ge reerred EINA we, fl df NOW 17 0 $i Europe: Buy the seasonal oil dip via bullish X-market risk reversals Levered X-market risk reversal: Sell 1x USO 3M 25d (-88% strike) puts to fully fund 2.1x SXEP (Oil & Gas equity) 25d (-106% strike) calls (indic.) • The seasonal sell-off in oil presents a 'buy