Mixed options sentiment in Chevron with shares down 1.86%

Mixed options sentiment in Chevron (CVX), with shares down $3.49 near $184.11. Options volume relatively light with 35k contracts traded and calls leading puts for a put/call ratio of 0.91, compared to a typical level near 0.56. Implied volatility (IV30) dropped 1.13 near 29.04,in the top quartile of the past year, suggesting an expected daily move of $3.37. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Outperform at BNP Paribas.Looking ahead: Chevron (CVX) will report earnings before the open on 2026-05-01.Option markets are pricing in a 50% probability of a move greater than 2.43% or $4.47.