Petrobras put volume heavy and directionally bearish

Bearish flow noted in Petrobras with 33,849 puts trading, or 5x expected. Most active are 3/10 weekly 10 puts and 3/3 weekly 11.5 calls, with total volume in those strikes near 26,200 contracts. The Put/Call Ratio is 1.71, while ATM IV is up nearly 3 points on the day. Earnings are expected on March 1st.