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The price for a barrel of crude oil moved higher Monday morning, closing in on $99 per barrel on the New York Mercantile Exchange.West Texas Intermediate crude oil in New York added 79 cents to $98.46 per barrel. Reformulated blendstock gasoline added 0.4 cents to $2.9007 a gallon.

Oil futures started rather calm Friday morning. But when they bounced off their first short-term supports, they received some upward momentum, supported by the slightly bullish technical constellation as well as ongoing tensions in Syria where the USA are about to intervene by delivering arms and imposing a flying ban. Oil prices continued to trade with a strong tendency throughout the day despite patchy economic indicators released in the USA. These increased the probability for a reduction of the Fed’s bond purchases and propped up the price level. In the late afternoon, oil futures breached more resistances. This held up the selling pressure into the evening and thus, oil prices at ICE and NYEMX reached fresh two-month highs. Some traders may have seized the opportunity to take some slight profits in the late evening but oil markets still closed with significant gains.

ICE Gasoil contract for July delivery settled at 897.25 USD on Friday. This was 18.25 USD above Thursday's settlement. With some 68,600 deals, the traded volume was slightly above average.

The Stochastic indicator remains slightly bullish at ICE and NYMEX charts. Since its lines had already crossed last week, fresh signals are lacking at the moment. The RSI as well as the Stochastic oscillator are both indicating an overbought market situation which favours some profit-taking. If the RSI crossed the 70%-line top-down in the course of the afternoon, technical selling signals could arise at the WTI and G.Oil chart. At the Brent chart, this line already is about to be breached. Given the still slightly bullish Stochastic, we consider the technical constellation rather neutral this morning.

U.S.

Nymex bearish: Although stock markets have been rising in Asian trading (see Nikkei 225), traders have taken first profits at the oil market this morning. Trade volume at NYMEX is slightly above average for this time of day. Investors are now waiting for the European markets to open, for fresh signals from forex trading and for some economic data on the agenda today.

Houston (ex-wharf indications 14-06 )
380cst $596
180cst $656
MGO $977

New Orleans (ex-wharf indications 14-06)
380cst $603
180cst $665
MGO $979

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

The Singapore fuel oil markets were up again around +$3.0 to +$4.0 during the Asian Platts window last Friday. The Singapore heavy residual inventory report showed a slight build of +0.07 mbbl to 22.36 mbbl. Market remained well supplied and demand was said to be soft. The delivered bunker premiums were seen app.$5.75 above cargoes prices. This morning the markets are trading slightly lower.

380cst $610
180cst $630
MGO $900

Fujairah (delivered indications 17-06)

380cst $618
180cst $695
MGO $1040

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $595
(1.0 %) :$ 627
180cst: $ 625
(1.0 %):$ 657
MGO 0.1%S: $ 880