Petrobras put volume heavy and directionally bearish

Bearish flow noted in Petrobras with 21,589 puts trading, or 1.7x expected. Most active are Jul-24 13 puts and Jul-24 12 puts, with total volume in those strikes near 15,200 contracts. The Put/Call Ratio is 2.16, while ATM IV is up over 6 points on the day. Earnings are expected on August 8th.