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Crude oil prices headed higher Monday in New York, coming close to $94 per barrel, on positive economic data. The Commerce Department said consumer spending rose more than expected in March. Economists had expected no growth in spending but it rose 0.2 percent. The oil industry is in its spring lull, between demand peaks. In the spring, demand for heating oil drops Demand for gasoline is stagnant, with the summer driving season still a month away. On the New York Mercantile Exchange, West Texas Intermediate crude oil added 95 cents to $93.73 per barrel.

After having climbed successively during the past week, oil markets consolidated at a high level on Friday. With the weekend straight ahead, traders mainly focused on adjusting their riskier assets in the first half of the day and thus, markets were relatively listless. The better-than-forecast consumer sentiment index released by the University of Michigan slightly pushed prices higher in late-afternoon trading. But as the figures regarding the US GDP in the first quarter of 2013, which were released earlier in the afternoon, had fallen short of expectations, oil futures largely showed a downward tendency after first resistances at ICE and NYMEX had proved strong. In their decline, oil futures breached several supports which triggered further technical selling orders. Still, traders cut these only little later in orders to avoid heading off for the weekend with new short positions. Brent finally settled within its narrow trading range, whereas Gasoil and WTI marked some losses.

ICE Gasoil contract for May delivery settled at 858.75 USD on Friday. This was 1.25 USD above Thursday's settlement. With some 41,000 deals, the traded volume was below average.

At the WTI chart, the stochastic indicator and the RSI are bearish this morning after the lines of the stochastic indicator have crossed in overbought territory and the RSI dropped back below the 70%-line. At the Brent chart the stochastic indicator's lines also seem to cross as well soon, even though the selling signal is not as significant as for the WTI. Accordingly, we assess the merely technical situation as neutral to bearish, with the overbought situation likely to reinforce reactions in case of further selling signals.

U.S.

Nymex bullish: After the disappointing data on the US GDP released on Friday, market players are a little sceptic as to economic growth and so futures were slightly lower in the early morning. In the face of the indicators due this week, investors have initially stayed on the sidelines, whereas Asian trading was rather thin due to the Chinese holiday. In the early hours of European trading, Brent and WTI breached their first resistance lines in the wake of a stronger euro. The traded volume at NYMEX is below average for this time of day. Market players now look ahead to the performance of European stock markets, clues from forex trading as well as from the due economic indicators.

Houston (ex-wharf indications 26-04 )
380cst $582
180cst $637
MGO $977

New Orleans (ex-wharf indications 26-04)
380cst $598
180cst $648
MGO $979

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

Crude is neutral with -$0.09. The paper market mixed, with May 180cst +$1.30 and for 380cst -$0.25, and June contracts with 180cst +$1.30, 380st -$0.25 The cargo market is bullish, with 180cst +$9.91, and 380cst +$8.61 and MGO +$1.30.

The Singapore fuel oil markets were up by more than +$8.5 during the Platts window last Friday tracking the stronger crude movement. The Singapore heavy residual inventory saw a marginal draw -0.03 mbbl to 16.46 mbbl. The delivered bunker premiums slipped to around $8.25 above cargo prices last Friday as the higher outright prices dampened buyers interest.

High premiums for prompt deliveries.
380 cst $609
180 cst $615
MGO $865

Fujairah (delivered indications 29-04)

380cst $616
180cst $665
MGO $970

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $590
(1.0 %) :$ 599
180cst: $ 620
(1.0 %):$ 629
MGO 0.1%S: $ 844