Energy Markets Take a Costly Turn with the Drama of World Tensions

The audience has taken its seats. The curtain is going up. The rehearsals during recent weeks are over. The real drama is about to begin. But it is still unclear whether it will be a farce or a tragedy. Such is the theater in prospect for international energy markets over the next few weeks. The script has yet to be finalized but some of the lines have been tested with the public over the past month or so. Because it is wintertime, at least in the Northern Hemisphere, everyone came to the performance wearing a coat. But the days are already growing longer, and most people are hoping for some warmth of an early spring and a decline in household energy bills, at least until summer temperatures cause the air conditioning to be turned up. That should result in lower prices of oil and natural gas as demand eases. But so far it hasn’t happened...

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