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The price of crude oil fell slightly today, a day after posting its biggest jump since late last year, as traders awaited the release of a closely watched U.S. employment report. Benchmark crude for June delivery was down 26 cents to $93.73 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. Prices rose more than 3 percent yesterday as the European Central Bank cut its key interest rate to a new low and U.S. unemployment benefit claims dropped.

Whilst market players searched for direction in Asian trading and in early European trading, oi futures breached their first and second resistance lines in the morning. They still remained within a relatively tight trading range, however. After Wednesday's bearish DOE report and disappointing economic data out of the USA and China, investors were waiting for the ECB's decision on interest rates as well as for further economic indicators. However, oil markets hardly changed immediately after the release of these data and after the announcement of the ECB rate cut of 25 basis points. The latter had already been widely expected and priced in. The positive US-data - initial jobless claims fell to a 5-year-low in the past week - failed to ease investors scepticism regarding demand. Stock markets reacted positively on the figures, however. The Dow Jones darted higher immediately after the open and the DAX recovered from its earlier losses. Euphoria spread to oil markets at last and along with the increasing volume after May 1 (a holiday in many countries), there were new clues on the market. Inspite of the sharp rise of the US-Dollar, which profited from the news over jobless claims and the ECB's rate cut, market players raised their buying orders leaving worries over a weak oil demand and over record stockpiles behind for a while. Traders also said that after the hefty losses in the previous days (Brent lost some 2.4% and the WTI lost around 2.6% yesterday alone), an upward correction was due anyway. The WTI gained some 3.3% in the course of the day settling near yesterday's high, like ICE futures.

ICE Gasoil contract for May delivery settled at 834.75 USD on Thursday. This was 12.00 USD above Wednesday's settlement. With some 43,400 deals, the traded volume was below average.

Sudanese President Omar al Bashir and his South Sudanese counterpart, Salva Kiir, are expected to see off the first crude oil shipment from the south through Sudan's Port Sudan in the next "few days" after a more than 15-month halt that has battered the two nations' economies, officials said Friday. "President Kiir is expected in Port Sudan very soon, together with President Bashir, they will witness the shipment of the first crude cargo," said Rabie Abdelaty, the Sudanese government spokesman. After months of African Union-mediated negotiations, the two countries agreed to restart transit crude pumping and transit shipments during a visit by Mr. Bashir to the South Sudan capital of Juba last month--his first visit since the south's secession in July 2011. Land-locked South Sudan is now poised to start exporting 150,000-200,000 barrels a day of crude by mid-May, before hitting pre-shutdown output of 350,000 barrels a day in a "few weeks," according to trade officials. With its lines crossing, the stochastic indicator gave a buying signal at the Gasoil chart this morning. At the Brent and the WTI charts, the lines of the indicator are converging but have not crossed yet. If this was the case in the course of the day, there would be another buying signal. The RSI is still neutral at all charts. Given the bullish signal at the gasoil chart, we assess the technical situation as slightly neutral this morning but the technical constellation is likely to slip into the background as market fundamentals currently predominate.

U.S.

Nymex neutral: After yesterday's late rally, oil futures trade hardly unchanged in electronic trading this morning. Due to the holiday in Japan, there are but few cues from Asia. Traded volume at NYMEX is on average for this time of day. Market players are now waiting for the performance of European markets, for fresh signals from forex trading as well as for a series of economic data to be released in the USA and the euro zone. Investors will focus on the official US labor market statistics.

Houston (ex-wharf indications 2-05 )
380cst $595
180cst $647
MGO $983
New Orleans (ex-wharf indications 2-05)
380cst $606
180cst $653
MGO $980

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

Crude is bullish with +$2.50. The paper market is following, with May 180cst +$8.20 and for 380cst +$10.25, and June contracts with 180cst +$9.00, 380st +$10.75. The cargo market is bearish, with 180cst -$11.33, and 380cst -$12.85 and MGO -$3.07.

The Singapore fuel oil markets fell more than -$11.0 during the Platts window yesterday tracking the massive crude drop previously. The latest Singapore heavy residual inventory saw a build of +2.0 mbbl to 18.49 mbbl; a seven week high. The delivered bunker premiums were $9.5-8.0 above cargo prices yesterday. This morning the markets are trading higher.

High premiums for prompt deliveries.
380 cst $610
180 cst $618
MGO $845

Fujairah (delivered indications 03-05)

380cst $618
180cst $667
MGO $985

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $586
(1.0 %) :$ 604
180cst: $ 612
(1.0 %):$ 630
MGO 0.1%S: $ 830