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Crude-oil futures climbed Monday, with Brent crude back above $100 a barrel, as prices recovered from last week's sell-off of more than 3%. Light, sweet crude for May delivery recently rose 49 cents, or 0.6%, to $88.50 a barrel on the New York Mercantile Exchange. With the contract set to expire at the close of trading, the more heavily traded June contract rose 42 cents, or 0.5%, to $88.69 a barrel. Brent crude for June delivery on the ICE futures exchange rose 59 cents, or 0.6%, to $100.24 a barrel.

After reaching long-time lows in midweek, the oil market recovered in the second half of the week. Venezuela demanding a special OPEC meeting supported the extremely low prices level Friday morning. Several members of the cartel replied, however, that proceedings for an unscheduled meeting had not officially been initiated. So oil futures were trading up during the first half of the day before traders took profits again in the afternoon, also supported by the Force Majeure on Bonny Light which had been declared the previous day. The overall market sentiment remained bearish though. Analysts saw the up and down on Friday as a consolidation phase during which investors liquidated their risk positions after the sharp fluctuations in the first half of the week. At the end of the day,the oil market had not found a distinct direction and prices settled around their opening level.

ICE Gasoil contract for May delivery settled at 832.50 USD on Friday. This was 4.25 USD below Thursday's settlement. With some 48,700 deals the traded volume was slightly below average.

After the Stochastic gave off a buying signal Thursday afternoon, both at ICE and NYMEX, the indicator remains bullish this morning whereas the RSI is rather neutra. If the RSI turned up again in the course of the day and jumped over the 30%-line, it would trigger a fresh buying signal. Although this mark limits the upward potential, a sustainable breach should indeed provide more upward potential from a technical perspective. Thus we assume a neutral to bullish stance this morning.

U.S.

Nymex neutral: Oil prices were edging higher in early trading this morning, driven by the gains at Asian stock markets . However, Brent has not yet reached its medium-term resistance lines and oil prices have slightly traded down again by now. The traded volume at NYMEX is about average for this time of day. Market players now look ahead to the performance of European markets, to new signals from forex trading and to some economic data to be released today.

Houston (ex-wharf indications 19-04 )
380cst $580
180cst $672
MGO $944

New Orleans (ex-wharf indications 19-04)
380cst $588
180cst $638
MGO $946

Singapore (correct as of 1430hrs LT - delivered indications)

Crude is bearish, dropping with -$0.35. The paper market is bearish , with April 180cst -$4.50 and for 380cst -$3.30, and May contracts with 180cst -$5.00, 380st -$3.95 The cargo market is bullish, with 180cst +$4.84, and 380cst +$7.60 and MGO +$1.86.

The Singapore Fuel Oil markets were up ranging between +$4.5 to +$7.5 during the Platts window last Friday. The Singapore delivered premiums were also higher ranging +$9.0 to +$12.0 above cargo prices last Friday. Market is said to be tight on specification of bunker grade products.

High premiums for prompt deliveries.
380 cst $590
180 cst $596
MGO $840

Fujairah (delivered indications 22-04)

380cst $597
180cst $646
MGO $945

ARA (Amsterdam - Rotterdam - Antwerp)

A lot of congestion in ARA for both ifo and gasoil. Therefor for prompt enquiries, high premiums can be inspected. Many suppliers do expect this situation for still at least a couple of days.

Indications for delivered bunkers:
380cst : $572
(1.0 %) :$ 582
180cst: $ 602
(1.0 %):$ 612
MGO 0.1%S: $ 808