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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Global Vision Market Report
Trading Team, Global Vision Bunkers B.V.
11 Mar 2015 12:04 GMT





Global Vision Bunkers BV logo. Brent crude rose towards $57 a barrel this morning, paring some of the previous session's sharp losses, after data showed U.S. crude stocks fell for the first time in two months.

Oil futures at ICE and NYMEX tended to the downside on Tuesday morning even though the technical constellation and market fundamentals were considered neutral at first. The bearish forecasts provided by Goldman Sachs and Bank of America Merrill Lynch obviously still reverberated. Moreover, the steadier dollar prompted investors outside the USA to take profits from their long positions. Brent had thus already breached its key-support at 58 USD on Tuesday morning. However, technical selling pressure only increased when WTI dropped below 49.25 USD sustainably in the afternoon. The announcement that oil major Chevron would ramp up shale oil production despite the current price levels provided some fundamentally bearish cues, as well. Late Tuesday evening EIA released its monthly energy report. Over all, this report provided a bearish picture adding to selling pressure. The API's figures on US oil inventories took investors by surprise, however. Unlike the survey lead to expect, the API said that US crude oil inventories declined for the first time in 2015. Still, oil prices didn't react very much on the data yesterday evening. There was only some short-covering. Eventually, oil futures finished near their lows, however.

ICE Gasoil contract for March delivery settled at 561.25 USD on Tuesday, this is -14.50 USD below Monday's settlement. With some 28,700 deals the traded volume (front month) was below average.

Neither the stochastic indicator nor the RSI provided fresh cues in the past few days. However, when Brent and WTI breached their key-supports, some technical selling signals were triggered and oil futures tested their downside. This morning, there haven't been any decisive cues and so we assess the technical constellation as neutral. If the RSI sustainably surpasses 30% at the Brent-chart, a buying signal will be generated. If futures drop below Tuesday's lows, there would be a bearish signal, however.

U.S.

Nymex far below average: The API's data on US oil inventories came in with unexpected readings prompting some short-covering. However, oil futures haven't shown any clear direction this morning, yet. The traded volume at NYMEX is about on average at this time of the day. Market participants are waiting for the European financial and the forex markets to open, for news concerning the closure of the Houston Shipping Channel and the strikes at US oil refineries as well as on the nuke talks with Iran. Moreover they are looking ahead to the economic indicators that are on the agenda today. In the afternoon, the DOE is going to release its report on US oil inventories.

Forecast: Crude oil +4.8; Distillates -2.3; Gasoline -1.7 million barrels vs previous week.
API: Crude oil -0.4; Distillates +1.7; Gasoline +1.7 million barrels vs previous week.

Houston (ex-wharf indications 11-3)
380cst $322
180cst $459
MGO $650

New Orleans (ex-wharf indications 11-3)
380cst $334
180cst $380
MGO $653

Singapore (delivered indications 11-3)

WTI is losing with -$1.64. Singapore paper is down with -$8.00 for 180cst with -$7.00 for 380cst for Mar, and for Apr 180 cst -$8.00 and 380cst with -$6.75 with MGO contracts Mar losing with -$1.00 and in Apr with -$1.15. The cargo market is bearish with 180cst -$6.22, 380cst with -$4.41 and MGO bearish with -$0.95.

380cst $320
180cst $343
MGO $553

Fujairah (delivered indications 11-3)

380cst $334
180cst $369
MGO $759

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $291
MGO 0.1%S: $536


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Company: Global Vision Bunkers B.V.

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