It’s been a historic week so far for crude oil, which has dropped into negative territory for the first time ever. At a low of negative 40 dollars per barrel, sellers actually have to pay buyers to take delivery of oil. This is happening because there is a substantial lack of storage for oil with demand so low. 

Of course, there has been a huge amount of options activity in United States Oil (USO) as a result of the huge move in oil prices. While some traders are looking for a quick rebound in USO, it looks like the biggest orders are those taking a bearish view.