Petrobras put volume heavy and directionally bearish

Bearish flow noted in Petrobras with 10,395 puts trading, or 1.5x expected. Most active are Aug-26 16 puts and Aug-26 17 puts, with total volume in those strikes near 6,800 contracts. The Put/Call Ratio is 1.53, while ATM IV is up nearly 3 points on the day. Earnings are expected on August 6th.