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.
More Quotes from Naohiro Niimura:
Traders are not in hurry to buy, as we seem to have sufficient supplies plus mild weather.Naohiro Niimura
This is expected to become a potential factor to cause supply tightness. Also at the same time, this move could be indicating that domestic demand within China is strong.
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.
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The market has the same buy factors -- Iran and Nigeria -- and now increasing tension ahead of the IAEA meeting could drive the market higher.
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The market has dropped because of forecasts for higher temperatures. People are buying and selling based on weather forecasts.
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It's clear that the weather in the US north-east will remain much warmer than normal and reduce heating demand sharply.
Naohiro Niimura
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Based on Keywords: market-moving, nigerianBut it cannot follow that because weapons and troops are now being deployed we are bound to go to war.
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