ConocoPhillips put volume heavy and directionally bearish

Bearish flow noted in ConocoPhillips with 8,558 puts trading, or 2x expected. Most active are Jan-25 90 puts and Sep-24 110 calls, with total volume in those strikes near 4,400 contracts. The Put/Call Ratio is 1.70, while ATM IV is up nearly 4 points on the day. Earnings are expected on October 31st.