Moderately bullish activity in Chevron (CVX), with shares up $1.57, or 0.86%, near $184.82. Options volume relatively light with 31k contracts traded and calls leading puts for a put/call ratio of 0.31, compared to a typical level near 0.6. Implied volatility (IV30) is higher by 0.5 points near 30.29, in the highest 10% of observations over the past year, suggesting an expected daily move of $3.53. 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 3.48% or $6.43.
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