This post was written by Minyanville contributor Adam Warner:

Smarter minds than yours truly have noted that the oil ETF United States Oil Fund (AMEX: USO) is not the best bullish play on crude here. My understanding of the product is that USO owns futures, and must roll each cycle. And right now oil is in deep contango, which always sounds pornographic but actually just refers to the fact that there's a particularly steep and upward sloped curve in the futures as you go out in time.

I'll take their word for the contango part, but I'm not entirely sure why that necessarily will knock down USO. They'll roll when they roll, and even if the spread is wide, won't it then just depend on what happens in the next month AFTER the roll? I'm thinking out loud here, so if anyone has something enlightening to add on this topic, I am all ears.

I sold and am selling more Nov. puts anyway, so it should not matter a great deal from my standpoint. And I'm not sure I really have a great alternative if I want to do something bullish in oil options.

I don't trade futures or futures options, and as far as pure oil there's Super Double Ultra Octane Special (AMEX: DBO), which does not have liquid options.

There's also Ultra Oil & Gas ProShares (AMEX: DIG) and UltraShort Oil & Gas ProShares (AMEX: DUG), but those track energy stocks.