WTI is the highest it's been in a very long time ... . You can naturally play /CL directly or use USO Here, I would buy 2 x the 72's in July and sell the 62, with the result being a break even where the stock is currently trading. I would go longer-dated in this particular case to allow shale to get back in the game, U.S. production to increase somewhat toward...
... for a 20.34 debit.
Comments: Buying 2 x the 82 delta strike and selling the at-the-money 49 delta strike for a setup with a net delta of -115, so this is going to move a lot like short stock. Going with the January expiry to give it more time to work out if it needs it, but will look to take profit at 110% of what I put the trade on for.
