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Crude oil futures rose slightly in Asian trading Tuesday, as investors balanced cues from higher U.S. retail sales and slowing Chinese demand. On the New York Mercantile Exchange, light, sweet crude futures for delivery in June traded at $95.61 a barrel at 0626 GMT, up $0.44 in the Globex electronic session. June Brent crude on London's ICE Futures exchange rose $0.18 to $103.00 a barrel. Oil prices rose as Asian currencies recovered against the U.S. dollar. The dollar had strengthened on Monday due to further signs of recovery in the world's largest economy, which pushed oil prices lower. The gap between Brent and Nymex futures shrank to $7.39 a barrel, its narrowest since January 2011.

Oil prices had initially been trading in a narrow range below Friday’s closing level in electronic trading Monday morning. After vainly testing their first support, ICE Brent eventually managed to breach its towards noon, weighed down by weak data out of China. But significant selling orders were not triggered. Although European stock markets suffered some losses at the start of the European trading session and the technical constellation was also slightly bearish, new tensions between Turkey and Syria prevented oil prices from a considerable decline. However, the strong dollar vs. the euro also weighed on oil prices yesterday. The euro failed yesterday to climb back above 1.30 USD. With the opening of U.S. markets, oil futures at ICE and NYMEX came back from their day’s lows as Brent’s support at 102.40 USD proved to be strong and investors engaged in long position in view of persisting geopolitical tensions. When oil prices reached new highs, buying mood ebbed, except with G.Oil which consolidated in a tight range while the remaining contracts settled lower.

ICE Gasoil contract for June delivery settled at 860.75 USD on Monday. This was 9.00 USD above Friday's settlement. With some 79,900 deals, the traded volume was above average.

The technical view still doesn’t show any fresh signals this morning. The Stochastic remains slightly bearish at all charts whereas the RSI stays neutral, not giving off any signals at the moment. The indicator signals an overbought market situation, however, which reinforces the bearish inclination at the oil market. We maintain our neutral to bearish valuation as new technical signals are lacking.

U.S.

Nymex bearish: Oil futures have already surged this morning in wake of the weaker dollar vs. the euro and the positive sentiment at stock markets. But traders expect a choppy trading session today, given the conflicting fundamental situation of demand concerns, high production and the dollar’s strength. Trade volume at NYMEX is about average for this time of day. Investors are now waiting for the European markets to open, for fresh signals from forex trading as well as for a series of economic indicators to be released in Europe and the USA and for the API data tonight.

Houston (ex-wharf indications 13-05 )
380cst $589
180cst $644
MGO $970

New Orleans (ex-wharf indications 13-05)
380cst $598
180cst $644
MGO $972

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

Crude is bearish with -$0.06. The paper market is dropping still, with May 180cst -$3.70 and for 380cst -$3.65, and June contracts with 180cst -$3.20, 380st -$3.25. The cargo market is dropping, with 180cst -$10.05, and 380cst -$9.59 and MGO -$0.31.

The Singapore fuel oil markets dropped more than -$9.5 during the Platts window yesterday tracking the crude weakness. The delivered bunker premiums came off to $6.5 above cargo prices as crude softened after the window. Delivered bunker demand was said to be healthy on lower outright prices. This morning the markets are trading slightly down.

High premiums for prompt deliveries.
380 cst $599
180 cst $605
MGO $871

Fujairah (delivered indications 14-05)

380cst $610
180cst $675
MGO $1010

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $575
(1.0 %) :$ 605
180cst: $ 605
(1.0 %):$ 635
MGO 0.1%S: $ 838