Bearish flow noted in BP (BP) with 12,178 puts trading, or 4x expected. Most active are 5/2 weekly 27 puts and 5/9 weekly 28.5 puts, with total volume in those strikes near 7,500 contracts. The Put/Call Ratio is 4.08, while ATM IV is up over 2 points on the day. Earnings are expected on April 29th.
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