Bearish flow noted in Shell (SHEL) PLC with 2,124 puts trading, or 1.9x expected. Most active are Mar-25 65 puts and Jul-25 52.5 puts, with total volume in those strikes near 1,000 contracts. The Put/Call Ratio is 2.17, while ATM IV is up over 1 point on the day. Earnings are expected on May 2nd.
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