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New York-traded crude oil prices fell on this morning on fears that emerging-market economies are cooling and will demand less fuel and energy going forward. On the NYMEX, WTI crude for delivery in March traded at USD95.72 a barrel during Asian trading, down 0.09%.

On Friday, NYMEX Heating Oil futures traded relatively steady sending ICE futures higher in the evening, too. Thanks to the slightly bearish technical constellation market players tended to take profits on Monday and so oil prices edged lower. Brent and Gasoil already tested their first supports in the morning breaching some of them as well. WTI remained in its range between its first support and its first resistance until late in the afternoon, however. Although the purchasing manager index for the US service sector came in better than expected, figures regarding new home sales disappointed expectations, which is why selling pressure increased in the course of the afternoon. The technical constellation also prompted investors to take some profits as the stochastic indicator at the Gasoil chart confirmed the selling signals it had given at the Brent and WTI charts before. Accordingly, oil futures extended their losses. Particularly the decline of NYMEX futures was accelerated at that point in time. After Friday's price surge a correction regarding Heating Oil futures was due and WTI had already been weighed down by expectations of builds in US crude oil stockpiles, even though the data on US oil inventories are only going to be released later this week. Since there were but few fundamental news yesterday, the slightly bearish technical constellation prevailed at last sending oil prices in London and New York lower.

ICE Gasoil contract for February delivery settled at 914.50 USD on Monday. This was -7.25 USD below Friday's settlement. With some 61,300 deals, the traded volume was above average.

The lines of the stochastic indicator crossed at the Gasoil chart yesterday afternoon confirming the selling signals at the Brent and the WTI charts. The stochastic indicator remains bearish this morning at ICE and NYMEX charts. Meanwhile, the RSI has also given new selling signals having fallen below 70% at the Gasoil and the WTI chart. Against the backdrop of these selling signals, we assess the technical situation as bearish this morning. The signals point to more tests of the downward potential even though the short-term uptrends are still intact. If the supports limiting these uptrends are sustainably breached, however, the bearish technical constellation would favor a significant downward move.

U.S.

Nymex neutral: In early electronic trading, oil futures failed to show a clear direction. Even though prices have pulled back from the lows they hit yesterday evening, they haven't shown a considerable rise, so far. The traded volume at NYMEX is below average for this time of day. Investors are now eying the development at stock markets waiting as well for new cues from forex markets. They will also keep an eye on the situation in Libya, Iraq and South Sudan. Moreover, they will look ahead to today's economic data.

Forecasts: Crude oil +2.0; Distillates -2.5; Gasoline +1.7 million barrels vs previous week.

Houston (ex-wharf indications 28-1)
380cst $594
180cst $675
MGO $993

New Orleans (ex-wharf indications 28-1)
380cst $609
180cst $663
MGO $999

Singapore

WTI is cooling, slightly dropping with -$0.66. Singapore paper is back on a neutral track with -$0.75 for 180cst and +$0.75 for 380cst for Feb, and for Mar 180 cst -0.85 and 380cst -$0.10 with MGO contracts slightly bullish Feb +$0.2- and Mar +$0.11. The cargo market is bearish with 180 cst -$3.79 , 380 cst +$0.42 and MGO -$0.74.

The Singapore fuel oil markets started the week mixed during the Asian Platts window yesterday ranging around parity. The delivered bunker premiums were between +$8.5 to +$11.0 above cargo prices amidst a tightening market also firm buying interst before the major regional holiday this week. Visco spreads weakened significantly during the last couple of days in the front with spot closing at $2.70/mt yesterday. February is trading at app.$5.5-5.0 while forward prices remain stable trading in a range of $8.0-7.5/mt for the rest of the year. This morning both markets are trading slightly higher.

380cst $618
180cst $631
MGO $922

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $568
(1.0 %) : $599
180cst: $598
MGO 0.1%S: $ 880