Bearish flow noted in Shell (SHEL) PLC with 6,144 puts trading, or 1.8x expected. Most active are Oct-25 60 puts and Apr-25 61 puts, with total volume in those strikes near 1,300 contracts. The Put/Call Ratio is 3.69, while ATM IV is up over 8 points on the day. Earnings are expected on May 2nd.
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