Crude prices remain strong so I am taking a defensive posture by rolling the short call to August as well as selling an August put. I am moving up the strike price on the call to increase the probability of making money on this trade. Undefined risk trades such as selling naked options have a theoretically unlimited maximum loss, but they also provide much flexibility for keeping the dream alive. The new position is
Sold /CL Aug 35P/36C strangle for a $5.91 credit.