oil moving downwards? Nothing's changed in the strait. Should I sell my BNO calls? I bought when Brent was at 103...............
I bought 10x June 5th EXP BNO $53 target puts. I figure there will be some smoothing over out of the China visit, in which case I will sell, then I will buy calls for when military action resumes.
Think people had moved away from oil stocks after all these swings caused by trumps tweets. I’m doing much better in BNO and UCO now. The trade based on the futures, not stock prices
Can't decide if I should buy two week out BNO calls, or month out BNO puts. Or both.
I mostly just chill. But I can see that Iran will never ever ever give up the Strait of Hormuz. It's more important to them than nuclear weapons, and more dangerous because it's actually usable. America and Israel can never let them keep the Strait. Therefore there will soon be no other choice on the American side but to bomb civilian infrastructure in Iran, force massive blackouts and loss of clean water in order to provoke the populace to rise up en masse against their government. This will definitely happen and Brent oil will definitely go through the roof. Consider going long some BNO as an inflation hedge.
That's the only way it makes sense. There's something to be said for a "fun/gamble" hunch play every now and then.. I've been trying to guess BNO direction and actually doing well. Still 2 DTE "patterns" sounds about as risky as you can go with no details.
As am I. I'm very heavy energy equities (which are on the whole laughably undervalued) and holding a significant quantity of BNO. Once the reversal comes, and it will come, the moves will be biblical
Oil will always be valuable, even without the war. So what's the best oil play? USO? BNO?
The baby oil market wasn’t affected when P. Diddy went to jail, he must have been the world’s largest buyer, so why would the CRUDE oil market be affected by blocking Hormuz? Puts on $BNO $USO
In real life you’re correct. In the paper market tho your logic has flaws. Spy is ripping cuz of AI fomo and the supply chain backlog and those traders could give af about the oil price. Your thesis is right your play is wrong. You want something like XOP or BNO or USO or UCO calls
Uh, which part of "Suspicious large trades made on oil futures just before major announcement" do you not understand? BNO 50c 5/15 USO 180c 7/17
BNO and USO both ripping rn
More BNO calls it is. Something is bound to happen.
Once again, I am an oil baron. Sold 10 BNO puts this morning. Back to BNO calls.