I just sold a June WTIC $65 call for $1.44 against my long June Futures contract. I have made good money in oil this year and want to protect some of my money without giving it up. June was at about $64.27 when I got my fill so the call will allow me some more upside AND give me a nice premium. If we go straight up from here they can have my long futures. If we go down from here, I may at some point cover the call at a profit. Not writing about my adventures in futures. Not sure what the correct answer is. Obviously getting totally out of one futures contract would have been a better option if we really are going to tank. BTW I am SHORT a May $57 put. Thing expires next week. Sold that for $1.24 and they are 0 bid at $0.01 now. That will be the first time ever that I sold an oil option for $1.00 or more and held till expiration. I am proud of myself for that. So many times over the past 2 weeks I have been tempted to take profits on it, but held back. bye. . . .