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Crude oil prices eased in early Asian trade this morning with investors focused on prospects for more economic stimulus in China.

Since both the technical as well as the fundamental situation was slightly bullish on Friday, oil futures initially showed a steadier tendency on Friday morning. Once again, market players avoided short positions ahead of the weekend hedging the risk of an escalation of the tensions between Russia and the USA/EU by raising their long positions. When ICE futures broke above their key-resistances, new technical upward potential was generated. The spokesman of the Russian ministry of foreign affairs announced Russian sanctions against the USA and the EU as a response to more sanctions like travel bans and the freezing of assets against high-ranking Russians and Russian politicians. Production losses in Libya and Nigeria also supported oil futures, even though this news had already come up days before. In the course of the day, oil futures exceeded several short-term resistances and so quotations marked new highs in the afternoon on further stop-loss buying orders. Only in late trade, when traders headed for the weekend, did buying orders ebb. Some profit taking sent prices a bit lower again but still, quotations (except NYMEX Gasoline) marked some gains at the end of the day.

ICE Gasoil contract for April delivery settled at 902.75 USD on Friday. This was +3.75 USD above Thursday's settlement. With some 38,800 deals, the traded volume of the front month was below average.

There are no new technical cues at ICE and NYMEX charts this morning. However, the lines of the stochastic indicator are converging at the WTI chart. If they cross, they might give a technical selling signal. As long as there is no such signal, we assess the technical situation as neutral, though. Quotations are likely to move within their short-term uptrends today. These trends bear some upward- as well as some downward potential. After the strategic buying ahead of the weekend, some market players might tend to take profits today.

U.S.

Nymex cooling: Futures at ICE and NYMEX consolidated in electronic trading this morning showing no clear direction as decisive cues were lacking. The traded volume at NYMEX is on average for this time of day. Investors are now monitoring the development at stock and forex markets waiting for the few economic data due today and keeping an eye on the development of the situation in the Ukraine as well as on news regarding Libya and South Sudan.

Houston (ex-wharf indications 31-3)
380cst $596
180cst $669
MGO $999

New Orleans (ex-wharf indications 31-3)
380cst $629
180cst $669
MGO $989

Singapore (delivered indications 31-3)

WTI is neutral with +$0.00. Singapore paper is bearish with -$1.50 for 180cst and -$1.50 for 380cst for Apr, and for May 180 cst -$1.25 and 380cst -$0.80 with MGO contracts being bearish Apr -$0.28 and May -$0.26. The cargo market is bullish with 180 cst +$1.39, 380cst +$1.19 and MGO -$0.60.

The Singapore fuel oil prices rose app. $1.25 during the Asian Platts window last Friday. The latest Singapore heavy residual inventory showed a slight dip of -0.21 mbbl to 18.48 mbbl. The delivered bunker premiums were seen app. $4.0 above cargo prices.

380cst $598
180cst $618
MGO $915

Fujairah (delivered indications 31-3)

380cst $609
180cst $638
MGO $985

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $585
(1.0 %) : $645
180cst: $625
MGO 0.1%S: $870