Watching April crude options recently, I've noticed that the ATM delta of the puts is significantly less than 50; 44 most days. Additionally, this has resulted in several ITM puts having a delta less than 50. What does this tell us about the state of the world in Crude? I've always heard/read/believed that ATM deltas will maintain very close to 50. I would love to understand why the deviation. Thank you in advance for any clarity.
