Bearish flow noted in BP (BP) with 2,545 puts trading, or 1.2x expected. Most active are Jan-26 34 puts and Mar-26 36 calls, with total volume in those strikes near 2,200 contracts. The Put/Call Ratio is 1.84, while ATM IV is up over 1 point on the day. Earnings are expected on February 10th.
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