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Nymex crude oil futures rose during Asian trading hours this morning amid speculation that demand from China will increase after data pointed to an improvement in Chinese credit growth.

After Friday's rise, oil futures at ICE and NYMEX started the new week trading on a high level. For most of the day, quotations stayed within their range between first support and first resistance only briefly leaving this range at times. People in the USA celebrated President's Day yesterday and so NYMEX floor trade and other US trading places remained closed. Since there were no important economic indicators on the agenda, either, the traded volume was far below average. Oil futures thus settled nearly unchanged to Friday's settlement levels. Only product futures at NYMEX showed a slightly steadier tendency in the afternoon as market players expect that US refineries will soon start seasonal maintenance work. This would renewedly dent refinery throughput and (distillate) inventories.

ICE Gasoil contract for March delivery settled at 924.00 USD on Monday. This was +3.75 USD above Friday's settlement. With some 27,700 deals, the traded volume was far below average.

The stochastic indicator is still neutral at the Brent and the WTI chart whereas it is slightly bullish at the Gasoil chart. The RSI still hovers above 70% failing to give fresh cues. Given the stable uptrend for WTI and the light buying signal at the Gasoil chart, the technical constellation may well be seen as neutral to bearish today. However, the technical situation isn't really distinct, yet. The stochastic indicator might turn bullish as well as bearish in the course of the day confirming or changing the current tone of the technical constellation.

U.S.

Nymex bullishl: Oil prices hardly changed overnight. Only NYMEX Gasoline futures saw some profit taking. The traded volume at NYMEX is far above average for this time of day as orders handed in in electronic trading yesterday are effectuated today. Investors are now eying the development at stock markets waiting for new cues from forex markets and today's economic data.

Houston (ex-wharf indications 18-2)
380cst $597
180cst $678
MGO $1004

New Orleans (ex-wharf indications 18-2)
380cst $615
180cst $655
MGO $1011

Singapore (delivered indications 18-2)

WTI is bullish with -$0.24. Singapore paper remains bullish with +$0.85 for 180cst and +$0.25 for 380cst for Mar, and for Apr 180 cst +$1.35 and 380cst +$1.00 with MGO contracts being bearish Mar +$0.20 and Apr +$0.19. The cargo market is bullish with 180 cst -$0.18, 380cst +$0.54 and MGO +$0.90.

Paper market where seen weaker during and after window hours in Singapore, reflected by softer FO cracks Feb Dubai/180 moved from 9.40/mt to 9.46/mt on closing assessments. Time spreads where seen offered during Asian close. Physical market saw 380 cash differentials fall to a four session low of $3.25/mt. The increase in cargoes arriving to Asia in March are expected to rebound from a five-month low to nearly 3.9 million tonnes, 15 percent more than in February. This morning both markets are trading slightly higher.

380cst $620
180cst $631
MGO $937

Fujairah (delivered indications 18-2)

380cst0 $615
180cst $650
MGO $991

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $588
(1.0 %) : $639
180cst: $618
MGO 0.1%S: $ 880