Options Traders Eye Return of $100 Oil

Oil options traders are showing growing faith the market’s recent tightness can last, bolstering wagers that prices will rally up toward $100.

Open interest on $100 calls over the next 12 months has risen from about 80,000 contracts in the middle of July to 120,000 today. Calls at $90 and $100 are the two most held strikes over the next 12 months and there has also been a smattering of cheap wagers on even higher prices as far out as 2025.