Bearish flow noted in Shell (SHEL) PLC with 7,673 puts trading, or 4x expected. Most active are Jun-25 57.5 puts and May-25 52.5 puts, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 2.89, while ATM IV is up nearly 3 points on the day. Earnings are expected on May 2nd.
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