Bearish flow noted in Shell (SHEL) PLC with 7,040 puts trading, or 4x expected. Most active are 3/7 weekly 65 puts and Apr-25 70 calls, with total volume in those strikes near 7,000 contracts. The Put/Call Ratio is 6.61, while ATM IV is up nearly 3 points on the day. Earnings are expected on May 2nd.
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