BP put volume heavy and directionally bearish

Bearish flow noted in BP with 2,883 puts trading, or 1.7x expected. Most active are 6/28 weekly 36 puts and Jan-25 33 puts, with total volume in those strikes near 1,200 contracts. The Put/Call Ratio is 2.63, while ATM IV is up over 1 point on the day. Earnings are expected on July 30th.