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There is a definitive correlation between crude oil prices and the 10 year Treasury yield, led slightly by crude. That's the edge. The option trades around this are endless. It makes sense, higher crude price, higher inflation, higher yields. 1 year chart: Sure looks like the 10 year yield is about to move higher very soon. 5 year chart: Absolutely remarkable. Directional trades can be huge winners here. Crude leads the 10 year yield (therefore their prices are inversely correlated).