Options on the US Oil Fund ETF are trading triple their normal levels today as Oil has regained some ground on weather news this afternoon. Heading to the close nearly 150,000 contracts have traded today, with 3 puts trading for every call and premium sellers leading the action. Spot level is currently $89.08, down 4%, and aggressive sellers have been targetting the Jan-09 80 and 85 puts, driving implied volatilities down several points and suggesting a view that the correction in oil prices may be nearly done. Put sellers have collected nearly $47 million today, dwarfing the amount of premium traded in the calls by nearly $34million and illustrating at least one player’s desire to play the rest of the year from a short-premium postion.