The attack on the Saudi oil processing facilities caused WTI to jump $8 to ~$63 when markets opened Sunday afternoon...but within a couple of days WTI fell back ~$5 to ~$58. The price jump was attributed to a risk premium build, fears of more attacks and/or retaliation, talk of $100 oil, as well as to the assumed loss of 5% of the world’s daily production for an indefinite time.
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We’ve seen dramatic price reversals across markets since the Labor Day weekend...especially in the bond market where yields had their biggest one-week jump since Trump’s election.
The Canadian dollar up a cent this week trading at 76 cents after the Bank of Canada held rates steady on Wednesday and we posted an incredibly strong 81,100 gain in employment for the month of August. This move higher in CAD brought it to the middle of the small 74 to 77 cent range it has traded within this year.
Polar Futures Group
Polar Futures Group is the team of Victor Adair and Drew Zimmerman who have worked together for over 5 years. Together they offer over 50 years of experience trading in financial markets. They specialize in trading currencies, interest rates, precious metals, base metals, financial indices, energies and agricultural exchange listed futures and options contracts .