I disagree. You can say that because you've seen the video the picture doesn't suggest anything. But if the picture was all there was and 100 neutral people were asked whether in view of the rules they thought it was a penalty, I'd bet on a "Yes", and that's because there is a suggestion of contact.
Edited to add: I've just looked at it again, and it looks even more like a penalty to me than in did before! Easy to see why the ref gave it.