Its 8am EST here in the US. At around 530am the premium per share for a put option of SPY expiring on 2/28 was $0.13. Between 645 and 730 the premium rose to $0.22. This would suggest that a fall in the price of SPY is more likely than it was when the premium was $0.13. However, around this time, the futures market rose. It was down, in the negative (~-2.5%) but it became less negative. Suggesting that a fall in SPY was less likely. What could possibly cause these indicators to point in opposing directions during that time period?
There are many factors that affect the price of an option. Even if the price of the underlying moves the option more out of the money (or less in the money), the price of an option can still go up if the market's expectation of the future market volatility rises enough.
It's simple when you think about it:
Lets say you own a call option that is deep out of the money, and the market doesn't move much day by day (it is not volatile). Your option isn't worth much at all.
But if the market suddenly experiences some event or change in circumstances that causes the prices in the future to fluctuate wildly, then your option might be more likely to end up in the money. Therefore your option is worth more, even if the underlying's price might in the short term move lower and therefore further from your strike.