Bearish flow noted in Shell (SHEL) PLC with 7,724 puts trading, or 4x expected. Most active are 4/11 weekly 68 puts and Jul-25 67.5 puts, with total volume in those strikes near 4,900 contracts. The Put/Call Ratio is 4.22, while ATM IV is up nearly 4 points on the day. Earnings are expected on May 2nd.
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