Playing the rising oil prices | OXY via /r/wallstreetbets #stocks #wallstreetbets #investing

As everyone can see, Crude Oil futures (CL=F) have been steadily rising, trading at 44.82 at the time of writing this.

Now that we have several promising vaccine candidates, one cocktail drink and a Bloomberg article saying we might have more vaccines than needed, I am of the opinion that we won't see another crash in Crude oil prices, rather they will slowly increase.

Furthermore, oil contango is fading, as per a Marketwatch article.

While oil prices have almost recovered the pre-crash levels, down -14% from pre-covid levels (I take the Feb-12 crude oil prices of 52$), the stocks still look hammered. BP is still down -40%, RDS down -30%, CVX down -15% and so on. Now these are the good companies that likely can survive multiple price crashes.

Reward is the highest where distress is the deepest. With that in mind, I purchased 2 OXY 12cc 12/04 @ 1.2 per contract. OXY is down -59% from Feb. 12 levels. As these $12 calls gave me tremendous returns, I sold them today. With the insane profits, I have decided to roll OXY contracts further, purchasing 4 OXY 18cc 12/18 contracts @.92 per contract. I do not intend to add further more on this position.

My reason for writing this is to observe opinions and ideas of fellow WSB retards who have been playing oil. Have you bought calls? Have you bought puts? Why?

Cheers.

TLDR; Crude oil futures is rising. 4 units of OXY 12/18 $18 calls.