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Crude oil futures rose to nearly three-week highs this morning, as still supported by data from yesterday showing that U.S. jobless claims fell to the lowest level since late November last week, while U.S. economic fourth quarter growth was revised higher.

Early Thursday morning oil futures at ICE and NYMEX remained within a narrow trading range below their first resistances. In the course of the day prices increased, however, as market players raised their long positions to hedge the risk of an escalation of the tensions between Russia and the West and possible sanctions ahead of the weekend. The fact that the USA is officially considering to export gas and maybe also oil to Europe is seen as evidence for sanctions against Russia's energy sector being elaborated. The breach of Brent's key-resistance at 107.20 USD generated a technical buying signal that triggered even more stop-loss buying orders. This accelerated the rise. Moreover, economic data out of the USA came in convincing yesterday. That is why oil futures consolidated on a high level until late in the evening settling with gains.

ICE Gasoil contract for April delivery settled at 899.00 USD on Thursday. This was +5.75 USD above Wednesday's settlement. With some 34,800 deals, the traded volume of the front month was below average.

Neither the RSI nor the Stochastic indicator are giving any decisive signals at ICE or NYMEX charts this morning. Since the lines of the stochastic indicator are drifting apart, the indicator is at least slightly bullish, however. Moreover, the breachment of key-resistances created more upside for Brent and Gasoil yesterday. Like WTI, ICE futures might see a counter-reaction now. Flat uptrends might form and thus we assess the technical situation as neutral to bullish this morning.

U.S.

Nymex cooling: Oil futures hold steady near yesterday's highs. The traded volume at NYMEX is on average for this time of day. Traders are now monitoring the development at stock and forex markets looking ahead to today's economic data and keeping an eye on the development of the situation in the Ukraine as well as on news regarding Libya's oil output.

Houston (ex-wharf indications 28-3)
380cst $598
180cst $672
MGO $998

New Orleans (ex-wharf indications 28-3)
380cst $628
180cst $671
MGO $989

Singapore (delivered indications 28-3)

WTI is climbing with +$1.39. Singapore paper is bullish with +$1.25for 180cst and +$1.40 for 380cst for Apr, and for May 180 cst +$1.40 and 380cst +$1.40 with MGO contracts also climbing Apr +$0.62 and May +$0.61. The cargo market is bullish with 180 cst +$0.02, 380cst +$0.21 and MGO -$0.32.

The Singapore fuel oil prices traded relatively flat during the Asian Platts window yesterday. The delivered bunker premiums were seen app.$4.5 above cargo prices. Bunker fuel oil swaps gained app.$4.5/mt along the curve both for Rotterdam and Singapore papers. Rtdam 3.5% FOB barges were slightly stronger in the front months, up by $6.0-5.0/mt.
380cst $600
180cst $612
MGO $915

Fujairah (delivered indications 28-3)

380cst $608
180cst $638
MGO $982

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $583
(1.0 %) : $643
180cst: $623
MGO 0.1%S: $872