Three main commodity sectors stood out for us, offering rich option premiums alongside what we believed were clear fundamental opportunities.
These sectors included Softs, Metals, and Energy.
First Half 2026 Net Performance*
| Standard Program | Advanced Program |
|---|---|
| +17.19% | +18.12% |
*Past results are not necessarily indicative of future results. Futures and options trading involves substantial risk of loss and is not suitable for all investors.
The market views, valuations, and probability assessments discussed below reflect our opinions based on our research, analysis, and performance results.
Softs
Coffee options were the main driver in the Softs sector as record prices brought increased retail interest into the market, creating extreme demand on the call side of options at levels we believed far exceeded fundamental valuations.
Metals
Precious metal option sales also performed well through the first half as much of the discussion surrounding interest rate cuts and dollar weakness came in with very little accuracy, creating what we viewed as a ripe environment.
Call option strikes in Silver and Gold were trading hands at levels two and three times the value of the underlying futures markets. Under our analysis, this made portions of the sector extremely attractive and went a long way in providing additional premium collection.
Energy
The Energy sector was spotlighted yet again by the Middle East conflict, a situation that created fears of oil shortages and a lasting supply problem.
Vast inventories in the largest importing nations and record U.S. production were described in several market notes we offered and remained important factors in our analysis. We believed the oil bottleneck created by the Strait of Hormuz closure would prove temporary, creating the potential for excess crude as numerous tankers later looked for ports with immediate needs.
Call options at strike levels north of $200 per barrel were quite popular as the war raged on. Our structured option sales benefited as those fears eased and WTI returned to the $60s.
Final Thoughts
For us, the first half of 2026 was another example of why we focus so heavily on fundamentals, option valuations, and the probability of extreme market outcomes.
We appreciate your continued interest in OptionSpreaders.com and look forward to keeping you updated through the second half of the year.
Best,
OptionSpreaders.com Trading Team
Performance Disclosure: Performance shown reflects the Standard and Advanced Programs for the six-month period ended June 30, 2026. Results are net of all commissions, fees, and expenses. The Standard and Advanced Programs are separate trading programs with different position structures and risk characteristics. Individual account results may vary.
Risk Disclosure: Futures and options trading involves substantial risk of loss and is not suitable for all investors. Market opinions and probability assessments may prove incorrect, and market conditions can change rapidly. Past results are not necessarily indicative of future results. Only risk capital should be used. The risk of loss in selling (writing) options is potentially unlimited, and losses may exceed any premium collected. You should carefully consider whether such trading is suitable for you in light of your financial condition. Spread strategies can define risk at entry but do not eliminate it, and transaction costs may be greater.
