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Calumet Specialty Products put volume heavy and directionally bearish

Bearish flow noted in Calumet (CLMT) Specialty Products with 6,416 puts trading, or 6x expected. Most active are Jan-27 5 puts and 4/4 weekly 13.5 calls, with total volume in those strikes near 6,400 contracts. The Put/Call Ratio is 16.88, while ATM IV is up nearly 6 points on the day. Earnings are expected on May 12th.

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