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After WTI's and Brent's first resistances had proved strong in the early hours of European trading, oil futures gradually fell down to their second supports. On the one hand, they thus kept track of equities and on the other hand, they were weighed down by the latest developments regarding Iran and Syria. Earlier today, oil futures were slightly supported by a better than expected Chinese HSBC purchasing manager index. Moreover, they kept track of stock markets and the euro. After having marked some gains in the early morning, equities and the euro slid into the red. The euro is still trading near its second support as mixed indicators out of the Euro zone failed to send the common currency considerably higher again. Oil futures last traded near their first resistance lines. Traders are meanwhile waiting for US-data. After the roller coaster ride oil futures saw in last midweek, they edged slightly higher in London and New York on Friday morning. However, there were no greater price jumps as quotations at ICE failed to breach their second resistances sustainably. Since there were neither breaking fundamental news nor important economic indicators, trade remained rather lacklustre. Particularly WTI renewedly found itself under pressure in the afternoon, resp. in the evening. If there is still some insecurity regarding Syria and Libya, it rather bolsters Brent prices - which is why some traders cut their positions in WTI and raised those in Brent. Moreover, the fact that the October WTI front month contract expired on Friday increased the contracts volatility and so the US benchmark crude settled with some losses ahead of the weekend whereas Brent was able to settle slightly in the black and Gasoil was nearly unchanged compared to its level at the beginning of trade.

ICE Gasoil contract for October delivery settled at 925.25 USD on Friday. This was 9.25 USD below Thursday's settlement. With some 35,900 deals, the traded volume far below average.

The stochastic indicator is still neutral at ICE charts. Even though its lines have already met, there will only be a selling signal if they cross. At the WTI chart, the indicator is already giving a selling proposition, however. Still, this signal might be skewed by the moves the WTI showed on Friday evening, when the October contract expired. The RSI is neutral as well. This indicator is moving between 30% and 70% at the Brent, the WTI and the Gasoil chart. Therefore, we still assess the technical situation as neutral, as long as the stochastic indicator doesn't confirm the selling signal it is giving at the WTI chart at ICE charts, too.

U.S.

Nymex neutral: Oil futures hardly changed in Asian trading this morning. The better than expected HSBC purchasing manager index slightly bolsters prices but still there have not been any greater moves at oil markets yet. The traded volume at NYMEX is on average for this time of day. Market players are now eying the European markets to open and new signals from forex trading or today's economic indicators.

Houston (ex-wharf indications 20-09)
380cst $620
180cst $687
MGO $1006

New Orleans (ex-wharf indications 20-09)
380cst $625
180cst $669
MGO $1009

Singapore

Crude is losing still with WTI -$1.57. Singapore paper is bearish as well, losing with -$0.85 for 180cst and -$1.00 for 380cst for Oct, and for Nov 180 cst -$0.40 and 380cst -$1.00 with MGO contracts Oct -$0.38 and Nov -$0.37. The cargo market is still tracking crude and paper with 180cst -$1.70, 380cst -$2.14 and MGO -0.29.

The Singapore fuel oil markets saw marginal loss between -$1.0 to flat during the Asian Platts window last Friday. The latest Singapore heavy residual stockpile saw a draw of -1.05 mbbl to 22.56 mbbl. The delivered bunker premiums were between +2.0 to +$6.0 above cargo prices. This morning markets are trading slightly higher.

380cst $610
180cst $614
MGO $905

Fujairah (delivered indications 23-09)

380cst $611
180cst $669
MGO $975

ARA (Amsterdam - Rotterdam - Antwerp)

In September (starting week 4) ESSO Antwerp will start working on maintenance of their refinery. Because of this, local Antwerp suppliers will need to buy more product in Rotterdam, therefor long waitinglines at Rotterdam refineries and storage are to be expected, with premiums on price as a result.

Indications for delivered bunkers:
380cst : $595
(1.0 %) :$616
180cst: $612
(1.0 %):$ 638
MGO 0.1%S: $ 902