The build is quite huge, and that's having an impact on the market today. OPEC has no reason to cut production as long as prices remain near 60.
More Quotes from Naohiro Niimura:
The Nigerian incident is a clear sign to buy. There had not been much similar market-moving news for a while and it's easier to move prices now because volumes and liquidity are low due to the holiday period.Naohiro Niimura
The market has dropped because of forecasts for higher temperatures. People are buying and selling based on weather forecasts.
Naohiro Niimura
The market is focusing on weather, which is softening product demand everywhere in the Northern Hemisphere, not just the U.S. Northeast.
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Asian players are refraining from being active ahead of jobs data, which is causing the market to be range-bound, but copper will be supported after yesterday's news on China's tax hike.
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Traders are not in hurry to buy, as we seem to have sufficient supplies plus mild weather.
Naohiro Niimura
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