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Crude oil prices in Asia were flat this morning after gains overnight on prospects for economic growth in the United States lifting demand and leading to a stronger dollar, offsetting a bearish report on U.S. crude stock levels.

Oil futures at ICE already declined on Wednesday morning falling through several supports. At NYMEX, WTI remained comparatively steady, even marking some gains. This diverging development was chiefly due spreadbets caused by reports according to which the operator of the Seaway pipeline, Enterprise Products Partners LP, announced that it might be able to double the capacity of crude oil transported from Cushing to the US Gulf coast sooner than expected. Gasoil's losses were limited by the contract's key-support at 885.00 USD. Moreover, market players were waiting for the DOE's data. The DOE's report brought rather bullish cues for refined products, whereas it provided bearish cues for crude oil. Accordingly, Gasoil failed to break below its key-support in late trade, too, consolidating slightly above this level. As to the US crude oil contract, the bullish news regarding the Seaway pipeline outweighed the impact of the inventories data and so WTI finished with new highs. The FOMC's statement slightly took market players by surprise yesterday evening. Obviously, the central bankers want to conclude bond buying sooner than expected. The dollar thus surged putting the euro under pressure. Therefore, domestic prices in the euro zone are likely to show a steadier tendency today.

ICE Gasoil contract for April delivery settled at 887.00 USD on Wednesday. This was -4.50 USD below Tuesday's settlement. With some 57,400 deals, the traded volume of the front month was on average.

Quotations at ICE are staying within their downtrend which is limiting up- as well as downward potential. This morning, neither the RSI nor the stochastic indicator have given any decisive cues, so far. Therefore, we still assess the technical situation as neutral. However, the RSI and the stochastic indicator might generate a buying signal at the Gasoil chart in the course of the day. The key-resistances of the downtrends are seen at 896.50 USD for Gasoil and at 106.80 USD for Brent today.

U.S.

Nymex cooling: After WTI continued rising overnight, ICE futures are trying to catch up this morning pulling back from yesterday's lows. This is favoured by the fact that investors are taking profits from the spreadbets they had raised before. The traded volume at NYMEX is slightly above average for this time of day. Traders are now watching the development at stock and forex markets eying today's economic data and keeping an eye on the development of the situation in the Ukraine.

Houston (ex-wharf indications 20-3)
380cst $587
180cst $668
MGO $990

New Orleans (ex-wharf indications 20-3)
380cst $638
180cst $683
MGO $980

Singapore (delivered indications 20-3)

WTI is bullish with +$0.59. Singapore paper is bearish with -$0.25 for 180cst and -$0.25 for 380cst for Apr, and for May 180 cst -$0.50 and 380cst -$0.50 with MGO contracts being bearish Apr -$0.19 and May -$0.26. The cargo market is bullish with 180 cst +$2.23, 380cst -$0.39and MGO +$0.29.

The Singapore fuel oil prices ranged mixed, between -$0.5 and +$2.25 during the Asian Platts window yesterday. The 380cst demand fell reflecting in the premiums that traded in discount vs the high of +$2.0 previously. The delivered bunker premiums were ranging between $3.0 and $5.5 yesterday.

380cst $601
180cst $615
MGO $910

Fujairah (delivered indications 20-3)

380cst $608
180cst $642
MGO $985

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $575
(1.0 %) : $648
180cst: $615
MGO 0.1%S: $850