Petrobras put volume heavy and directionally bearish

Bearish flow noted in Petrobras with 10,397 puts trading, or 1.3x expected. Most active are Feb-23 11 puts and Apr-23 11 calls, with total volume in those strikes near 10,600 contracts. The Put/Call Ratio is 3.05, while ATM IV is up nearly 2 points on the day. Earnings are expected on March 1st.