Anyone been playing oil through options? I’ve traded USO a few times, but the bid ask spreads are terrible (right now an ATM 04/22 130c has B: 0.53/ A: 0.7). Completely negates the benefits of vertical spreads since you lose a ton on both ends.
XLE seems to have better liquidity but it’s not a pure oil play and might have confounding factors in holdings which are actually bearish.
Is the only reasonable way to play oil with futures at this point?