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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.
10 Nov 2015 11:51 GMT





Global Vision Bunkers BV logo. Oil prices struggled near two-week lows this morning, after the International Energy Agency warned that crude prices are set for a slow recovery.

Oil prices edged higher during electronic morning trading on Monday, investors covering some of their short positions after the hefty losses at the end of last week. But in a fundamentally bearish market the futures lost ground again at the beginning of the session in New York, weighed down by the release over the weekend of some disappointing Chinese indicators and the strength of the dollar. As a consequence traders took profit and sent oil prices to their day's lows at ICE and NYMEX. If a slightly bullish technical signal was triggered at the gasoil chart, the overall technically neutral constellation could not lend support. Comments of some OPEC members had no influence of oil prices either while Genscape's forecast of a rise in Cushing crude stocks increased the selling pressure. Oil prices thus settled lower in London and New York.

ICE Gasoil contract for November delivery settled at 448.00 USD on Monday, this is 1.25 USD below Friday's settlement. With some 42,500 deals the traded volume (front month) was below average.

Still, neither Stochastic nor RSI trigger any fresh signals this morning but trade at the neutral level while the WTI and the Brent are stuck within a downtrend between 7-day MA and the lower Bollinger band. At the G.Oil chart no clear downtrend has yet been formed. The MA 7 and 21 could trigger a bullish signal should prices rise, while we consider the technical constellation still as neutral this morning. But we like to point out that technically driven selling pressure will mount while the upper margin of the prices at ICE and NYMEX extends until the 7-day moving average line.

U.S.

Nymex is on average: Oil futures traded in a narrow range in East-Asia and Globex electronic trade this morning, just above their previous day's lows in a market lacking direction for the time being. The traded volume at NYMEX is about on average this morning. Investors are waiting for the European financial and forex markets to open, the release of a few U.S. indicators and the EIA's monthly energy report, as well as for the weekly API data.

Houston (ex-wharf indications 10-11)
380cst $223
180cst $284
MGO $482

New Orleans (ex-wharf indications 10-11)
380cst $240
180cst $293
MGO $476

Singapore (delivered indications 9-11)

380cst $245
180cst $237
MGO $445

Fujairah (delivered indications 9-11)

380cst $239
180cst $272
MGO $609

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $215
MGO 0.1%S: $413


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Company: Global Vision Bunkers B.V.

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