BNO
United States Brent Oil Fund LP
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Does anybody know if at pump prices affect oil per barrel prices? Asking due to phasing in of summer blend this week. Like obviously downstream stocks like XOM will benefit but wha about upstream like USO and BNO?
Exited my SMH puts and BNO call positions just now. Maybe I'm paperhanding potential profits, but this shit could turn on a truth social or Axios article :/
I genuinely have no idea what "Brent" oil means. Thus, I have invested thousands of dollars into shares and calls on BNO and have made a cool thousand so far. Thank you to those who said long USO and BNO.
I have end of May $49 target BNO puts. Who know what will happen. I do think it's going to get worse, so I did the opposite.
Potential for an oil short squeeze grows everyday the world is short 10-20% of supply. Mark my words, oil may not be bull case right now, but actual price of oil is probably 150-160 right now. Either US or Japan is shorting oil (Japan doing it as a way to keep dollar-yen pegged). If anything pops that short (ceasefire ends), and oil moves back to 150-160. I’m holding may 15 BNO calls - 65 and 75s. Cheap bet that could payoff 1000% if the short gets squeezed.
im so stupid for not buying the USO and BNO dip they still have excellent backwardation upward drift and held the uptrend now the risk/reward sucks DANG IT
I'm a fool for selling my BNO calls on Tuesday.
VM what price will BNO be by September?
Sold my BNO calls, moving to puts. I think they will try to smooth things over before the weekend.
Ended the day with BNO calls up 56%.
My BNO calls are already up 28%.
Sold my INTC calls right at open. Bought BNO calls and they're already printing.
I think BNO calls would be wise.
Thanks voodoo for your great insight earned over decades of involvement. I think you might have just saved me a bag of money i was about to put into Brent BNO.
what happened to USO and BNO lol.. they are drilling once more
Shit that's me... my BNO calls are hurting meee
I bought BNO 2 weeks ago. I think futures are assuming there will be a resolution in 2-4 weeks. Even at that, there will be severe damage in Asian markets and inflation blow-forward, but maybe manageable. I'm not sure, but BNO is very complacent. (I'm only down 5% though).
Today was absolutely unhinged in the market. I have no idea what indicators anyone is looking at and of course we all just play along, but you are very correct. USO is down, BNO is down etc etc, there is a massive disconnect that will have to be accounted for at some point. The only conclusion I can come to is that people see the US Navy blocking Iran as a successful solution and that it’ll force Iran to negotiate and so basically it’s all over with. That’s the only thing I could come up with for why the market moved like it did lol.
I was just thinking this morning how maybe I should be in BNO instead of USO and sure enough 😐
I don't trade options for this reason. In the next few years, an opportunity will come to 5x your investment in UVIX as the stock market crashes. USL and BNO are on track to print if you can handle the volatility. The oil crisis hasn't really begun yet. However the market can stay rational longer than you can stay solvent. Good luck
Been buying and selling energy stocks and BNO, still got a huge run up ahead of us. Energy equities are hilariously underpriced right now
BNO $48c PRINTING TODAY!
Hopefully I'll be able to cash out my SPY put and BNO call tomorrow.....🤞 unless 🥭fucks it
My BNO $48 calls PRINTING! Holy shit I finally hit one!
If BNO hits $100 im quitting WSB for a while. Straight chilling
Makes sense. I might follow you with shares of BNO if I can get in quickly. USO though. That sounds sketchy. If something dumb happens… like puts on the ground… assume any put or short is FUBAR. Just be prepared to lose all of that one and consider the ROI. Hope those puts are cheap. I’m not an options man, so take that into consideration too. Ever since I got burned by BOIL and KOLD I’ve avoided energy too. Might be past time to have another look. I’m avoiding nat gas, that seems to be more about money fighting money than organic price movement.
BNO tracks brent, I'm thinking my trade will be: (scaled 10x) Long Brent: Buy 2-3 Calls on BNO (e.g., May152026 $55 Strike) Short WTI: Buy 1 Put on USO (e.g., May152026 $115 Strike)
I like to do IC condors that are at least 30 days out especially after a big move because of the spike in IV. I’ll choose a .10 to 0.15 delta on both sides after the big move. Then I’ll have a plan in place. For example, roll call side up 2 strikes if the call delta gets to .40. Then close the position out if the call side gets touched after the roll. I will choose strikes where I think the underlying shouldn’t be. If it touches the strike, that means I’m wrong on the trade and I will, therefore, close the position. This keeps my losses minimal. If the underlying is trading within the range, I will consider closing out at 50% of credit but I will try to stay in the trade for a long as I can to capture more theta decay but I have to move my stops closer to lock in a profit in case it has a large move in either direction. Sometimes it can gap up or down beyond your stops and you give back some of your gains but that’s trading for you. I have been doing this on GLD this year and have been successful as volatile as it has been. I just started doing it on XOM and BNO and both were profitable.
BNO calls once the force majeure kicks in and the last tankers that left pre-war arrive at their destination. It’s getting real 📈
The core observation here is real — the spread between Dated Brent (physical cargoes) and Brent futures is historically extreme. Dated Brent hit $144.42 on April 7 (all-time record per S&P Global Platts), while June futures were around $95-109. As of last week it was still ~$30-35 wide. But the trade thesis has some critical mechanical problems. Settlement doesn’t work the way OP thinks. BZ (CME Brent futures) cash-settles against the ICE Brent Index, which is derived from a cascade of forward contracts — not against Dated Brent directly. Dated Brent prices prompt physical cargoes for delivery in 10-30 days. Futures price delivery months out. These are structurally different instruments. Morgan Stanley’s commodities desk put it well: these two prices are connected but they don’t measure the same exposure in time or at the same point in the supply chain. There is no mechanical forcing function that pulls June futures up to match today’s physical spot price at expiry. BNO tracks futures, not physical. BNO holds front-month Brent futures and rolls them. If futures stay at $95 while Dated Brent is $130, BNO stays at $95-equivalent. The $60-70 target only works if futures converge upward to physical — which requires the supply disruption to persist or worsen through June. That’s a directional geopolitical bet, not an arbitrage. The spread isn’t manipulation — it’s the term structure of scarcity. The physical market is pricing “barrels available right now” (extremely tight, Hormuz still effectively closed). Futures are pricing “barrels expected to be available in June” (assumes some normalization from the ceasefire). The spread between Dated Brent and futures is called the EFS (Exchange for Swaps) and it reflects exactly this time dimension. If the ceasefire holds and Hormuz reopens, futures at $95 could be the correct price while physical at $130 reflects a temporary dislocation that resolves. Could OP still make money? Sure — if you believe Hormuz stays closed and the ceasefire collapses, crude rips higher and BNO calls print. But that’s a war bet with a defined thesis, not a convergence arb. Call it what it is. For anyone wanting to track the physical price: S&P Global Platts publishes the official Dated Brent assessment (paywalled). Free alternatives include the EIA Brent spot series on FRED (fred.stlouisfed.org/series/DCOILBRENTEU, delayed) and CNBC/Bloomberg articles that report the Platts numbers. Disclosure: No position in BNO, BZ, or crude oil.
Am I the only one who said fuck USO and went BNO instead? Lol cheaper calls 😂
So this obviously isn’t an ARB… this is just being long OIL BNO basically holds BZM6. BZM6 settles to the ICE Brent Index. Which isn’t just the physical price of oil at that time. It’s a combination of many things, primarily including the forward paper market (further BZ expirations). There is no way to capture the spread between paper and physical oil. Even if you own thousands of barrels of oil you have to be able to beat the carry cost already implied in the futures market
Well yeah but they are correlated closely enough, unless I'm misunderstanding what you're saying. Maybe you can enlighten me cause the only three things I track on robinhood are WTI crude oil futures (/CLK26 on robinhood), u.s. brent oil fund (BNO), and u.s. oil fund (USO). They're showing the last week -15.3%, -13.3%, and -13.7% respectively. Seems close enough to me.
So like. Oil is kinda guaranteed to climb in price with europe and soon US getting the last of their shipments, right. "Priced in" blah blah, sure maybe a little but I don't really think so. I get the impression more it's being suppressed for as long as it can, until the dam inevitably breaks. The general public isn't gonna realize the severity of it until it's affecting their day-to-day lives. You're telling me we're gonna get $8/gallon gas prices but USO, BNO etc isn't gonna keep going up?
People think I'm a clown because I keep pointing out that oil futures are being blatantly manipulated, the energy crisis is still barely even registering and is actively getting worse, and that the war clearly isn't over, but I'm still up ~10% YTD in my trading account despite it falling more than 4% yesterday with energy stocks and BNO cratering
Uso and BNO both track ok l oil. Right?
Is buying BNO just as good as USO?
Getting BNO is just as good right?
Common sense says it’ll jump when the barrels stop moving in. We’re still receiving shipments from before/right after the war started. There’s also the new contracts coming up, BNO is one I’m looking it
So... you are buying the dip on BNO?
I'm a fool for selling my BNO calls a few minutes before close. Figured they would manipulate again. Still made a 15% profit. Could have been 200% like my BNO puts this morning.
I spent most of today looking nervously at my BNO csp, only for it to recover to 48 or so. In hindsight, this would have been the perfect time to play a synthetic long but ah well.
This morning I bought BNO calls, and now I bought INTC puts.
Oil creeping up. I bought BNO $46 target calls at open after selling my BNO puts this morning.
Selling BNO oil puts. Buying BNO calls.
I have BNO puts $49 target EXP April 17th. Selling at open.
Puts on BNO was the most obvious trade in the history of the stock market.
BNO puts have saved my year. Holy smokes.
My BNO puts were printing at close with -2.10%. Now it's down an additional 4.29% without a legit announcement.
I have BNO puts. Got some shit for it too.
I sold a put against BNO. Just testing to see if it remains above 50.
On one hand, I want to see Trump follow through on something, but on the other hand, I have BNO (Brent oil fund) puts that have already started to print.
Go ahead and do a Pakistani ceasefire. It won't hold, but my BNO puts will print.
Bought BNO puts in case this doesn't go the obvious way.
Setting up heavy BNO calls for May and June. Anyone else feeling the BNO or USO have major legs to run?
Probably take my money and run with USO and flip into BNO. BNO may have more leg to run than USO.
#TLDR --- **Ticker:** CL (Crude Oil Futures), UCO, BNO **Direction:** Up 🛢️🚀 **Prognosis:** Long CL futures, Buy UCO calls, Buy BNO calls **Tinfoil Hat Rating:** 11/10 🛸 (The government shadow-cabal is front-running Truth Social posts) **The Thesis:** The "Plunge Protection Team" is using a massive, unchecked $580M paper short to artificially suppress oil futures way below physical barrel prices. Eventually, reality catches up, paper burns, and physical prices snap back with a vengeance.
#TLDR --- Ticker: CL, UCO, BNO Direction: Up (Violent Reprice) Prognosis: Buy UCO and BNO Calls, Long CL Futures Catalyst: The inevitable unwinding of a $580M government-insider paper short as physical oil prices refuse to be suppressed. Tinfoil Hat Rating: Industrial-strength aluminum (but the math actually checks out).
USO (WTI) has localized over supply. BNO (Brent) has localized under supply. Or something like that. But if I'm wrong I still make money because the Brent trade is much larger than the WTI
Im kind of slow, why would BNO go up but USO go down? One month vs short term contracts? i was about to buy a April 17 call option for BNO
Só you more saying BNO is going up to $140?
Green candle for USO and BNO?
I'm seeing a number, 138, is where brent tops out, then strait traffic will resume to 50% of previous levels within about 10 days. oil back to around 100 by the end of may. !banbet BNO $65 12D
I appreciate the explanation. I've been long BNO for a few weeks now - I hope to close the position soon.
I’ve been watching this too. The WTI strength vs Brent is interesting, especially with the supply constraints you mentioned. I’m keeping an eye on BNO here as well. Starting to see some unusual options activity pick up, which could mean there’s more interest building around Brent if things shift. Feels like one of those setups where everyone’s focused on one side of the trade and the other starts getting attention.
This doesn’t make any sense though..the substantial depletion of oil reserves in asia and India is going to lead to Brent skyrocketing in June. May the conflict will likely not be over, even on the most optimistic of timelines. Does it look like the peace deal is going to happen in the next 2 weeks? I’d take money from anyone who wants to bet otherwise. Then we’re talking about the length of time to 1. Reopen th strait, 2. Begin to rebuild the demolished infrastructure required to transport high volumes of oil. Brent will be in massive demand, the price is lagging WTI without much rationale despite the longer contract. I’m long BNO 7/17DTE w 20 contracts at a 50 strike, 5.20/contract.
The only thing saving my ass right now is all the BNO/USO calls I bought last week... I am a bag-holding tech like some guy holding BBB after Ryan dumped it.
I’m deep into BNO with my small account. I’m not sure about your oil short, though. If the infrastructure gets hit any more there’s no way supply can come back quickly. Then again, that might work if there’s huge demand destruction due to a global economic crash. Hmm.
Anybody else selling everything off and getting some BNO!!!! For Now
I’m a momentum-based global macro trader, so I swing trade whichever asset class or sub-asset class is moving given the current macro environment. In Jan that was a little South Korea but mostly silver. In Feb it was mainly South Korea. From March until now it’s been oil (or GSG for me bc my broker prohibits trading USO/BNO). Came up with my own entry and exit signal which is the secret sauce.
Anyone holding USO or BNO over the weekend?
I'm holding onto some BNO over the weekend. USO makes me a little nervous, if Trump adds any sort of export measures onto American oil I feel like USO would crash? Even if he doesn't go for restrictions, an export tax like India is doing would drop WTI prices pretty quickly, so that's just an extra layer of risk.
BNO isn't a perfect investment vehicle. Futures aren't perfect either. But the money spends if you can survive the Trumpquakes
Watching BNO lag so far behind USO has been perplexing.
I did expect oil to moon. Sold BNO calls this morning for 40% profit.
Cost me $80 to fill up my 4 banger yesterday. I mean it was running on fumes but damn. At least I’m holding BNO at unrealized profit because of your DD!
I've been buying the dips and selling the peaks with USO and BNO for a decent profit. This just changes my instrument for tax and fee advantages
How is USO/BNO up above the levels before the dump but the indices are still holding up?
Yep, the market is still delusional about the medium term implications of this conflict as I've been saying for a long time now. And while I didn't buy calls on BNO because of the insane efforts to manipulate oil prices downwards and Trump's complete unpredictability (I've also never bought options because it feels like straight up gambling), it's still by far the single largest position in my trading account (almost 25%). Another ~50% are energy stocks, which I bought the dip on yesterday. My trading account is up more than 3% today, to new ATHs, and more than 15% ytd. How are you doing champ?
My BNO calls printed so hard.
Thinking about selling my BNO April 17th calls at open. Should be about 40% profit. I don't want to get theta'd over a three day weekend. Although things could very well get worse...
I'm shorting USO BNO and XLE at open, selling 0dte calls
USO and BNO above previous peaks and xom $10 cheaper than what it was. Gimme more money mms
Your points would be more related to wti spot rather than NA oil companies, at least in the near term. For that, logistics and capacity are much more inflexible in the short and medium term, but oil companies are valued based on their long term revenues where the prices might look a lot different. Also I think you are underestimating the factors which contribute to adjustment friction. Nevertheless, I am long on the Canadian oil sector (xeg), but I am much more heavily weighted on my views on short term oil prices via USO and BNO
Well I bought a call spread on BNO so now drumpf will announce war is over and oil will dump
At a very reasonable price I was able to reverse the market: all it took was buying a single $500 BNO call with $52 strike exp Apr 17
I sold a 40 put on BNO as another scalp. I am most likely taking an assignment on HRL. I harvested a fair good amount of premium today.
Bought more BNO calls EXP April 17th. This shit isn't over.
Im playing with USO, BNO, and etfs like XLE, FENY, and also doing some LNG and plays associated with lng etfs
Im playing with USO, BNO, and etfs like XLE, FENY, and also doing some LNG and plays associated with lng etfs