Petrobras put volume heavy and directionally bearish

Bearish flow noted in Petrobras with 15,773 puts trading, or 5x expected. Most active are 4/28 weekly 11.5 puts and May-23 10.5 puts, with total volume in those strikes near 5,600 contracts. The Put/Call Ratio is 16.82, while ATM IV is up nearly 3 points on the day. Earnings are expected on May 11th.