Petrobras put volume heavy and directionally bearish

Bearish flow noted in Petrobras (PBR) with 8,258 puts trading, or 1.4x expected. Most active are Jan-25 13 puts and Apr-25 14 calls, with total volume in those strikes near 7,800 contracts. The Put/Call Ratio is 2.04, while ATM IV is up over 22 points on the day. Earnings are expected on March 6th.