Is the energy market preparing for a $20 crude oil "washout"? In this episode, we tackle the geopolitical chaos in Venezuela and why the energy tape isn't reacting the way the headlines suggested it would.

Join host Mark Longo along with Dan Gramza (Gramza Capital Management) and Carley Garner (DeCarley Trading) for a deep dive into the energy complex. We break down the reality of Venezuela's deteriorating infrastructure, the "capitulation" patterns in WTI crude oil, and Dan Gramza's incredible victory in our 2025 VIX Crystal Ball contest.

• The Venezuela "Oil Spigot" Myth: Why Dan Gramza believes it will take 5–7 years to rebuild Venezuela's energy infrastructure despite the current political shift.

• Crude Oil Capitulation: Carley Garner explains why WTI crude never bottoms out quietly and why the $55 support level is the "danger zone" for a potential plunge into the $40s or $20s.

• WTI Options Analysis: Tracking the massive flow in the Feb contract—specifically the 55-strike "double puts" and the disappearance of the geopolitical call skew.

• Energy Skew & Volatility: Why the initial "tariff tantrum" and supply headlines have left the energy market in a state of neutral indecision.

HOST: Mark Longo, The Options Insider

CO-HOST: Brian Overby, Options Playbook

The hosts dive into the mid-season drama of the inaugural Options Insider Fantasy Football League. Mark defends his first-place spot after a Week 9 loss, while Brian celebrates a much-needed win to climb out of the basement. The discussion covers devastating injuries, questionable draft strategies, surprise player finds, and what the future holds for the league.

Key Highlights:

• Rivalry & Standings: Mark falls to 6-3 and is now tied for first. Brian secures a tight win (176.0 to 172.6) to move to 3-6.

• The Injury Crisis: A brutal season for injuries affecting top players, highlighting the importance of deep benches and constant management.

• Running Back Woes: Discussing the high-risk nature of early-round RBs (e.g., Saquon Barkley) and the bleak running back options on the current waiver wire (e.g., Devin Singletary).

• Surprise Sleeper Finds: Highlighting successful mid-season pickups like Khyani Vidal and Rico Dowdle that have been saving struggling teams.

• Waiver & Draft Strategy: Reviewing the ideal league size (consensus is 12) and the pros and cons of using unconventional draft strategies.

• Future League Format: Discussing the possibility of expanding the league next year and the appeal of the high-stakes Guillotine League format (where the lowest scorer is eliminated weekly).

• Favorite Players: Brian names Amari Cooper and the ever-reliable Josh Jacobs as his favorite players this season.

Future Forward: Embedded Optionality in Market Innovation

As technology, regulatory changes and market dynamics continue to evolve, the options market is on the brink of significant transformation. This panel will explore how new innovations - from AI and automation to regulatory changes - are reshaping trading behavior, risk management, and market structure.

• Moderator: Tommy Martin, Chief Strategy Officer, Dash Financial Technologies

Panelists:

• Annabelle Baldwin, Chief Revenue Officer, SpiderRock
• Shawn Cruz, Business Development Lead, IMC
• Geralyn Endo, Head of Options Business Development, MEMX

In the ever-evolving world of financial markets, options trading has experienced rapid growth among retail and institutional investors alike. Examining new educational mediums and methodologies is at the heart of this discussion as we present multiple perspectives on how education in the options space is happening now and how it may transform in the future. This panel will dive into the latest developments in options education, highlighting the strategies, tools and platforms that are empowering the next generation of traders.

• Moderator: Jessica Inskip, Director of Investor Research, StockBrokers.com
  
  
• Panelists:
• Mark Benzaquen, Principal, Investor Education, OCC
• Jermal Chandler, Head of Options Strategy, tastytrade
• Brent Kochuba, Founder, SpotGamma

Emerging Technologies, Advanced Analytics and Automation in Options Trading: Transforming Strategies and Market Dynamics

Cutting edge technologies are reshaping the landscape of options trading, enhancing decision-making processes and driving innovation in trading strategies. This panel will explore how market participants leverage sophisticated modeling techniques to identify opportunites, optimize trade execution, and navigate the ethical challenges associated with increased reliance on automation in financial markets.

• Moderator: Ivan Brown, Chief Operating Officer, Options, IEX
  
  Panelists:
• Steve Crutchfield, Head of Business Development, Chicago Trading Company
• Joe Mazzola, Director, Trading & Education, Charles Schwab & Co
• Nate Pomeroy, Principal, Wolverine Trading

Navigating Market Trends: Buyside Perspectives in Options Trading

• Moderator: Joe Lewis, Head of Corporate Hedging and FX Solutions, Jefferies Financial Group
  
  Panelists:
• Rachna Mathur, Head of Equities, Americas, EUREX
• Eric Metz, Managing Director, Chief Investment Officer & Head of SpiderRock Advisors
• John Smollen, Executive Vice President, Exchange Traded Products, MIAX

Defined outcome ETFs are redefining how investors manage risk and achieve targeted outcomes in their portfolios. This panel will delve into how these ETFs use options to mitigate risk, their role in managing market volatility, and the ripple effects they are creating across the options and futures markets.

• Moderator: Geoff Gaiss, Vice President, Global Deriviatives, TRAFiX

Panelists:

• John DiBacco, Global Head of Derivatives, Clear Street
• Brian Gilbart, Head of Options Market Development, NYSE
• Sara Levin, Director, ETF and Derivative Trading, WallachBeth Capital
• Matt McFarland, Senior Vice President, Capital Markets, Vest Financial