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Crude-oil futures were fairly mixed on Thursday morning, reflecting the disparate views for U.S. and European demand. Brent dipped back below $102 a barrel, having reached an 10-day high in overnight Asian trade, while WTI was able to build on strong gains made in the previous session after the U.S. stocks report. Both contracts are mostly susceptible to macroeconomic headlines. At 0930 GMT, the front-month June Brent contract on London's ICE futures exchange was down 8 cents at $101.65 a barrel. The front-month June light, sweet crude contract on the New York Mercantile Exchange was trading 21 cents higher at $91.63 a barrel.

Oil prices were edging higher Wednesday morning. Along with the bullish technical constellation, the rather bullish API data released the night before bolstered the oil market as the institute reported a draw in crude and gasoline stockpiles. Brent and G.Oil managed to climb above their first resistance at 101.00 USD and 845.75 USD, respectively, but ahead of the DoE report, which was to be released in the afternoon, the oil market lacked decisive signals to breach them sustainably. WTI bounced of its psychologically important resistance at 90.00 USD as disappointing data released in Germany and the USA weighed on oil prices. Only when the DoE released its figures on U.S. oil inventories in the afternoon, which came out rather bullish, did oil futures gain new momentum and traded further up, breaching several technical resistances until the late evening. In the end, the oil market settled at a 2-week high.

ICE Gasoil contract for May delivery settled at 847.50 USD on Wednesday. This was 8.00 USD above Tuesday's settlement. With some 41,400 deals the traded volume was below average.

In the course of yesterday’s trading session, the RSI had breached the 30%-line bottom-up at the Brent and the G.Oil chart and thus is bullish now. Meanwhile, the Stochastic’s bullish effect has been mostly used up and the indicator’s lines are converging. The Stochastic oscillator now indicates an overbought market situation and thus favours technical profit taking if the necessary signals are triggered. But the indicator is not giving off any signals yet and so we stick to our slightly bullish valuation.

U.S.

Nymex bullish: In view of a rather bullish DoE report released yesterday, oil futures continue to rise this morning, also supported by the euro’s gains. The traded volume at NYMEX is on average for this time of day. Market players are now closely watching the performance of European markets, new cues from forex trading and today's economic data.

DOE: crude oil +0.9; distillates +0.1; gasoline -3.9 million barrels vs previous week.
Forecast: Crude oil + 1.4; distillates +0.2; gasoline +0.0 million barrels vs previous week.
API: Crude oil - 0.8; distillates +0.7; gasoline -2.7 million barrels vs previous week.

Houston (ex-wharf indications 24-04 )
380cst $581
180cst $634
MGO $961

New Orleans (ex-wharf indications 24-04)
380cst $589
180cst $639
MGO $960

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

Crude is bullish with +$2.09. The paper market following, with May 180cst +$5.50 and for 380cst +$5.75, and June contracts with 180cst +$5.55, 380st +$5.75 The cargo market is mixed, with 180cst +$5.75, and 380cst +$5.34 and MGO +$1.37.

The Singapore fuel oil markets rose more than +$5.5 during the Platts window yesterday tracking the stronger crude values. Bunker supplies loadings were disrupted due to an increase in cargoes operations congesting terminals. The delivered bunker premiums remained elevated as a result above $10.0 above cargo prices yesterday.

High premiums for prompt deliveries.
380 cst $599
180 cst $605
MGO $855

Fujairah (delivered indications 25-04)

380cst $606
180cst $655
MGO $960

ARA (Amsterdam - Rotterdam - Antwerp)

Most of the problems seem to be solved. Most suppliers expect smooth deliveries, also for prompt enquiries.

Indications for delivered bunkers:
380cst : $576
(1.0 %) :$ 586
180cst: $ 606
(1.0 %):$ 616
MGO 0.1%S: $ 825