Bearish flow noted in ConocoPhillips (COP) with 5,580 puts trading, or 1.2x expected. Most active are Aug-25 88 puts and Aug-25 100 calls, with total volume in those strikes near 2,900 contracts. The Put/Call Ratio is 1.77, while ATM IV is up nearly 5 points on the day. Earnings are expected on August 7th.
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