Option traders moderately bearish in Chevron (CVX), with shares down 78c near $206.00. Options volume roughly in line with average with 46k contracts traded and puts leading calls for a put/call ratio of 1.08, compared to a typical level near 0.5. Implied volatility (IV30) dropped 2.02 near 27.14,in the top quartile of the past year, suggesting an expected daily move of $3.52. Put-call skew steepened, indicating increased demand for downside protection.
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