OIL: Mexico to Boost Crude Reserves to Meet at Least a Decade of Demand: Pemex

US Cash open is set for a steady, stable start with futures mostly trading in a holding pattern for the past 2hours ahead of a very busy Week.

• Calls: SPX: 5,791.0 (-0.6%); DJIA: 41,917 (-0.1%/-22pts); NDX: 20,645.5 (-1.0%).

Better put flow continues even as underlying futures pare losses. Note large Jun'25 strangle buyer:

• 5,000 SFRJ5 95.50/95.56 put spds ref 95.83
• +10,000 SFRM5 95.56/96.12 strangle, 12.00 ref 95.83
• -10,000 SFRU5 95.37/95.56 put spds vs 5,000 SFRM5 95.62/95.87 put spds, 5.75-6
• -15,000 SFRU5 95.18/95.43 put spds v SFRZ5 95.87/96.06 put spds, 7.5-7.25
• -4,000 SFRZ5 95.18 puts 0.5 over 96.12/96.62 call spds vs 95.88/0.38%
• +4,000 SFRZ5 95.25 puts, 13.5 vs. 95.88/0.25%

ARDAL has announced it will be looking to sell the following SlovGBs at its auction next Monday, January 20:

• the 3.00% Feb-28 SlovGB (ISIN: SK4000024683)
• the 3.625% Jun-33 SlovGB (ISIN: SK4000023230)
• the 3.75% Mar-34 SlovGB (ISIN: SK4000024865)
• the 4.00% Feb-43 SlovGB (ISIN: SK4000022547)