Bearish flow noted in ConocoPhillips (COP) with 5,143 puts trading, or 1.3x expected. Most active are 6/13 weekly 78 puts and 6/13 weekly 80 puts, with total volume in those strikes near 4,400 contracts. The Put/Call Ratio is 2.70, while ATM IV is up over 3 points on the day. Earnings are expected on July 31st.
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Read More on COP:
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- OPEC+ considering another output hike for July, Bloomberg reports
- ConocoPhillips put volume heavy and directionally bearish
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