The writer is founder and chief investment officer of Andurand Capital Management
It is probably not a coincidence that Russia decided to invade Ukraine at a time of extreme tightness for the energy markets.
European natural gas prices reached record highs before the invasion, trading above $300 per barrel of oil equivalent, or 10 times historical averages.
For many specialists, oil prices were destined to break all-time highs in 2022 due to very low oil inventories, minimum spare production capacity and an expected shortage of supply for the years to come. The only counter force in the short-term — apart from government-mandated demand restriction measures — comes from demand destruction, which happens at higher prices alongside a weaker economy.
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