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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.
27 Nov 2015 12:04 GMT





Global Vision Bunkers BV logo. Oil futures at ICE and NYMEX already tended to the downside on Thursday morning. After traders had already priced in the DOE's slightly bullish data on US oil inventories and the Baker Hughes rig count on Wednesday evening, upward potential was lacking during the US holiday of Thanksgiving. The Stochastic indicator provided a selling signal early Thursday morning. The technical buying pressure that had bolstered oil futures the days before thus decreased and those market players who were not on holiday focused on oversupplies. Against the backdrop of the selling signal, Gasoil took the lead in the decline. Brent and WTI but slowly kept track of Gasoil's losses. When Gasoil broke below Wednesday's low, technical selling pressure renewedly increased. However, Brent and WTI stopped short of their supports near the 7-period moving averages. In the evening, traders took profits from the decline by covering their short positions. Even so, oil futures kept tending to the downside last night as fresh cues were lacking. This morning, oil futures are thus edging lower as well.

ICE Gasoil contract for December delivery settled at 421.50 USD on Thursday, this is -7.25 USD below Wednesday's settlement. With some 47,600 deals the traded volume (front month) was below average.

After having given a selling signal at the Gasoil chart, the Stochastic indicator has meanwhile also provided a selling cue at the Brent chart as the lines of the indicator have crossed. At the WTI chart, the lines of the Stochastic indicator are converging. If they cross, there would be yet another selling signal. Brent and WTI are currently also testing the 7-period moving averages which serve as supports. If the contracts break below these levels, an additional selling cue might be triggered. Moreover, the RSI is showing a divergence at the Gasoil chart for the contract is tending to the downside even though the indicator reached new highs on the past two days. This can be a sign for an imminent reaction at oil markets during which oil futures might break below their corrective trends. However, the 7-period moving averages at the Brent and the WTI chart are decisive in terms of further downward potential. Against the backdrop of the signals the Stochastic indicator is currently providing at the ICE charts, we assess the technical constellation as neutral to bearish.

U.S.

Nymex is above average: Oil futures have edged lower in East-Asia and in electronic Globex trade this morning after the technical selling pressure had already increased Thursday evening, indicating further downward potential. The traded volume at NYMEX is above average this morning as many traders joined in again after the holiday on Thursday, when electronic trading closed early and NYMEX floor trade remained closed. Market players are waiting for the European financial and forex markets to open today and for the release of a few indicators out of Germany and the euro zone.

Houston (ex-wharf indications 27-11)
380cst $207
180cst $280
MGO $457

New Orleans (ex-wharf indications 27-11)
380cst $216
180cst $269
MGO $453

Singapore (delivered indications 27-11)

Brent is down with -$0.80 for December contracts. Singapore paper is down with -$6.50 for 180cst with -$6.60 for 380cst for Dec, and for Jan 180 cst -$6.25 and 380cst with -$7.35 with MGO contracts Dec with -$0.90 and in Jan with -$0.89.The cargo market is bearish with 180cst -$1.43, 380cst with -$1.10 and MGO with -$0.34.

380cst $221
180cst $233
MGO $426

Fujairah (delivered indications 27-11)

380cst $221
180cst $260
MGO $608

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : 202
MGO 0.1%S: $388


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Company: Global Vision Bunkers B.V.

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