The market is focusing on weather, which is softening product demand everywhere in the Northern Hemisphere, not just the U.S. Northeast.
More Quotes from Naohiro Niimura:
We are going to have bearish statistics on crude oil when the report is released today. Oil probably rose too much yesterday.Naohiro Niimura
Traders are not in hurry to buy, as we seem to have sufficient supplies plus mild weather.
Naohiro Niimura
At 67, we have started seeing indicators that suggest oil prices might be weighing on demand growth.
Naohiro Niimura
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.
Naohiro Niimura
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.
Naohiro Niimura
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