March 7, 2022
Good morning,
Oil prices spiked last night on the prospect of a ban on Russian supplies which sent Futures down almost 2% to their overnight lows. Futures have pared the bulk of those losses, however they now stand just below “unchanged” from Friday’s close as the US markets prepare to open.
Funding stress continues to percolate in Europe keeping risk managers on their toes. In other words, the market stress of last week’s sanctions and potential additional stress from an oil ban have clearly not yet cleared the markets. Markets will continue to gyrate heavily and may lose a little more ground until they do.
See you Wednesday.
Be well,
Mike