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Crude oil prices eased in Asia on Friday on a timid global demand outlook underscored by Chinese trade numbers and a weak U.S. supply report.

Oil futures in London and New York consolidated on a high level on Thursday morning. They were still supported by the bullish data on US oil inventories (released Wednesday afternoon), by the EIA's monthly energy report (Tuesday) and the possibility of an escalation of the tensions in Ukraine. Since oil prices had already increased the days before, there was not much upward potential, however. Moreover, the figures regarding China's trade balance came in disappointing and the expected resumption of Libyan oil exports also weighed on prices. Brent was slightly more pressured than the other contracts frequently testing its downside whereas WTI stayed above its first support until the evening. In the early afternoon, the OPEC's monthly energy report added to the bearish cues. Even though the cartel slightly raised its demand forecast for 2014, it expects that demand for its own oil will be lower than previously forecast. After the release of news saying that Force Majeure on deliveries from the Libyan oil port Hariga had been lifted, Gasoil, too, breached its first supports dropping down to 900.00 USD in the early evening. In all, the bearish aspects chiefly impacted futures at ICE, whereas WTI largely remained above its first support and gasoline futures even regained ground in late trade. The spread between Brent and WTI continued to amount to approximately 4 USD.

ICE Gasoil contract for May delivery settled at 902.25 USD on Thursday. This was -1.75 USD below Wednesday's settlement. With some 85,500 deals, the traded volume of the front month was far above average.

The RSI and the stochastic indicator are still not giving any fresh technical cues and are thus neutral. However, the lines of the stochastic indicator have already met at ICE and NYMEX charts and so there might be a selling signal. If the lines markably crossed, such a selling signal would be triggered. It might start a technical sell-off. If this is the case in the course of the day, the technical constellation would turn bearish on the short-run. However, as long as there is no such cue, we assess the technical situation as neutral.

U.S.

Nymex far above average: Oil futures edged lower in electronic trade this morning. Still, there has been no technical sell-off, so far. The 900.00 USD-support for ICE Gasoil proved strong up to now limiting profit taking. Meanwhile quotations at ICE climbed above first resistances. The traded volume at NYMEX is on average for this time of day. Investors are now monitoring the development at stock and forex markets. They will also keep an eye on today's economic indicators, on the IEA's monthly energy report and on the situation in Libya and in Ukraine.

Houston (ex-wharf indications 11-4)
380cst $590
180cst $708
MGO $986

New Orleans (ex-wharf indications 11-4)
380cst $621
180cst $701
MGO $984

Singapore (delivered indications 11-4)

WTI is down slightly -$0.55. Singapore paperis also bearish with -$0.75 for 180cst and -$0.75 for 380cst for Apr, and for May 180 cst -$0.75 and 380cst -$1.25 with MGO contracts being bearish Apr +$0.55 and May +$0.53. The cargo market is bullish with 180 cst +$3.63, 380cst +$1.92 and MGO +$0.54.

The delivered bunker premiums in Singapore came off to between +$0.5 to $3.0 above cargo prices as bunker demand was dampened by higher outright prices.

380cst $595
180cst $608
MGO $920

Fujairah (delivered indications 11-4)

380cst $600
180cst $639
MGO $984

ARA (Amsterdam - Rotterdam - Antwerp)

Indications for delivered bunkers:
380cst : $582
(1.0 %) : $637
180cst: $622
MGO 0.1%S: $874