Bearish flow noted in Cenovus Energy (CVE) with 5,201 puts trading, or 11x expected. Most active are Dec-25 15 puts and Sep-25 16 puts, with total volume in those strikes near 5,100 contracts. The Put/Call Ratio is 108, while ATM IV is up nearly 2 points on the day. Earnings are expected on October 30th.
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