Chevron put volume heavy and directionally bearish

Bearish flow noted in Chevron with 19,094 puts trading, or 1.8x expected. Most active are Jun-23 140 puts and Jun-23 150 puts, with total volume in those strikes near 4,600 contracts. The Put/Call Ratio is 1.58, while ATM IV is up over 7 points on the day. Earnings are expected on April 28th.