Russian stocks open down 2%, fall rapidly to currently down 5%. Down 6.5% on Friday on early invasion news, down 22% since high in late 06. Today, after a feww hours open, CNBC is reporting large liquidations by ”indirect” (foreign) investors. Oil futures Asia and Europe pre-mkt up, but not much, a dollar roughly at the moment. Without the war, my guess is the trade would’ve continued the several week old retracement. Such a small gain on such news as this war indicates weak bid, and a continued downtrend –if the war stops soon, and the pipeline seems safe. Of course, that is snapshot at 2:00 A.M. in the USA, CST.

So, early indications are that the oil markets appear to be taking the war in stride, by & large. But, the big traders will come in when the NYMEX opens in a few hours –and the whole picture could change.