oil.comWhile the move is largely seen as a Hail Mary, about 3,000 lots of June $250 call options in US crude oil traded for just 1 cent each on Tuesday—trades that Bloomberg likened to a lottery ticket due to the unlikely event that it would actually pay out. But certainly one that would pay out handsomely, if it paid out at all.
also i read hedge funds are dumping oil equities and buying oil options and puts, they are also betting on $100-250 oil in driving season, its like buying gold bars instead of gold stocks, they figure bigger rewards for options and puts.