Phillips 66 put volume heavy and directionally bearish
Bearish flow noted in Phillips 66 with 5,287 puts trading, or 5x expected. Most active are Dec-16 84 puts and Jan-17 82.5 puts, with total volume in those strikes near 4,000 contracts. The Put/Call Ratio is 2.02, while ATM IV is up nearly 2 points on the day. Earnings are expected on January 27th.