Suncor put volume heavy and directionally bearish

Bearish flow noted in Suncor (SU) with 3,228 puts trading, or 1.4x expected. Most active are 3/7 weekly 35 puts and Aug-25 40 calls, with total volume in those strikes near 1,300 contracts. The Put/Call Ratio is 1.88, while ATM IV is up over 2 points on the day. Earnings are expected on May 6th.