Petrobras put volume heavy and directionally bearish

Bearish flow noted in Petrobras (PBR) with 3,799 puts trading, or 1.7x expected. Most active are 12/27 weekly 12.5 puts and Dec-24 14 puts, with total volume in those strikes near 2,100 contracts. The Put/Call Ratio is 6.70, while ATM IV is up nearly 6 points on the day. Earnings are expected on March 6th.