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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.
26 Nov 2015 11:55 GMT





Global Vision Bunkers BV logo. Oil prices edged lower this morning, as oversupply concerns remained a factor for oil markets.

Oil futures at ICE and NYMEX extended Tuesday's gains in Asian trading on Wednesday but started losing ground at the beginning of the European session when resistance lines proved strong and a bearish API petroleum inventory report weighed. The rise of the dollar vs the euro also applied some pressure on dollar dominated oil, making it more expensive and thus less attractive for traders holding the European currency. The WTI dropped as low as its 7-day moving average line that it even succeeded to breach. If this has opened more downside for the contract, traders were cautious going too short ahead of the release of the DoE report and the long U.S. weekend. The DoE report gave mixed signals but was seen rather bullish at second glance, prompting traders to cover their remaining short positions. The latest Baker Hughes rig count, released Wednesday night instead of Friday as usual, showed a decline of nine units and added to the bullish sentiment. In a market at high volatility and little volume oil prices accelerated their gains in late trading despite the fundamentally bearish situation and settled considerably higher in London and New York.

ICE Gasoil contract for December delivery settled at 428.75 USD on Wednesday, this is 5.00 USD below Tuesday's settlement. With some 45,000 deals the traded volume (front month) was below average

The technical selling pressure has meanwhile eased at all charts. The bullish potential of the RSI and the Stochastic indicator should have been widely absorbed, the Stochastic even generated a selling signal at the G.Oil chart after its two lines have crossed. But to become clearly bearish the indicator must also produce such a signal for the WTI and the Brent. The front month contracts at ICE and NYMEX have not yet hit their 21-day moving average lines but at the WTI's continuation chart the line has already been reached. As the technical buying pressure eased considerably and the Stochastic indicator triggered a first selling signal at the gasoil chart, we consider the technical constellation as neutral this morning but like to point out that the technical aspects are of less importance during the thin trade at Thanksgiving and Black Friday. . As for the Stochastic, the indicator yesterday crossed the 50 line at the WTI chart, triggering more buying signals. We therefore judge the technical constellation neutral to bullish this morning but like to point out that the rising volatility ahead of Thursday's U.S. holiday might as well let prices fall.

U.S.

Nymex is above average: Oil futures lost ground in East-Asia and in electronic Globex trade this morning in a market regarding last night's price increase as exaggerated. The traded volume at NYMEX is above average this morning. Market players are waiting for the European financial and forex markets to open today and for the release of a few euro zone indicators.

Forecast: Crude oil +1.1; Distillates -0.5; Gasoline +0.5 million barrels vs previous week.
DOE: Crude oil +1.0; Distillates +1.0; Gasoline +2.5 million barrels vs previous week.
API: Crude oil +2.6; Distillates -0.7; Gasoline +1.4 million barrels vs previous week.

Houston (ex-wharf indications 26-11)
380cst $203
180cst $279
MGO $453

New Orleans (ex-wharf indications 26-11)
380cst $214
180cst $263
MGO $457

Singapore (delivered indications 26-11)

Brent is down with -$0.04 for December contracts. Singapore paper is down with -$1.75 for 180cst with -$1.25 for 380cst for Dec, and for Jan 180 cst -$1.75 and 380cst with -$1.15 with MGO contracts Dec with -$0.35 and in Jan with -$0.37.The cargo market is bearish with 180cst +$3.24, 380cst with +$2.02 and MGO with up +$0.07.

380cst $225
180cst $238
MGO $432

Fujairah (delivered indications 26-11)

380cst $224
180cst $259
MGO $612

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : 201
MGO 0.1%S: $389


Related Links:

Company: Global Vision Bunkers B.V.

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