ConocoPhillips put volume heavy and directionally bearish

Bearish flow noted in ConocoPhillips with 7,149 puts trading, or 1.1x expected. Most active are Feb-23 50 puts and Mar-23 120 puts, with total volume in those strikes near 2,800 contracts. The Put/Call Ratio is 1.54, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 2nd.