Petrobras put volume heavy and directionally bearish

Bearish flow noted in Petrobras with 8,288 puts trading, or 2.0x expected. Most active are 10/25 weekly 14 puts and 10/11 weekly 13.5 puts, with total volume in those strikes near 4,300 contracts. The Put/Call Ratio is 1.69, while ATM IV is up nearly 7 points on the day. Earnings are expected on November 7th.