Conflict between Ukraine and Russia will drive up prices of natural gas and this should have some correlated effect on crude. The only leverage that Ukraine has is that the pipeline to Europe goes through its territory.
More Quotes from Dariusz Kowalczyk:
The events seem to be moving into a confrontation and the market is afraid what it will do to supply.Dariusz Kowalczyk
OPEC and inventory data should put downward pressure on prices later today.
Dariusz Kowalczyk
The market has been responding to the uncertain political situation -- Iran, Nigeria and intensifying military activity in Iraq .
Dariusz Kowalczyk
Slower U.S. growth may reduce growth in oil demand in the second half of the year. We are seeing proof of reduced U.S. consumer confidence.
Dariusz Kowalczyk
I'm surprised that we are at current levels, because the geopolitical uncertainties haven't changed much since oil was at about 68-69 in late January -- Iran is still carrying on with nuclear testing.
Dariusz Kowalczyk
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