Bearish flow noted in ConocoPhillips with 11,033 puts trading, or 2x expected. Most active are Aug-23 110 puts and Aug-23 85 puts, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 1.69, while ATM IV is up nearly 2 points on the day. Earnings are expected on August 3rd.
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